Riyadh - Sharikat Mubasher: The number of e-commerce transactions carried out through Mada cards reached its highest level in five years in 2023.

The monthly bulletin released by the Saudi Central Bank (SAMA) showed that the number of e-commerce transactions recorded 873.7 million in 2023 with sales worth SAR 156.9 billion, marking an annual growth rate of 28% compared to SAR 122.6 billion in 2022.

During the fourth quarter (Q4) of 2023, the number of e-commerce transactions using Mada cards reached 237 million with a total value of SAR 40.5 billion.

Meanwhile, the number of e-commerce transactions touched 81 million with sales amounting to SAR 13.6 billion in December 2023.

It is worth noting that the figures covered transactions made by Mada cards through online shopping sites, in-app purchases, and e-wallets, excluding transactions made by Visa, MasterCard, and other credit cards.