Saudi Arabias Ambition Towards a Cashless Kingdom by 2030

April 2020 – ​As a part of its Vision 2030, the Kingdom of Saudi Arabia has set an ambitious target in the financial sector development to achieve 70% of non-cash transactions by 2030. Opportunities arise for fintech players looking to enter a new market with high consumer demands, as the Kingdom pushes with government-backed initiatives and incubators, according to our latest white paper titled ​“​Saudi Arabia’s Road Towards Becoming a Cashless Society by 2030​”.

Three Key Pillars Towards Saudi’s Cashless Society
1.Digitally-Enabled and Financially Literate Population
The Saudi population that understands how to utilize digital payment solutions will be the prominent driver towards a cashless economy. Around 70% of the Kingdom’s population is under the age of 30 with high smartphone penetration at 93.3%. The demand for contactless payment cards or digital wallets is driven primarily by high smartphone penetration and technologically savvy millennial populations with a high desire to try new solutions. On top of that, online shopping is growing at four times the speed of traditional retail in Saudi, and improvements in the online payments landscape are bound to drive Saudi’s cashless economy transformation forward.

2.A Digitally-Enabled Payment Infrastructure
Saudi Arabia lags behind its counterparts in terms of digital payment infrastructure, and to address this the Saudi Arabian Monetary Authority (SAMA) introduced its own contactless payment services, Mada Atheer, to boost digital transactions, and its subsidiary, Saudi Payments Company, to develop secure national payment infrastructure. The government also set a target to increase the number of point-of-sale (POS) coverage to 648,000 terminals, with an estimated transactions’ value of USD 102 billion by 2023

3. Entrepreneurial Fintech Ecosystems
The government of Saudi Arabia is committed to launching entrepreneurial ecosystems, as they believe investing in a digital future will not only create 200,000 new jobs by 2025 but also drive the development of more sustainable, intelligent cities and a digital economy. A vibrant ecosystem for fintech innovations, comprising digitally innovative banks and a strong start-up culture with accelerators and venture capitalists funding, should be pushed within the Kingdom to further fuel the adoption of cashless transaction methods.

The government has launched FinTech Saudi in 2018 to make the country a pioneer in the fintech industry by supporting the development of infrastructure, skills, as well as entrepreneurs. The fintech ecosystem has started to show signs of growth, with 14 out of 23 registered and licensed fintech players are in the digital payment space.

YCP Solidiance
Sitaresti Astarini
Head of Marketing, APAC

About YCP Solidiance
YCP Solidiance is an Asia-focused strategy consulting firm with offices across 18 key Asia Pacific cities and other regions, namely Abu Dhabi, Amsterdam, Bangkok, Beijing, Beirut, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, New Delhi, San Diego, Shanghai, Singapore, Sydney, Taipei, Tokyo, and Yangon. We focus on advising our large clients base with a wide spectrum of strategic consultancy areas, identify breakthrough growth opportunities and develop execution-ready strategies and roadmaps.
For more information, visit:

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.