Saudi Arabia Vision 2030: Journey Towards a Cashless Society

In 2016, cash dominated Saudi Arabia’s economy, with only 18% of all transactions conducted electronically. Recognizing the need to modernize, the Saudi government set progressive goals to increase the share of noncash transactions. By 2019, noncash payments had doubled to 36%, reflecting the impact of early regulatory initiatives and the growing adoption of digital payment technologies.

The pace of growth accelerated significantly in subsequent years, and by 2023, Saudi Arabia not only surpassed its interim target of 63% but also achieved its 2030 goal of 70% non-cash transactions—seven years ahead of schedule.