Saudi Arabia Nears Cashless Society with 80% Digital Payment Milestone #

Saudi Arabia is rapidly moving toward a cashless economy, with a significant surge in digital payment adoption. According to Visa’s third “Where Cash Hides” report, 67% of Saudi consumers are now predominantly non-cash users, relying on cards and mobile devices—a 4% increase from the previous year.

Cash usage is declining in traditional sectors, with notable drops in dining (-9%) and bill payments (-8%). However, cash remains persistent in peer-to-peer transactions, such as tipping (39%) and personal transfers (28%).

Ali Bailoun, Visa’s SVP for Saudi Arabia, Bahrain, and Oman, attributes this shift to the collaborative efforts of banks, fintechs, and the government, aligned with Vision 2030. Consumers are increasingly drawn to the security, convenience, and rewards offered by digital methods, including tokenized mobile payments, signaling a steady progression toward a fully digitized financial ecosystem.