Transactions made using Saudi Arabia’s new Mada System amounted to $15.5 billion (SR58.6 billion) during Ramadan, marking an 8 percent rise since last year, according to secretary general of the Committee on Information and Awareness in Saudi Banks, Talaat Hafeth.
On the 25th of Ramadan alone, 5 million transactions with a gross value of $867 million (SR3.25 billion) were recorded, marking the highest number of sales recorded using electronic transactions, Hafeth told Arab News.
On the same day, cash withdrawals totalled $656 million (SR2.46 billion) and purchases amounted to around $300 million (SR970 million).
The transactions were made mostly through ATMs and sales points.
Despite the rise in numbers, electronic transactions remain less common than cash payments, according to Hafeth.
They make up just 18 percent of total financial operations, he said.