RIYADH — Online sales through “Mada” cards recorded an annual growth rate of 22 percent, increasing by around SR7.89 billion to reach a total of SR44.42 billion in the first quarter of 2024.
This compares to SAR 36.53 billion for the same period in 2023, with 263,242,173 transactions executed.
This is the highest level on record, according to preliminary statistics for May released by the Saudi Arabian Central Bank (SAMA).
E-commerce transactions using “Mada” cards recorded a quarterly growth rate of 10%, amounting to an increase of approximately SR3.89 billion compared to SR40.53 billion in the fourth quarter of 2023.
Furthermore, sales revenue recorded a 9.2% month-on-month growth, increasing by approximately SR1.37 billion to reach SR16.22 billion in May from SR14.85 billion in April 2024, while the number of transactions carried out reached 91,868,518.
Revenue recorded growth of 12.4% since the beginning of the year, increasing by approximately SAR 1.79 billion from SAR 14.43 billion in January.
Sales include transactions made through “Mada” cards, which are used for payments and purchases through online shopping sites, electronic applications and e-wallets, but do not include transactions made through credit cards.
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