Market Insights

As per recent research by MarkNtel Advisors, The Saudi Arabia Cards and Payments Market is estimated to grow at a CAGR of around 8.5% during the forecast period, 2024-30.

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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Market Segmentation and Consumer Behavior:

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

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Saudi Arabia Cards and Payments Market Geographical Analysis:

By Region:

• Central
• East
• West
• South

Key Players and Competitive Strategies in the Saudi Arabia Cards and Payments Market

Several prominent players dominate the Saudi Arabia Cards and Payments Market, 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

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Questions Addressed in this Study

1.What factors are driving the Saudi Arabia Cards and Payments Market growth?

2.How is the Saudi Arabia Cards and Payments Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Saudi Arabia Cards and Payments Market?

4.What is the current size of the Saudi Arabia Cards and Payments Market, and how is it projected to change in the future?

5.What is the future outlook for the Saudi Arabia Cards and Payments Market in terms of technological advancements and market expansion?

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