The cashless economy
Mada penetration above 99%; cash share of retail spend fell from ~70% to <20%
Thriving Economy pillar2 sourcesLast verified 2026-05-18
Hero metric
Mada debit-card penetration
99%+
2025Mada penetration above 99%; cash share of retail spend fell from ~70% to <20%
Publishers include: Arab News · Argaam
The Story
Before
In 2017, cash dominated Saudi retail — about 70% of all retail spending.
Initiative
SAMA mandated the rollout of Mada terminals across merchants. Fintechs filled in: STC Pay, urpay, plus the regional buy-now-pay-later wave.
Outcome
Mada debit-card penetration crossed 99% of Saudi adults. Cash now accounts for less than 20% of retail spend.
For citizens
Faster checkout. Less cash to carry. Visible tax-free pricing. A small daily improvement that compounds across every retail interaction.
Timeline of Milestones
2017
Cash share of retail: ~70%
2022
Mada penetration crosses 95%
2025
Cash share of retail falls below 20%
Evidence library · 2 primary sources
Sorted by tier, newest first
Made-in-Saudi exports
A record SAR 624 billion in 2025
SAR 624B ($166B)
PIF: from sovereign fund to sector builder
Assets grew nearly 5× since 2016
SAR 3.41T
Global companies headquartered in Saudi
From 44 to 700+ in four years
700+
MENA's #1 venture market — Saudi startups, Saudi capital
$1.72B raised in 2025; +145% year on year; 257 deals (most in MENA)
$1.72B
Initiative attribution: SAMA digital payments strategy; Mada national payments network; STC Pay, urpay, Tamara, Tabby fintechs. Citizen benefit category: Service quality.