Oxford Business Group and Saudi Payments launch new economic analysis
17 August, 2020 – Riyadh, Saudi Arabia: A new Covid-19 Response Report (CRR) issued by Oxford Business Group, (OBG) in partnership with Saudi payments, revealed the success of the Kingdom of Saudi Arabia in benefiting from e-commerce, digital transactions and dealing with the challenges imposed by the Coronavirus, which contributed in supporting the recovery of the national economy, despite the quarantine policies and commercial lockdown during the last period.
The CRR provides an in-depth analysis at the Saudi Arabia’s response to the challenges imposed by this pandemic, as it highlights on solid infrastructure of the e-commerce and digital payments sectors in the Kingdom, which has facilitated the transition towards using electronic payments, transactions via the Internet, mobile phones, and points of sale in additional to a focus on key data and infographics relating to the country’s socio-economic landscape.
License holders will also find detailed coverage of the changes evident in purchasing behavior as more consumers move online to shop, with lockdown driving significant growth in the food and personal care segment of e-commerce.
In its Analyses, OBG shines a spotlight on the efforts of the Saudi Arabian Monetary Authority (SAMA) in adopting a more advanced approach through the promotion of financial technology (Fintech) segment, which contributed to providing more innovative solutions to meet the growing demand for e-commerce.
The report also included a detailed study on the procedures and steps, Saudi Payment Network (mada) has taken to deal with the repercussions of the pandemic, successfully meeting new demand for e-commerce and accommodating remote-working practices through effective business-continuity strategies.
Andrew Jeffreys, OBG’s CEO, said that Saudi Arabia’s decision to make ICT expansion a priority in supporting the growth of its economy, and as part of broader economic diversification plans, had paid dividends by providing the Kingdom with digital resilience when the pandemic struck.
“Consumers and businesses in Saudi Arabia were not only encouraged to make the move online in recent months, but felt confident about doing so, thanks to prudent moves to regulate the digital payments space last year,” he said. “Our report suggests that having successfully coped with increased demand for contactless and mobile payments at the height of lockdown, and with useful fiscal buffers in place, the country is well positioned to move towards its long-term goal of creating a cashless society.”
For his Part, the Managing Director of Saudi Payments, Ziad Al-Yousef said that having laid the necessary regulatory groundwork in 2019, SAMA was able to swiftly introduce new measures early in the coronavirus outbreak aimed at stimulating the broader economy and digital commerce in particular.
“These actions, which included waiving all payment fees on purchases made through POS terminals or e-commerce sites for six months, are now supporting social-distancing precautions, while facilitating the consumption of goods and services post-lockdown,” he said.
The CRR forms part of a series of tailored reports which OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Covid-19 Economic Impact Assessment articles and interviews.