The Governor of the Saudi Arabian Monetary Authority (SAMA), Dr. Ahmed al-Khulaifi, said a shrinkage in the economy was unlikely, highlighting optimism in recent data.
There is a remarkable leap in real-estate borrowing, which is a key driver. Further, the consumption sector payments are active and there is good liquidity in the sector and no shrinkage in the economy looms in the horizon, he added.
Khulaifi said: "One of the main objectives of SAMA is to reduce the dependence on cash circulation through the continuous development of the national payment infrastructure to support and facilitate the transition to an electronic payment environment, which directly contributes to the promotion towards a cashless society, one of the objectives of the Financial Sector Development Program.
"We are proud to have handled over 2.3 billion transactions over the last year alone, with a total financial value exceeding SAR50 trillion (USD13.3 trillion)."
Asked about possible risks in the e-payments systems, Khulaifi told Asharq Al-Awsat newspaper that there are always risks but there is an administration specialized in cyber-security.
“In order to achieve the objective of compatibility, Saudi Payments Company in the past period has worked to standardize the payments of smart devices through the QR code technology, which helps enhance the levels of service, and facilitate a unified window serving all customers e-portfolios depending on their brands,” he continued.
