06/08/2012
MasterCard International said that the Saudi market is one of the important markets in the world depending on the financial transactions in cash', noting that the proportion of cash transactions is up to 90 per cent, while electronic transactions in buying and selling is about 10 per cent.
Mr. Sohail, Director of the markets in Saudi Arabia, Bahrain and Pakistan in 'MasterCard International', highlighted the challenges in the Saudi market. He stressed the need for customers' awareness and confidence in the product of credit card and access to the services provided by the company.
He pointed out that the deal between 'Master Card' and the customers is not directly but through banks, according to the regulations set by the central bank to lend to the citizens. He observed that Saudi market relies on cash by up to 90 per cent, confirming that the awareness of traders to take advantage of electronic transactions increased by 30 per cent during the past two years.
