{"id":70194,"date":"2025-01-27T22:20:18","date_gmt":"2025-01-27T20:20:18","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=70194"},"modified":"2025-01-27T22:36:45","modified_gmt":"2025-01-27T20:36:45","slug":"saudi-arabia-moving-towards-digital-payments-yet-22-of-consumer-transactions-still-in-cash-visas-latest-where-cash-hides-research","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2025\/01\/27\/saudi-arabia-moving-towards-digital-payments-yet-22-of-consumer-transactions-still-in-cash-visas-latest-where-cash-hides-research\/","title":{"rendered":"Saudi Arabia Moving Towards Digital Payments, Yet 22% of Consumer Transactions Still in Cash: Visa\u2019s Latest \u2018Where Cash Hides\u2019 Research"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Research reveals motivators for cash usage and highlights opportunities to drive financial inclusion and enhance payment experience for consumers and businesses in Saudi Arabia<\/mark><\/em><\/strong><\/h3>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><em>Cash usage remains common in peer-to-peer (P2P) transactions including tips and money exchanges between friends and family, and everyday spending<\/em><\/strong><\/h3>\n\n\n\n<p><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Visa\u2019s Ali Bailoun: Despite progress with Saudi Arabia\u2019s digital transformation, opportunity remains to further digitize commerce in the Kingdom<\/mark><\/em><\/strong><\/p>\n\n\n\n<p><strong>Riyadh:<\/strong> <strong>Gulf Tech News<\/strong><\/p>\n\n\n\n<p><strong>While Saudi Arabia is at the forefront of digital payments, <a>around a quarter (22%) of transactions of consumers surveyed are still in cash<\/a>, according to the second edition of Visa\u2019s \u2018Where Cash Hides\u2019 research.<\/strong><\/p>\n\n\n\n<p><strong><a>The research, based on a survey of 2,800 individuals across GCC, examined the overall frequency of and motivations for cash usage. It identifies <\/a>cash-heavy categories and proposes easier, more secure digital payment solutions for both consumers and local businesses. The first edition of Where Cash Hides was conducted in 2023.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key survey findings<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cash in specific transactions (by % of consumers surveyed):<\/strong><\/h2>\n\n\n\n<p>In KSA, P2P transactions (24% vs 33% in 2023) and everyday spending (26% vs 29% in 2023) form a large portion of cash usage.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Within the P2P segment, tips (37% vs 45%) and money exchanges between friends and family (26% vs 36%) are the prime areas where surveyed KSA consumers use cash.<\/li>\n\n\n\n<li> International transfers through exchange houses (7% vs 16%) and rent (25% vs 34%) saw the most significant declines from 2023, indicating progress in digitizing payments in those categories.<\/li>\n\n\n\n<li>For everyday spending, offline taxi (40% vs 47%), farmers markets (36% vs 40%) and restaurants (21% vs 23%) are where most consumers surveyed said they use cash.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Motivators for cash usage (by % of consumers surveyed):<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The top reasons respondents prefer cash for P2P are convenience and speed (23% for both) and for everyday spends easier budget management (25%) and acceptance (23%).\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Implications and solutions:<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Efforts to introduce convenient and secure solutions such as Visa Direct (P2P, tips and other disbursements, and remittances), Click to Pay (better online checkout experience), and Tap to Phone (low-cost acceptance solution for SMBs, freelancers and taxi) will further drive digital payments and increase card acceptance in the categories identified.<\/li>\n\n\n\n<li><strong>Encouraging mobile and contactless payments also presents a pathway to increasing digital payments usage for everyday expenses. This requires education on acceptance and security of digital payments for both banked and unbanked populations.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong><br>Ali Bailoun, Visa\u2019s Regional General Manager for Saudi Arabia, Bahrain and Oman<\/strong>, commented, \u201cSaudi Arabia is at the forefront of digital commerce and Visa will continue to support the Saudi government\u2019s Vision 2030 cashless agenda to reinforce the Kingdom\u2019s leadership in digital payments.\u00a0<\/p>\n\n\n\n<p><strong> However, 22% of consumer transactions are still in cash. \u00a0For Visa, this represents an opportunity to drive financial inclusion and further digitize commerce for a better payment experience for everyone, everywhere in the Kingdom. <\/strong><\/p>\n\n\n\n<p>Our second edition of Visa\u2019s Where Cash Hides research pinpoints precisely where and how Visa, together with our partners, can help grow the digital economy.&#8221;<\/p>\n\n\n\n<p><strong>Despite cash usage, consumers\u2019 overall reliance on cash continues to remain low.\u00a0 For 63% of respondents, only 1-2 out of their last 10 transactions were in cash. Only 3% of respondents claimed that all (10 out of last 10) transactions were made with cash.\u00a0\u00a0<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Research reveals motivators for cash usage and highlights opportunities to drive financial inclusion and enhance payment experience for consumers and businesses in Saudi Arabia Cash usage remains common in peer-to-peer (P2P) transactions including tips and money exchanges between friends and family, and everyday spending Visa\u2019s Ali Bailoun: Despite progress with Saudi Arabia\u2019s digital transformation, opportunity &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[622],"tags":[1434],"class_list":["post-70194","post","type-post","status-publish","format-standard","hentry","category-economy","tag-digital-payments"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - 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