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Visa official: The Kingdom accounts for 40% of the total digital payments in the Gulf region
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Riyadh - Mubasher: Ali Bailoun, Visa's regional general manager for Saudi Arabia, Bahrain and Oman, said in an interview with Mubasher TV on the sidelines of the Global Retail Leaders Forum 2025, hosted by Riyadh, that Visa's participation in the forum is not the first, but rather an extension of its six-year participation in the Retail Leaders Circle, with the aim of enhancing cooperation with the retail sector in the Kingdom.
Ali Beloun explained that the company is showcasing the latest technologies and services in its pavilion, including innovations in payments, collection platforms, and acquisition solutions, to meet the needs of the retail sector.
Billon pointed to the cooperation between Visa and Saudi government agencies and banks, including the Saudi Central Bank and the Saudi Payments Company, to achieve Vision 2030 in building a cashless society.
He added that Visa operates from its headquarters in King Abdullah Financial City in Riyadh, where it manages its operations in Saudi Arabia, Bahrain and Oman. It also recently launched the Innovation Center in Riyadh, the fifth in the world, to support the development of innovative payment solutions through joint cooperation with partners.
Regarding the performance of the payments sector in Saudi Arabia, Belon revealed that the Kingdom represents more than 40% of the total digital payments in the Gulf region for the year 2024, and e-commerce is witnessing rapid growth, as digital transactions increased by a factor of four during the year, while the use of Saudi cards outside the Kingdom increased by a factor of three compared to last year.
He stressed that reliance on cash payments is constantly declining, while electronic payments continue to achieve increasing annual growth, reflecting the major shift towards the digital economy.