The total of rapid money transfers through Saudi banks and banks during the second quarter of this year amounted to 11.1 trillion riyals; In a value that is the lowest in 5 years, as transfers varied since 2019 between 11.2 trillion riyals and 19.9 trillion riyals, while during the second quarter of 2019 they amounted to about 10.6 trillion riyals, to rise after that unevenly before declining again during the second quarter of this year.
Al-Watan’s reading of recent data of the Saudi Central Bank showed that the rate of increase recorded since the lowest decline amounted to 5%, while it exceeded 87% in some periods, as rapid transfers began to decline with the application of instant transfers, which amounted during the second quarter of 2023 to about 144 billion riyals.
Customer conversions
Customer payments from transfers amounted to 2.7 trillion riyals, with a continuous increase since 2019, as it increased during 5 years by 47%, rising from 1.8 trillion in the second quarter of 2019 to reach 1.9 trillion riyals in the same quarter of 2020, and rising to 2.1 trillion in 2021, and continues to rise to reach 2.6 trillion in 2022 before reaching 2.7 trillion in 2023.
Bank transfers
Quick transfers between banks recorded a decrease in 5 years by 7.3%, with the fluctuation of the annual growth of these transfers, as it rose from 8.7 trillion riyals in 2029 to reach 10.3 trillion in 2020 and rise to 12.9 trillion in 2021 before declining to 10.1 trillion in 2022, and continues Declining to 8 trillion in 2023.
other transfers
Other transfers recorded rapid growth during the past five years, after it increased from 9 billion riyals in 2019 to reach 10.4 billion riyals in 2020, and continued to rise to 12.5 billion riyals in 2021, to jump to 797.9 billion riyals in 2022, and decrease to 288.1 billion riyals. in 2023.
The amounts of operations of the Saudi system for rapid money transfers (in millions of riyals):
Customer payments = 47%
The second quarter of 2019 = 1,898,083
The second quarter of 2020 = 1,927,519
The second quarter of 2021 = 2,156,122
The second quarter of 2022 = 2,673,531
The second quarter of 2023 = 2,790,361
Interbank payments = – 7.3%
The second quarter of 2019 = 8,708,550
The second quarter of 2020 = 10,342,373
The second quarter of 2021 = 12,968,236
The second quarter of 2022 = 10,174,146
The second quarter of 2023 = 8,069,633
other= 3094%
The second quarter of 2019 = 9.019
The second quarter of 2020 = 10,479
The second quarter of 2021 = 12,527
The second quarter of 2022 = 797,939
The second quarter of 2023 = 288,145
Total = 5%
The second quarter of 2019 = 10,615,652
The second quarter of 2020 = 12,280,370
The second quarter of 2021 = 15,136,884
The second quarter of 2022 = 13,645,616
The second quarter of 2023 = 11,148,139
