RIYADH: Saudi Arabia’s point-of-sale transactions climbed to SR16.14 billion ($4.30 billion) in the week ending Oct. 4, representing a 26.4 percent rise compared to the previous seven days, driven by an increase in spending across the majority of sectors.
According to the latest report released by the Saudi Central Bank, also known as SAMA, the number of transactions also grew by 14.3 percent to 252.99 million.
The robust momentum in POS spending in Saudi Arabia reflects rising consumer confidence and the Kingdom’s ongoing digital payments transformation under the Vision 2030 initiatives.
SAMA revealed that the food and beverages sector remained the top driver for POS spending at SR2.67 billion, representing a 44.5 percent rise compared to the previous week.
Restaurants and cafes witnessed spending amounting to SR1.77 billion, up 12.1 percent, while transactions in the transportation sector rose by 28.1 percent to SR1.18 billion.
