News

ATM use grows in Saudi Arabia

August 24, 2003

RIYADH, Saudi Arabia -- Some 15 billion riyals (about $4 billion U.S.) was withdrawn from Saudi Arabian ATMs in May, according to statistics provided by the Saudi Arabian Monetary Agency (SAMA).

About 27 million transactions were made through all ATMs and point-of-sale terminals throughout the Kingdom, reflecting the growing use of ATM/debit cards at the start of the vacation season, according to a report in the Arab News.

Withdrawals during the previous four months of 2003 were: 13.4 billion riyals (about $3.6 billion U.S.), 12 billion riyals ($3.2 billion U.S.), 13.6 billion riyals and 13.5 billion riyals respectively. Al-Rajhi Banking and Investment Corporation accounted for 60 percent of the amount withdrawn, according to the Arab News.

SAMA also said the number of ATMs grew in the first several months of 2003, from 2,768 to 3,275.

Many local banks, in conjunction with several tourist agencies, airlines and international hotels, are offering incentives to customers for the use of ATM/debit cards. Accordingly, the number of cards issued by the local banks reached 5.5 million.