E-commerce using 'Mada' cards surges 22% in the first quarter of 2024

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RIYADH — Online sales through "Mada" cards recorded an annual growth rate of 22%, with an increase of approximately SR7.89 billion, reaching a total of SR44.42 billion in the first quarter of 2024.

This compares to SR36.53 billion in the same period in 2023, with the number of executed transactions amounting to 263,242,173.

According to the statistical bulletin for May issued by the Saudi Central Bank (SAMA), this marks the highest level ever recorded.

E-commerce using "Mada" cards recorded a quarterly growth rate of 10%, which is an increase of approximately SR3.89 billion, compared to SR40.53 billion in the fourth quarter of 2023.

Moreover, sales recorded a monthly growth of 9.2%, with an increase of approximately SR1.37 billion, reaching a level of SR16.22 billion in May, compared to SR14.85 billion in April 2024, with the number of executed transactions amounting to 91,868,518.

Sales have recorded a growth of 12.4% since the beginning of the current year, with an increase of approximately SR1.79 billion, rising from SR14.43 billion in January.

The sales include transactions made with "Mada" cards used for payments and purchases through online shopping sites, electronic applications, and electronic wallets, but do not include transactions made with credit cards.