Saudi Arabia is embracing the tide of cashless transactions with open arms. According to a report by GlobalData, by 2024, the cashless payment volume in Saudi Arabia is projected to soar by 7.6%, reaching an impressive 550 billion riyals (approximately 146.8 billion USD). This meteoric rise signals a golden age for the cashless payment market in the coming years.
What Leads to This Transformation?
lGovernment Initiatives
The Saudi government is at the forefront of this revolution, actively encouraging consumers to adopt electronic payment methods such as bank cards. This push is a strategic move to accelerate the construction of a cashless society.
lConsumer Preference Shift
There is a noticeable inclination among consumers towards electronic payments, which are perceived as more convenient and efficient than traditional cash transactions.
lSmartphone Penetration
The high smartphone penetration rate in the country serves as a solid foundation for the adoption of digital wallets and contactless payments.
What are the Features of Emerging Payment Market in Saudi Arabia?
lRise of New Contactless Payment Methods
The development of digital wallets is gaining momentum, with mobile payment methods becoming increasingly popular. This trend necessitates that merchants support NFC payments and QR code transactions.
lSignificant Growth in Contactless Card Transactions
There is a marked increase in the volume of transactions conducted via contactless cards, indicating a preference for the tap-and-go convenience they offer.
lCash Remains Integral
Cash continues to be an indispensable part of the Saudi consumer’s payment landscape, especially for low-value transactions. However, with the increasing popularity and promotion of digital payments, the use of hard currency is gradually decreasing.
What can Telpo Provide?
In response to the burgeoning cashless market in Saudi Arabia, Telpo has introduced a diverse range of smart terminals and solutions tailored to the needs of this dynamic landscape.
lWide Variety of POS Terminals
Telpo has introduced a diverse range of smart terminals and solutions tailored to the needs of this dynamic landscape.
An increasing number of modern consumers prefer to use mobile payment methods such as QR code payments and digital wallets, prompting businesses to update and iterate their smart POS machines to adapt to these new trends. Telpo has launched a series of POS terminals that support NFC and QR code payments, with a range of models including handheld, mini tabletop, and full-sized cash registers, capable of meeting the application needs of various scenarios.
lSoftPOS Solution
Recognizing the versatility needed in modern retail, Telpo’s NFC-enabled POS terminals are designed to be compatible with SoftPOS, offering an additional layer of flexibility and functionality.
Telpo’s Commitment to the Middle East Market
Understanding the significance of the Middle East market, Telpo has made a concerted effort to establish a presence in the region. The inaugural Telpo overseas salon was held in Dubai, marking a significant step in the company’s international outreach. Moreover, the establishment of the Dubai Service Center signifies Telpo’s dedication to providing exceptional service to clients in the Middle East. In the future, Telpo will become increasingly active in the Middle East market, creating more value for customers in the region.
The cashless payment revolution in Saudi Arabia is a testament to the country’s progressive vision and digital maturity. As the market evolves, Telpo is poised to play a pivotal role in shaping the future of payments, ensuring that both merchants and consumers alike can navigate this new era with ease and confidence. With a robust suite of products and a commitment to the region, Telpo is confident to support the burgeoning cashless economy of Saudi Arabia. Welcome to contact us for more details.
Tags: Smart POS, SoftPOS, Cashless Payment, NFC Payment, Digital Wallet, Saudi Arabia, Telpo
