Saudi Arabia Cards and Payments: Opportunities and Risks to 2029

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GlobalData’s ‘Saudi ArabiaCards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the Saudi cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2021–25e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2025e–29f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘Saudi Arabia Cards and Payments: Opportunities and Risks to 2029' report provides top-level market analysis, information and insights into the Saudi cards and payments industry, including –
– Current and forecast values for each market in the Saudi cards and payments industry, including debit, credit and charge cards.
– Detailed insights into payment instruments including cash, card, credit transfer, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
– Ecommerce market analysis.
– Analysis of various market drivers and regulations governing the Saudi cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
– Comprehensive analysis of consumer attitudes and buying preferences for cards.
– The competitive landscape of the Saudi cards and payments industry.

Scope

– Card market size in terms of number of cards, value and volume of transactions in Saudi Arabia along with detailed card segmentation of debit, credit and charge cards available in the country.

– Market sizing and analysis of major payment instruments including cash, card, credit transfer, direct debits, and cheques.

– Payment market trends and growth for both historical and forecast period

– Competitor analysis with detailed insights into leading card issuers and schemes.

– Comprehensive analysis of consumer attitudes and buying preferences for cards.

– A detailed snapshot of country's key alternative payment brands.

Key Highlights

Saudi Arabia is a regional pioneer in the adoption of contactless payments. Its position has been driven by the introduction of mada POS-supporting NFC payments (also known as mada atheer payments) by the national payment scheme mada, as well as the launch of contactless payments for public transport. In February 2025, the Royal Commission for Riyadh City introduced Apple Pay’s Express Transit mode for fare payments on the Riyadh Metro and Bus networks. This functionality allows commuters to seamlessly pay fares at metro and bus entry gates using their iPhone or Apple Watch.

Aligned with its Vision 2030 strategy, the government has launched initiatives to support ecommerce growth. In August 2024, the General Authority for Small and Medium Enterprises (Monsha’at) organized E-commerce Week to familiarize entrepreneurs with the importance of ecommerce and its impact on SMEs. Monsha’at collaborated with government and private entities to host the event in Riyadh, Madinah, Jeddah, and Al-Khobar. The main objective was to facilitate communication and the exchange of experiences among entrepreneurs, experts, and relevant government entities via workshops, entrepreneurial meetings, consultations, and guidance sessions with specialists and experts from various fields.

Buoyed by the growing ecommerce market, the adoption of BNPL solutions is steadily increasing in Saudi Arabia. BNPL firms are raising significant funding and expanding their offerings to strengthen their presence in the country. In February 2025, the BNPL and financial services provider Tabby raised Saudi riyal (SAR) 600 million ($160 million) in a series E financing round led by the existing investors Blue Pool Capital and Hassana Investment Company, as well as the new investors STV and Wellington Management. The funding valued the company at SAR12.4 billion ($3.3 billion). As of February 2025, Tabby had more than 15 million registered users and partnered with over 40,000 merchants.

Reasons to Buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the Saudi cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the Saudi cards and payments industry.

– Assess the competitive dynamics in the Saudi cards and payments industry.

– Gain insights into marketing strategies used for various card types in Saudi Arabia.

– Gain insights into key regulations governing the Saudi cards and payments industry.

Saudi National Bank
Al Rajhi Bank
Saudi British Bank
Riyad Bank
Alinma Bank
Arab National Bank
The Saudi Investment Bank
Visa
Mastercard
American Express

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

3. Payment Instruments

4. Card-Based Payments

5. Ecommerce Payments

6. In-Store Payments

7. Buy Now Pay Later

8. Mobile Payments

9. P2P Payments

10. Bill Payments

11. Alternative Payments

12. Payment Innovation

13. Job Analysis

14. Payment Infrastructure and Regulation

15. Appendix

Table

Key facts, 2025

Benchmarking of payment cards, 2025

Payment instrument transaction values (LCU), 2021–29f

Payment instrument transaction values ($), 2021–29f

Payment instrument transaction volumes (units), 2021–29f

Payment cards in circulation by type (units), 2021–29f

Volume of payment card transactions (units), 2021–29f

Value of payment card transactions (LCU), 2021–29f

Value of payment card transactions ($), 2021–29f

Debit cards in circulation (units), 2021–29f

Debit card transaction volumes, 2021–29f

Debit card transaction values (LCU), 2021–29f

Debit card transaction values ($), 2021–29f

Debit cards in circulation by scheme (units), 2021–25e

Debit card transaction values by scheme (LCU), 2021–25e

Debit card transaction values by scheme ($), 2021–25e

Debit cards in circulation by issuer (units), 2021–25e

Debit cards transaction value by issuer (LCU), 2021–25e

Debit cards transaction value by issuer ($), 2021–25e

Credit and charge cards in circulation (units), 2021–29f

Credit and charge card transaction volumes, 2021–29f

Credit and charge card transaction values (LCU), 2021–29f

Credit and charge card transaction values ($), 2021–29f

Credit and charge cards in circulation by scheme (units), 2021–25e

Credit and charge card transaction values by scheme (LCU), 2020-24e

Credit and charge card transaction values by scheme ($), 2021–25e

Credit and charge cards in circulation by issuer (units), 2021–25e

Credit and charge cards transaction value by issuer (LCU), 2021–25e

Credit and charge cards transaction value by issuer ($), 2021–25e

Credit cards in circulation (units), 2021–29f

Credit card transaction volumes, 2021–29f

Credit card transaction values (LCU), 2021–29f

Credit card transaction values ($), 2021–29f

Credit cards in circulation by scheme (units), 2021–25e

Credit card transaction values by scheme (LCU), 2021–25e

Credit card transaction values by scheme ($), 2021–25e

Credit cards in circulation by issuer (units), 2021–25e

Credit cards transaction value by issuer (LCU), 2021–25e

Credit cards transaction value by issuer ($), 2021–25e

Charge cards in circulation (units), 2020–29f

Charge card transaction volumes, 2020–29f

Charge card transaction values (LCU), 2020–29f

Charge card transaction values ($), 2020–29f

Charge cards in circulation by scheme (units), 2021–25e

Charge card transaction values by scheme (units), 2021–25e

Charge card transaction values by scheme ($), 2021–25e

Figures

Inflation rate

GDP growth rate

Payment instruments transaction value and volume

Instant payments transaction value and volume

Card penetration

Card payments by value

Debit card frequency of payments and average transaction value

Debit card schemes transaction value and volume

Debit card issuers by number of cards and transaction value

Credit card frequency of payments and average transaction value

Credit card schemes transaction value and volume

Credit card issuers by number of cards and transaction value

Credit card debt

Prepaid Cards: Market Sizing and Forecasting

Contactless card holding and usage in detail

E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop

Ecommerce market by product and services

Ecommerce market by paymnet tools

Factors driving in-store payments and In-store transaction value by payment method

In-store transaction value by products and services

BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments

BNPL online transaction value and transaction volume

BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments

Mobile wallet holding and use by demographic

Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand

Domestic and international P2P money transfers

Paymnet tool preference for bill payment and bill paymnet frequency

Active jobs intensity in the country

Number of POS terminals and ATMs

Saudi Arabia Cards and Payments: Opportunities and Risks to 2029 standard reports
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