In a scene that displays the Kingdom’s speedy shift towards a cashless economic system, Barq, the digital funds software, has recorded distinctive efficiency in its first yr of operation.
The variety of its customers has surpassed 7 million, representing 150 nationalities from across the globe.
The app has encompassed a variety of digital funds and cash transfers, contributing successfully to advancing the Kingdom’s non-cash economic system targets.
In its first yr, Barq issued greater than 6.5 million digital cost playing cards, enabling customers to conduct their transactions with ease and safety.
The app gives banking providers via a complicated digital platform tailor-made to fulfill the wants of people in addition to small and medium-sized enterprises (SMEs), offering progressive cost options underneath a license granted by the Saudi Central Financial institution (SAMA).
Since its launch in July of final yr, the app has processed over 500 million monetary transactions, with a complete transaction quantity reaching SR73 billion, cementing its place because the fastest-growing digital pockets within the Kingdom and one of many main success tales within the digital monetary transformation aligned with the Saudi Imaginative and prescient 2030 objectives.
Barq has additionally strengthened its worldwide presence via strategic partnerships, facilitating funds for guests and residents from outdoors the Kingdom.
This initiative helps the digital tourism sector and contributes successfully to the targets of the Monetary Sector Improvement Program and Imaginative and prescient 2030, by fostering a digitally empowered society and an innovation-driven economic system.
With a transparent imaginative and prescient for empowering people and companies, Barq continues to form the digital funds panorama within the Kingdom, taking part in a significant position in realizing the Imaginative and prescient 2030 aspiration of constructing a thriving cashless society.
