KUWAIT CITY, Feb 12: Digital payment adoption in Kuwait has surged, leaving cash with just a 30 percent share of everyday spending. Visa’s Country Manager for Kuwait Mohammad Reyad attributes this to a rapid national embrace of digital payment solutions. In an interview with KUNA, Reyad said the shift reflects a fundamental change in consumer payment habits by prioritizing digital solutions for daily needs as Kuwait is building a more efficient financial system and a digital economy, directly supporting the goals of Kuwait Vision 2035. Visa’s third edition of “Where Cash Hides” report shows 59 percent of Kuwait consumers are largely non-cash users, making most of their payments with cards or mobile devices, an increase of percent compared with last year.
While cash use fell by 19 percent, the largest decrease recorded across the Gulf Cooperation Council (GCC) markets. He emphasized that these indicators reinforce Kuwait’s regional leadership in digital transformation, fueled by growing public trust and the fact that online payments have become the standard for daily essentials. Reyad noted that Kuwait is rapidly moving past cash and card swiping toward tokenized and biometric payments, this transition is powered by smart devices, signaling a high-tech evolution in how the market handles transactions.
He attributed this transformation largely to the early development of Kuwait’s banking infrastructure, with local banks adopting the latest global technologies and offering digital financial services in line with international standards. He added that cash use remains present in some areas such as rent payments or certain international transfers, sometimes due to limited availability of digital alternatives. He then credited Kuwait’s regulatory framework for fostering trust and innovation necessary to accelerate digital commerce and the widespread adoption of electronic payments. Digital payments are now a vital driver of Kuwaiti business productivity, by partnering with banks and the government, Visa is actively expanding payment acceptance and modernizing the nation’s financial infrastructure.(KUNA)
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