Amex Saudi CEO says Kingdom’s credit card market grew 17% in 2023

10/03/2024 Argaam Special
Fahad Al Guthami, CEO of American Express Saudi Arabia

Fahad Al Guthami, CEO of American Express Saudi Arabia

Saudi Arabia’s credit card market grew by SAR 27 billion or 17% year-on-year (YoY) in 2023, American Express Saudi Arabia’s (Amex) CEO Fahad Al Guthami told Argaam in a statement on the sidelines of LEAP2024.

 

This growth reflects the company's expansion in issuing cards and providing quality services to clients, he added.

 

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Al Guthami pointed out the massive growth in e-commerce during 2023, with transactions reaching about 900 million, an increase of 40% YoY.

 

The number of points of sale (POS) in the Kingdom reached more than a million in 2023, which led to about 600 million purchase transactions, an increase of 10% YoY, he stated.

 

Meanwhile, Amex CEO stressed that the company aims to expand the acceptance of its cards to 90% of the POS in the Kingdom by 2025.

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