Saudi Arabia aims for 70% cashless payments in Vision 2030 following introduction of Apple Pay

A key part of Saudi Arabia’s Vision 2030 is to achieve an increase in the amount of epayments transacted in the country.  

Arab News has reported that a key official stated the plans were part of the country’s overall development goals which will involve developing into a cashless society.

Talat Hafiz of the Media and Banking Awareness Committee reportedly told the newspaper that the goal is to “transfer Saudi society from being heavily cash dependent in buying goods and services to a cashless society using digital and electronic payment”.

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Hafiz said, according to Arab News, that the country hopes to increase the percentage of cashless payments to 28% by 2020 and then further increase the goal to 70% by 2030.

Apple Pay was launched in the Kingdom earlier this week, meaning that Visa customers can now use the payment service across Saudi Arabia via iPhones.

Visa’s general manager for Saudi Arabia, Ali Bailoun, stated of the development: “As a country filled with tech-savvy, mobile-first consumers, we are delighted to work with Saudi Payments and our bank partners to help bring Apple Pay to Visa cardholders here, making their payments experience easier, faster and more secure than ever before.”