Latest news with #MadaCards
Arabian Business
a day ago
- Business
- Arabian Business
Saudi e-commerce sales via Mada cards hit record $18.5bn in Q1
E-commerce in Saudi Arabia continues its explosive growth, with online sales via Mada cards reaching a record SAR69.3bn ($18.5bn) in the first quarter of 2025—marking a 56 per cent year-on-year increase. According to the Saudi Central Bank's May bulletin, the Q1 figure represents a SR24.9bn ($6.6bn) rise from the SR44.4bn ($11.9bn) recorded in the same period of 2024. The number of transactions also soared, surpassing 370m in just three months. E-commerce in Saudi Arabia On a quarterly basis, sales climbed 26 per cent compared to the fourth quarter of 2024, which recorded SR55.2bn ($14.7bn), reflecting growing consumer confidence and a continued shift toward digital retail. In May alone, e-commerce sales reached SR27.4bn ($7.3bn), an 18 per cent increase from April's SR23.3bn ($6.2bn). The number of transactions exceeded 147m for the month. Cumulatively, from January to May 2025, the data revealed a 31.3 per cent increase in sales volume, rising by SR6.5bn ($1.7bn)—from SR20.9bn ($5.6bn) in January to SR27.4bn ($7.3bn) in May. The record figures underscore the Kingdom's rapid digital transformation, supported by widespread internet penetration, government initiatives to boost fintech adoption, and a strong retail sector.
Zawya
a day ago
- Business
- Zawya
E-commerce sales in Saudi Arabia exceed $18.4bln during Q1
RIYADH: E-commerce sales in the Kingdom of Saudi Arabia via "Mada" cards during the first quarter of 2025 reached their highest levels ever, totaling more than SAR69.3 billion, achieving an annual growth of 56%, and an increase of approximately SAR24.9 billion compared to the same period in 2024, during which sales reached SAR44.4 billion, according to the statistical bulletin issued by the Saudi Central Bank for May. The report, carried by Saudi Press Agency (SPA), indicated that the number of transactions executed via Mada cards exceeded 370 million during the first quarter, while sales achieved a quarterly growth of 26%, an increase of approximately SAR14.1 billion, compared to SAR55.2 billion in the fourth quarter of 2024. Measuring monthly performance, e-commerce sales via Mada reached approximately SAR27.4 billion in May, registering an 18% growth from the previous month, when sales reached SAR23.3 billion, with transactions exceeding 147 million. The data showed a cumulative growth of 31.3% during the period from January to May 2025, an increase of approximately SAR6.5 billion, compared to sales of SAR20.9 billion in January
