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In terms of the relative weight of transactions, direct purchases and payments through sales systems dominated, comprising 65.39% of the total transactions.
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Online payments ranked second, accounting for 28.25% of payment transactions, while ‘cash’ withdrawals made up only 6.34% of the transactions.
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Kuwait is experiencing a noticeable decline in cash transactions, with cash withdrawals decreasing by 6%, or about 2.47 million transactions, during the first six months of the current year.
The Kuwaiti market has averaged approximately 3.35 million daily transactions, including purchases, payments, and cash withdrawals since the start of this year, according to the official data obtained by Al-Anbaa newspaper.
From January to the end of June, the total number of direct purchases, cash withdrawals, and online payments reached around 611.5 million transactions.
In terms of the relative weight of transactions, direct purchases and payments through sales systems dominated, comprising 65.39% of the total transactions. ‘Online’ payments ranked second, accounting for 28.25% of payment transactions, while ‘cash’ withdrawals made up only 6.34% of the transactions.
The data showed that Kuwait is experiencing a noticeable decline in cash transactions, with cash withdrawals decreasing by 6%, or about 2.47 million transactions, during the first six months of the current year. This brought the total number of cash withdrawals in the country to around 38.8 million transactions via ATMs, compared to 41.27 million during the same period in 2023.
The data also indicated a decline in bank customers’ preference for withdrawing cash, both inside and outside Kuwait, with many opting instead for electronic payment methods using their bank cards in stores or making payments online.
The data indicated a significant increase in the operational activity of economic activities within the retail and direct sales sectors in Kuwait. There was notable growth in the number of point-of-sale devices during the first six months of the current year, with an increase of 7,591 devices, reaching a total of 100.89 thousand devices by the end of last June, compared to 93.3 thousand devices in June 2023.
As for ATMs, they saw minimal growth, with their numbers increasing by only about 8 devices to a total of 2,413 by the end of last June, compared to 2,405 devices in June 2023.
In contrast, direct payment transactions via bank cards at points of sale grew significantly. Transactions increased by 23.25% during the first six months of the current year, totaling approximately 75.44 million, and reaching 399.9 million direct purchases by the end of last June, up from 324.4 million purchases.
Direct purchases within Kuwait rose by 22.9%, amounting to 69.9 million transactions during the first six months of 2024, and reaching 374.7 million transactions by the end of last June, compared to 304.8 million transactions at the end of June 2023.
Direct purchases outside Kuwait jumped 28.19%, reaching 5.54 million transactions and totaling 25.19 million purchases by the end of June 2024, compared to 19.6 million transactions by the end of June 2023.
Online payments for goods and services are experiencing significant growth, reflecting a rising trend among citizens and residents for online transactions. These transactions increased by 23%, totaling 32.3 million, and reaching 172.7 million online payment transactions during the first six months of 2024, compared to 140.47 million transactions in the same period of 2023.
The number of online payment transactions within Kuwait rose by 19.6%, totaling 23.2 million transactions during the first six months of 2024, and reaching 141.4 million online purchases by the end of June, compared to 118.2 million purchases at the end of June 2023.
Online purchases outside Kuwait grew by 41%, with 9.1 million purchases during the first six months of the current year, reaching about 31.3 million transactions by the end of June, compared to 22.2 million transactions by the end of June 2023.
