Saudi Arabia Cards and Payments – Opportunities and Risks to 2027
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How will the ‘Saudi Arabia Cards and Payments Market’ help you achieve your business goals? The report’s in-depth analysis and market insights will enable you to:
- Make strategic business decisions, using top-level historical and forecast market data, related to the Saudi Arabia cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Saudi Arabia cards and payments industry.
- Assess the competitive dynamics in the Saudi Arabia 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 Arabia cards and payments industry.
How is the ‘Saudi Arabia Cards and Payments Market’ report different from other reports in the market?
Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Anticipate market changes and develop risk management strategies with the following data:
- Current and forecast values for each market in the Saudi Arabia cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also includes an overview of the country’s key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Saudi Arabia 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.
- Competitive landscape of the Saudi Arabia cards and payments industry.
We recommend this valuable source of information to anyone involved in:
- Regulatory Agency/Procurement Managers/ M&A and Investment Consultants
- Strategy, Marketing, and Business Development
- Digital payment companies/Insurance Companies
- Technology Leaders and Startups
- Cyber Security Managers for Banks
- Product Development Directors
- Professional Services /Sales & Marketing Director
- Banks – Industry/Commercial/Retail/Private/Government/International
- E-commerce Firms, PE/VC Firms
To Get a Snapshot of the Saudi Arabia Cards and Payments Market Report
Saudi Arabia Cards and Payments Market Overview
The Saudi Arabia cards and payments market size is $141.9 billion in 2023. The market is expected to achieve a CAGR of more than 10% during 2023-2027. Cards are the preferred method of payment among Saudi consumers. The reason for this preference and the growth of card-based transactions can be traced back to the convenience of using cards, enhanced security, and the growing adoption of contactless payments. The use of payment cards is gradually rising, with these cards increasingly being used for low-value transactions. Despite the low use of credit cards compared to debit cards, banks offer Sharia-compliant credit cards, reward benefits, and installment options to drive adoption and usage.
Saudi Arabia Cards and Payments Market Outlook, 2023-2027 ($ Billion)
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The Saudi Arabia cards and payments market research report provides a detailed analysis of market trends in the Saudi cards and payments industry. It provides values and volumes for several key performance indicators in the industry cards, cash, credit transfers, direct debits, and cheques during the review period. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers details of regulatory policy and recent changes in the regulatory structure. It includes information on the payment instruments that are in use in the Saudi market, the key segments within the market, as well as the companies associated with the Saudi Arabia cards and payments market.
Market Size (2023) | $141.9 billion |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2019-2022 |
Key Payment Instruments | · Cards
· Cash · Credit Transfers · Direct Debits · Cheques |
Key Segments | · Card-Based Payments
· E-commerce Payments · In-Store Payments · Mobile Payments · P2P Payments · Bill Payments · Alternative Payments |
Leading Players | · Al Rajhi Bank
· SNB · Riyad Bank · Saudi British Bank · ANB · Bank Albilad · Banque Saudi Fransi · Bank AlJazira · The National Commercial Bank · Samba Financial Group |
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Saudi Arabia Cards and Payments Market Dynamics
The preference for debit cards among Saudi consumers was primarily driven by the government’s financial inclusion initiatives. While debit cards are traditionally used for cash withdrawals, their use for payments is gradually on the rise.
The payment transaction volume and usage frequency of credit and charge cards during 2019-2023 are supported by the availability of Sharia-compliant credit cards. Banks also encourage credit card usage by offering cardholders benefits in the form of reward points, discounts, and cashback. In addition, flexible repayment options have been a key contributor to credit card market growth. All the country’s major banks offer installment facilities, enabling consumers to convert large-ticket purchases into monthly payments.
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Saudi Arabia Cards and Payments Market Segmentation by Payment Instruments
In 2023, cards lead the way in terms of transaction volume.
The key payment instruments in the Saudi Arabia cards and payments market are cards, cash, credit transfers, direct debits, and cheques. The government is taking steps to reduce cash dependency and promote electronic payments. Measures that have encouraged card-based payments include growth in the number of retailers accepting payment cards and increased uptake of contactless cards.
Saudi Arabia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)
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Saudi Arabia Cards and Payments Market Segments
Consumer preference for using online platforms for day-to-day essentials is supported by companies offering discounts on grocery and food products.
The key segments in the Saudi Arabia cards and payments market are card-based payments, e-commerce payments, in-store payments, mobile payments, P2P payments, bill payments, and alternative payments.
E-commerce Payments: Growth in the e-commerce market can be mainly attributed to the rising internet and smartphone penetration, improved online payment infrastructure, as well as increasing consumer confidence in online transactions. Growth has also been supported by consumers increasingly shopping on foreign websites, as well as international retailers introducing online stores in Saudi Arabia.
E-commerce Market Analysis by Segments, 2023 (%)
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Saudi Arabia Cards and Payments Market - Competitive Landscape
Some of the leading players in the Saudi Arabia cards and payments market are:
- Al Rajhi Bank
- SNB
- Riyad Bank
- Saudi British Bank
- ANB
- Bank Albilad
- Banque Saudi Fransi
- Bank AlJazira
- The National Commercial Bank
- Samba Financial Group
Saudi Arabia Cards and Payments Market Analysis by Players, 2023
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Saudi Arabia Cards and Payments Market – Latest Developments
- In February 2023, Mobily partnered with Ericsson to launch Mobily Pay in Saudi Arabia. This enables users to make quick and secure payments at both physical and online stores.
- In March 2023, payment services provider Unicard partnered with biometric technology services provider Zwipe to introduce biometric payment cards in Saudi Arabia.
Segments Covered in the Report
Saudi Arabia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)
- Cards
- Cash
- Credit Transfers
- Direct Debits
- Cheques
Saudi Arabia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)
- Card-Based Payments
- E-commerce Payments
- In-Store Payments
- Mobile Payments
- P2P Payments
- Bill Payments
- Alternative Payments
SNB
Riyad Bank
Saudi British Bank
ANB
Bank Albilad
Banque Saudi Fransi
Bank AlJazira
The National Commercial Bank
Samba Financial Group
mada
Visa
Mastercard
American Express
Table of Contents
Frequently asked questions
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What is the Saudi Arabia cards and payments market size in 2023?
The cards and payments market size in Saudi Arabia is valued at $141.9 billion in 2023.
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What is the Saudi Arabia cards and payments market growth rate?
The cards and payments market in Saudi Arabia is expected to achieve a CAGR of more than 10% during 2023-2027.
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Which is the leading payment instrument in the Saudi Arabia cards and payments market in 2023?
Card is the preferred method for transactions in the Saudi Arabia cards and payments market in 2023.
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Who are the leading players in the Saudi Arabia cards and payments market?
Some of the leading players in the Saudi Arabia cards and payments market are Al Rajhi Bank, SNB, Riyad Bank, Saudi British Bank, ANB, Bank Albilad, Banque Saudi Fransi, Bank AlJazira, The National Commercial Bank, and Samba Financial Group.
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