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Notable rise in digital payments, Kuwait see decrease in cash withdrawals

Sunday, May 12, 2024
Notable rise in digital payments, Kuwait see decrease in cash withdrawals

As the digital payment is making its inroads in Kuwait, the cash withdrawals through bank devices continued to witness a decline in the country. According to the latest statistics, the cash withdrawal decreased by 4.6 percent during the first quarter of 2024. The total cash withdrawal reached 2.621 billion Dinar, compared to 2.745 billion Dinar for the corresponding period of last year 2023.

Meanwhile, the total digital spending via websites and points of sale terminals witnessed an increase and reached 9.257 billion dinars during this period.

The transactions through domestic website portals had the largest share of total digital payment operations, with 4.763 billion spent, which is an increase of 608 million, compared to the first quarter of last year.

4.494 billion were spent through various points of sale terminals during the first quarter, an increase of 175 million, compare to the same in last year.

On the other hand, cash withdrawals from abroad also witnessed a decreased by 18.6 percent, as the value of withdrawals made abroad recorded 61.6 million for the first quarter of this year, compared to 75.7 million for the corresponding quarter of last year.


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Syed
Monday, May 13, 2024
Bring India''s UPI system. You will see 80% decrease in cash payments.

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