Saudi Arabia and the UAE lead the region in adopting NFC payments

Saudi Arabia and the UAE lead the region in adopting NFC payments
Saudi Arabia and the UAE lead the region in adopting NFC payments

The UAE, Saudi Arabia and Kuwait led in the adoption of payments via near-field communication technology (NFC), and outperformed the European Union, Hong Kong, Canada, and the countries of the Middle East and North Africa, with 94% in Saudi Arabia, and 81% in the UAE and Kuwait each. According to a study prepared by Saudi Payments in partnership with Visa International, under the title “Adopting NFC Payments in Saudi Arabia 2020,” it included the European Union, Canada, Hong Kong, and the Middle East and North Africa countries, citing a statement by the Saudi Central Bank. Sam, today, Sunday.

The percentage of dependence on technology in the European Union reached 80%, followed by Hong Kong with 79%, Canada with 76%, while the share of the United Arab Emirates and the State of Kuwait was 81% for each.

The Saudi Central Bank stated that the Kingdom’s progress over these countries comes within the framework of the strategic vision of the Saudi Central Bank, which was launched from the objectives of the Financial Sector Development Program, one of the programs of the Kingdom’s Vision 2030; Aiming to enhance electronic payment and reduce cash handling to reach the percentage of electronic payments to 70% of total payments by 2025. From the level of security, and the emergence of international standards for it, which was a strategic step; To speed up and facilitate electronic payments.

Source

Saudi Arabia UAE lead region adopting NFC payments

 
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