In Time of Pandemic: Record Successes for the Saudi Digital Payment System

In the year of the global pandemic (Covid-19), and from the womb of this suffering, achievements are born among the bones, and among these corridors of dark covidism radiates a light that makes us smile in the cover of darkness, since the rates of payment through smart devices in the Kingdom had increased to 500%, which is a high percentage compared to previous years and compared to the digital payment rate in many other countries of the world. This success that is taking shape today is the result of a broad facilitation process that the Kingdom is undertaking in the digital payment system, which is urging the pace with such facilities towards access to achieve the goals of the High Vision 2030.

“Saudi Payments” also seeks to take advantage of the economic opportunities and components that characterize the Kingdom to enhance the role of digital payments in achieving economic development and facilitate the movement of trade exchange, especially in times of the epidemic that imposes restrictions and precautionary measures that limit gatherings and prefer the transition to the digital role that will facilitate the process of trade exchange and move the commercial market smoothly.

This growing increase in the field of digital payment by citizens and residents in the Kingdom would not have been achieved without the great facilities that were made in this field and made every possible gray in the hands of the user, and this is what makes us talk about the immediate payment system “fast”, which is a modern system that secures the needs of users on 24 hours a day and it is also one of the most innovative payment systems as it handles money transfers of less than 20 thousand riyals immediately, and the transfer in it reaches the beneficiary bank account within a few seconds.

Although this indicator is considered a high indicator and a record success for digital payment, many economic circles are also aspiring to a greater percentage during the current year, considering digital payment as a safe means of payment that enhances the national economy and moves the commercial market and financial exchange, as well as commensurate with the precautionary measures from the Corona pandemic