Saudi Arabia’s online payments solutions firm HyperPay plans to expand its presence in the Middle East and North Africa region. Looking to capitalize on the immense opportunities presented by the Saudi government’s push towards cashless targets, HyperPay is cementing its position in the kingdom while expanding into other territories.
Image: REUTERS/Faisal Al Nasser
The kingdom’s aims to raise online or cashless transactions are part of the Vision 2030 economic overhaul plan. The target is to raise the rate of non-cash utilization to 28 percent in 2020, to eventually reach 70 percent by 2030.
Electronic payments in Saudi Arabia are forecast to double to more $22 billion over the next four years.