The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2019
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Cash is still the preferred payment instrument among the Saudi population. Traditionally, Saudi residents have little awareness of the benefits of payment cards. While high value transactions are shifting to electronic platforms – raising awareness levels – low value transactions are mostly carried out with cash. However, the government’s introduction of the Wage Protection System (WPS) regulation in September 2013, which mandates companies to deposit salaries of employees into their bank account instead of paying them in cash, has enhanced the use of electronic payment systems over the forecast period.
The share of payment card transactions increased during the review period, due to a consumer shift towards electronic payments. The rising e-commerce and growing retail sales are expected to further increase the value of card-based transactions over the forecast period. The enhanced security and increased convenience of payment cards with technology (such as EMV and NFC) have also fueled growth in card-based transactions.
Scope
• A comprehensive analysis of Saudi Arabia's cards and payments industry
• Latest actual numbers for the Saudi Arabian cards and payments industry, with forecast figures up to 2019
• The competitive landscape of Saudi Arabia's cards and payments industry
• E-commerce market analysis and online payment types in the Saudi Arabian cards and payments industry
• An analysis of the different economic, infrastructural and business drivers affecting Saudi Arabia’s cards and payments industry
• An outline of the current regulatory framework in the industry
• Actionable insight from an analysis of the strategies implemented by banks and other institutions
• Profiles of the leading players in Saudi Arabia's cards and payments industry
• Detailed insights into payment instruments including: credit transfers, check payments, cash transactions, payment cards and direct debits
• Profiles of major banks in the Saudi cards and payments industry
Key Highlights
What range of initiatives have the Saudi Arabian Monetary Agency (SAMA) undertaken to encourage the use of electronic payments? What is one of the key elements of this? How is it anticipated to impact the Saudi cards and payments market?
How has the WPS been implemented to continue the expansion of electronic payment systems in Saudi Arabia?
Which bank issued Saudi Arabia’s first contactless debit card? What has been the impact of rollout of contactless cards on the Saudi payments market?
Reasons to Buy
• Implement strategic business decisions, utilizing GlobalData’s insights and forecasts in each segment of the market
• Evaluate the key market trends and growth opportunities in the Saudi cards and payments industry and align your value proposition with those that offer you commercial advantage
• Assess the competitive dynamics in the Saudi cards and payments industry
• Analyze insights into successful marketing strategies used for various card types in the Saudi industry and adopt those that may offer you the best return on investment
• Ensure cost effective compliance through analysis of the key regulations governing the Saudi cards and payments industry
The National Commercial Bank
Arab National Bank
Riyad Bank
The Saudi British Bank
Samba Financial Group
American Express
Visa
MasterCard
Diners Club
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