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  • 03-04-23

    KSA's Consumer Spending Surges 10 Percent in February Due to Higher Point-of-Sale Transactions

    (MENAFN) According to data from the Saudi Central Bank, also known as SAMA, consumer spending in Saudi Arabia rose by 10 percent to SR97.9 billion (USD26.1 billion) in February, up from SR88.6 billion a year earlier. This increase was driven by a 15 percent rise in point-of-sale transactions, which amounted to SR44.8 billion by the end of February.

    In February, the Kingdom's point-of-sale transactions reached 633.2 million, which are made through ATMs and credit cards and processed through 1.51 million POS devices. However, consumer spending dipped 7 percent in February compared to the previous month's spending of SR105.19 billion. POS transactions also fell that month from SR48 billion in January, showing a 7.9 percent drop month-on-month.

    Cash withdrawals and e-commerce sales through Mada, the Saudi Payment Network, also contributed to the aggregate consumer spending in Saudi Arabia. Cash withdrawals from ATMs witnessed a moderate rise of 0.2 percent year-on-year to reach SR41.7 billion in February. Processed from approximately 16,200 ATMs, these withdrawals came through 117.6 million transactions that month, according to SAMA data.

    As for e-commerce sales through Mada cards, they spiked 41 percent to reach SR11.32 billion year-on-year in February. The Mada card, a locally issued debit card, allows a cardholder to access funds in their accounts and functions like a regular ATM card. The SAMA data revealed that the aforementioned sales were made through 58.6 million transactions that month. For January, there was a year-on-year increase in Mada card sales, which reached 42 percent to hit SR11.71 billion early this year. Overall, these figures reflect the growing trend of digital payments and e-commerce in Saudi Arabia.


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