Mada POS transactions jump 16% in ten months, says SAMA

The Saudi Payments Network (Mada), which connects all ATMs and point-of-sale (POS) terminals in the Kingdom, recorded a 16.3 percent rise year-on-year (YoY) in POS transactions to SAR 189.3 billion for the period from January to October 2018.

Mada saw a 44.9 percent rise YoY in the number of transactions to 826 million for the same period, figures from the Saudi Arabian Monetary Authority (SAMA) showed.

Mada processed 59.9 million online payment transactions worth SAR 19.3 billion in October, compared to 88.5 million transactions in September.

Mada Atheer service executed 22.1 million transactions worth SAR 753.5 million by the end of October, compared to 2 million transactions by 2017-end at a total value of SAR 65.9 million.

Atheer service accounted for 23 percent of Mada's total e-payments in October, compared to 2.8 percent last year.

Atheer processed 115.6 million transactions at a total value of over SAR 4 billion in October, the report added.