With an increase of almost SR7.89 billion, online sales using "Mada" cards saw a 22% annual growth rate, totalling SR44.42 billion in the first quarter of 2024. This is in contrast to SR36.53 billion during the same period in 2023, when 263,242,173 transactions were completed. It is the highest amount ever recorded, according to the Saudi Central Bank's (SAMA) May data bulletin.
Comparing e-commerce with "Mada" cards to SR40.53 billion in the fourth quarter of 2023, e-commerce saw a 10% quarterly growth rate or a rise of almost SR3.89 billion. Additionally, revenues increased by 9.2% on a monthly basis, or around SR1.37 billion, to reach SR16.22 billion in May 2024 as opposed to SR14.85 billion in April 2024. 91,868,518 transactions were completed during this time.
Between January and March of this year, sales have increased by 12.4%, or around SR1.79 billion, from SR14.43 billion in the previous month.
