Saudi Arabia Cards and Payments – Opportunities and Risks to 2027

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

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

Download a Free Report Sample

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)

Saudi Arabia Cards and Payments Market Outlook, 2023-2027 ($ Billion)

To gain more information on the Saudi Arabia cards and payments market forecast, download a free report sample

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

Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

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.

For additional Saudi Arabia cards and payments market dynamics, download a free report sample

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 (%)

 Saudi Arabia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

For more payment instrument insights into the Saudi Arabia cards and payments market, download a free report sample

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 (%)

E-commerce Market Analysis by Segments, 2023 (%)

For more segment insights into the Saudi Arabia cards and payments market, download a free report sample

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

Saudi Arabia Cards and Payments Market Analysis by Players, 2023

For more player insights into the Saudi Arabia cards and payments market, download a free report sample

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
Al Rajhi Bank
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

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

Saudi Arabia Cards and Payments – Opportunities and Risks to 2027 standard reports
Currency USD
$2,750

Can be used by individual purchaser only

$8,250

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Saudi Arabia Cards and Payments – Opportunities and Risks to 2027 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Payments reports
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Saudi Arabia Cards and Payments – Opportunities and Risks to 2027 in real time.

  • Access a live Saudi Arabia Cards and Payments – Opportunities and Risks to 2027 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.