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SAMA: Mada Records Jump in Transactions in Ten Months

SAMA: Mada Records Jump in Transactions in Ten Months

Thursday, 8 November, 2018 - 14:30
Riyadh- Asharq Al-Awsat
Recent statistics published by the Saudi Arabian Monetary Authority (SAMA) revealed that Saudi Payments Network (Mada) had recorded a considerable increase in the volume of transactions by of 44.9 percent.

Its cumulative level has amounted to more than 826 million transactions from the beginning of 2018 till October, compared with 570 million transactions for the same period of 2017.

While the value of its sales in the same period exceeded SAR189.3 billion compared to SAR163.3 billion for the same period last year and an increase of 16.3 percent.

The statistics also showed that Mada’s volume operations recorded over 95.9 million transactions through its various POI channels, including POS payments, ATM cash withdrawals and online card payments, versus 88.5 million transactions last September and an increase by 8.3 percent while the value of operations carried out in October was SAR19.3 billion.

Meanwhile, Mada Atheer recorded a quantum leap in terms of volume of operations carried out since the beginning of this year. It increased by 10 times compared with the end of 2017 and recorded 22.1 million transactions compared to two million in December 2017, an increase of 978 percent,

The value of transactions carried out by Mada Atheer in October amounted to SAR753.5 million compared with 65.9 million riyals in December 2017 and growth of 91.2 percent.

Mada Atheer is part of Mada's new range of services, which offers cardholders the speed, security, and flexibility of electronic payments via NFC, allowing them to carry out purchases of up to 100 riyals once the card is passed to the POS reader.

Since its launch in October 2016, the number of Mada cardholders has increased steadily, due to the speed and flexibility it has to make purchases, especially for low-value transactions.

The service recorded an increasing share of Mada’s total business, which accounted for 23 percent of operations in October and accelerated growth since 2018 from 2.8 percent at the end of 2017.

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