Consumer Digital Spending In August Soars

Latest statistics from KNET, the shared electronic banking services company in Kuwait, shows that the volume of spending through Point of Sale (PoS) machines and online digital payments  in August 2020 was nearly seven times higher than a month earlier. 

Spending in August through PoS and online payments stood at KD1.6 billion against KD286 million in July, while cash withdrawals through ATM outlets amounted to KD152 million through over two million transactions in August. ATM withdrawals in July were slightly higher at nearly KD154 million 

Over 12 million transactions worth over KD850 million were conducted through PoS devices in  August, while a month earlier it had stood at a little over KD20 million through 850,000 transactions. Meanwhile, payments for online digital purchases in August stood at KD615 million through nearly 11 million transactions; in July this figure stood at KD111 million.

Figures from KNET also showed that with the easing of lockdown in August, the number of transactions and total value of purchases were slowly returning to the levels in February at the start of coronavirus infections and the eventual lockdown of the country. Figures for February 2020 show that PoS and digital online purchases stood at KD1.1 billion.

 

SOURCE : TIMES KUWAIT

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