Total spending by citizens and residents in Kuwait reached 42.335 billion dinars during the first nine months of this year, an increase of 1.920 billion dinars, or 4.75 percent, compared with 40.415 billion dinars in the corresponding period last year, according to Central Bank of Kuwait data.
Of the total, spending within Kuwait accounted for 39.954 billion dinars, while expenditure outside the country amounted to 2.381 billion dinars. The Central Bank’s September data showed that spending declined across point-of-sale terminals, automated teller machines and online payment channels, while transactions through Wamd, Kuwait’s instant payment service, recorded substantial growth.
Spending through point-of-sale (POS) terminals fell by 0.46 percent to 14.332 billion dinars during the nine-month period, compared with 14.398 billion dinars in the same period last year. Cash withdrawals through automated teller machines (ATMs) declined by 6.3 percent to 6.405 billion dinars, down from 6.835 billion dinars, representing a decrease of 429.8 million dinars.
Online spending also decreased by approximately 2 percent to 12.846 billion dinars, compared with 13.118 billion dinars a year earlier, a reduction of 271.7 million dinars. In contrast, Wamd transactions recorded a sharp increase, rising by 44.33 percent to 8.751 billion dinars during the first nine months, compared with 6.06 billion dinars in the corresponding period last year.
The value of transactions increased by approximately 2.688 billion dinars, while the number of transactions climbed to 135.438 million from 80.2 million. Quarterly figures showed that Wamd transactions continued to expand throughout the year.
Transaction values reached approximately 2.646 billion dinars in the first quarter through 40.38 million transactions, rising to 2.91 billion dinars through 45.177 million transactions in the second quarter.
In the third quarter, Wamd transactions increased further to 3.193 billion dinars, processed through 49.878 million transactions.
The figures highlight the growing value and volume of instant payments in Kuwait, even as spending through several other payment channels recorded declines during the first nine months of the year.