The Saudi Arabia Cards and Payments Market size is estimated to grow at a CAGR of around 8.5% during the forecast period, 2025-30. According to MarkNtel Advisors Study.
Saudi Arabia Cards and Payments Market Driver:
Growing Digital Adoption by Medium-scale & Large-scale Enterprises to Augment the Market – Saudi Arabia is an oil-rich country, and to diversify its financial resources, the government has laid down plans such as investment in construction projects, facilitation of public-private partnerships, and adoption of technologies to improve the digital infrastructure. Also, the country’s government has introduced Vision 2030, which aims to promote the adoption of digital payments, including e-wallets, credit cards, and debit cards, to enhance the country’s digital economy. Thus, this government-led vision has led medium-scale enterprises like prominent fast food outlets, hotels, etc., to accept digital payments via cards & wallets.
Further, the bankable population of Saudi Arabia has also expanded over the past few years. As a result, the surge in consumers opting for conventional digital payment methods is enhancing. According to the King Khalid Foundation, in 2022, 72% of the population in Saudi Arabia possessed bank accounts. Therefore, the growing bankable population & the digital adoption by different sectors are amplifying the demand for cards & payment in Saudi Arabia.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Saudi Arabia Cards and Payments Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Type of Cards
- Debit Cards
- Fleet/Fuel Cards
- ATM Cards
- Prepaid Cards
- Credit Cards
- By Type of Payment Instrument
- Cards
- Mobile Wallets
- Credit Transfers
- Cash
- Debit Cards
- Checks
- By Type of Payments
- B2B
- B2C
- C2C
- C2B
- E-Commerce Payments
- Payments at POS Terminals
- By Transaction Type
- Domestic
- Foreign
- By Application
- Food & Groceries
- Health & Pharmacies
- Travel & Tourism
- Hospitality
- Others (Media & Entertainment, etc.)
- By Institution Type
- Financial
- Non-Financial
- By Region
- Central
- East
- West
- South
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Saudi National Bank SNB, The Al Rajhi Bank, Alawwal Bank, Banque Saudi Fransi, Riyad Bank, Arab National Bank, Bank Al Jazira, Bank Al Bilad, Saudi Investment Bank, Alinma Bank, looking forward to strengthening their market positions.
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