Jordan Records Record Growth in Digital Payments in 2024

SadaNews - The ninth annual report of the payment system launched by the Central Bank of Jordan has shown unprecedented record growth rates in the electronic payment system during 2024. Data indicates that 84% of total payment transactions in Jordan during 2024 were conducted through electronic channels, while cash transactions were limited to only 16%. This reflects the significant expansion in the reliance of individuals and businesses on digital payment solutions, aligning with the kingdom's direction towards creating an inclusive and diverse digital economy and Jordan's commitment to enhancing financial inclusion and innovation.

The substantial increase in electronic payment transactions has been driven by a remarkable growth in the number of executed payment orders on the instant payment system by 148% in 2024, reaching 140.7 million payment orders with a total value exceeding 26 billion dinars. Additionally, the number of electronic payment transactions carried out using cards has increased to 350 million transactions worth over 25 billion dinars, along with a rise in the value of electronic payments through e-commerce sites totaling 600 million dinars, in addition to an increase in points of sale at merchants exceeding 93,000 points of sale.

In this context, the Governor of the Central Bank of Jordan, Dr. Adel Shirkas, stated that this significant growth in payment methods is evidence of the rising levels of financial inclusion in the kingdom and reflects the Central Bank's success in achieving all of its targets within the financial services sector as part of the Executive Program for the Economic Modernization Vision 2023-2025. Notably, the targets related to advancing the digital transformation stem from the launch of the National Electronic Payments Strategy 2023-2025 and the development of the electronic documentation system for the financial and banking sector, which have contributed to enhancing electronic payment services and meeting the demands of the financial market. This has allowed financial transactions to reduce paper dealings and work to increase the level of penetration, use, and acceptance of electronic payments, enhancing access to financial services in all regions of the kingdom.

Shirkas emphasized that these developments strengthen Jordan's pioneering position in the field of digital payments at both the regional and international levels, affirming the Central Bank's commitment to providing all forms of support to create a developed financial environment with added value that stimulates growth and innovation, enhancing the growth of electronic payments and encouraging individual and corporate consumers in the era of digital transformation.