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Photo Essay

In Pictures: Ten Years Into Vision 2030, Digital Payments Reach Saudi Arabia's Traditional Markets

  • By: Haoming ZhouEdited by: Haoming Zhou
  • 2026-03-09

Saudi Arabia marks a decade since Crown Prince Mohammed bin Salman launched Vision 2030 in 2016. One key reform area is the digital transformation of financial infrastructure. Saudi Arabia aims to achieve 80% cashless transactions by 2030, up from just 36% in 2019. According to the Saudi Central Bank (SAMA), electronic payments already accounted for 79% of total retail payments in 2024—nearly reaching the target six years early. Even in Souk Al-Zal, Riyadh's oldest traditional market, digital payments are gaining ground.

Mohammod, who operates a censer store in Souk Al-Zal, Riyadh, has been using the latest MADA POS machine for six months. He said he doesn’t pay a monthly rental fee for the machine, but it charges 1-2% on each transaction.
Mada POS is the main electronic payment network in Saudi Arabia, monitored by the Saudi Central Bank, SAMA. Card payments via point-of-sale (POS) terminals reached 10.4 billion transactions in 2024, growing at an average of 38% annually since 2020, according to SAMA.
While international card brands Visa and Mastercard remain widely accepted throughout Saudi Arabia, mada has captured the majority of market share, based on total transaction value, growing from approximately 47% in 2019 to over 90% by 2021-2023, according to the Worldpay Global Payments Report and Statista Research Department.
The Souk Al-Zal traditional market is in the heart of Riyadh, which is a historical landmark and a vibrant commercial area.
A customer is bargaining with the staff in the Baz Taha Trading Company for Damage and Removal, where they mainly sell used containers in the Souk Al-Zal. He eventually paid with cash of 10 SAR.
Fahad (left), who has operated this stand in cash for over 27 years, also considers accepting electronic payments in the coming year.
With a new zone rising behind the stalls under construction, the old trading area remains active in cash auctions, representing Riyadh’s oldest market.
Customers will sit on the carpet and auction for the goods in the afternoon, this is what the Souk Al-Zal mean, said Fahad.
A promotional video is being filmed at the Lulwah Mohammed Almukil store in Souk Al-Zal, which sells woven chains, canes, souvenirs, and jewelry. Behind the camera is a female producer, a growing presence in Saudi Arabia's business landscape. The labor force participation rate for Saudi women is about 35% in Q2 of 2025, according to the General Authority for Statistics (GASTAT) of the Government of the Kingdom of Saudi Arabia.

《The Young Reporter》

The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.

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The Young Reporter (TYR) started as a newspaper in 1969. Today, it is published across multiple media platforms and updated constantly to bring the latest news and analyses to its readers.

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