Saudi Arabia Cards & Payments Market Share, Size, and Growth Forecast: 8.40% CAGR (2024-30)

Saudi Arabia Cards & Payments Market Insights Report Overview

Dive into the latest insights on the Saudi Arabia Cards & Payments Market with our comprehensive report, accurately curated by the experts at MarkNtel Advisors. Our report offers a thorough examination of the landscape, providing valuable data, impartial analysis, and strategic insights to drive informed decision-making.

Report’s Study Period:

  • Historical Period: 2019-22
  • Base Year: 2023
  • Forecasting Period: 2024-30

We accurately gather data from primary and secondary sources, capturing the industry’s historical fluctuations and trends, including market dynamics, consumer behavior, manufacturing insights, and more. Leveraging this data alongside the base year information, we project the industry’s trajectory into the future.

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Industry Driving Factor:

Growing Collaboration Between Financial Institutions & Tech-based Companies – The zero tax policies on the salaries withdrawn & lucrative job opportunities are propelling the young talent to mitigate to Saudi Arabia, as a result, the population of expatriates has been on the rise for the past few years. According to the government of Saudi Arabia, the total population of expatriates in the country reached over 13.5 million in 2021. Hence, the aforesaid has resulted in a notable upsurge in foreign payments since individuals send some share of their salaries to their native hometown. These foreign transactions are possible via different cards offered by the companies such as Visa, Mastercard, etc., hence the companies have started collaborating with the national bank of Saudi Arabia to provide different cash reward points & engage more consumers.

Segmentation Summary: Saudi Arabia Cards & Payments Market

Our report delves into the intricate segmentation of the Saudi Arabia Cards & Payments Market, providing insights into each subdivision’s trajectory, trends, and advancements. This analysis empowers stakeholders to navigate the industry landscape with precision, understanding the nuances of each segment.

-By Type of Cards

  • Debit Cards
  • Fleet/Fuel Cards
  • ATM Cards
  • Prepaid Cards
  • Credit Cards

Of them all, the debit cards segment held the largest share in the historical years owing to the increasingly rising bankable population in the country. End-users now prefer cards for payments due to the additional benefits it provides, like reward points, cashback offers, etc., and enhanced security. Moreover, the debit cards under this category are the most preferred among money transactions.

Debit cards allow us to withdraw funds directly from an individual’s bank account, which makes the consumer shop more responsibly. As per the data delivered by the financial consultant company Adyen in 2022, there are presently about 31 million cards that have been issued, out of which 88% are debit & 12% are credit. Therefore, the surging use of debit cards by consumers owing to the surging digital adoption in the country & rapid urbanization would further boost the share of debit cards in the forecast years.

-By Type of Payment Instrument

  • Cards
  • Mobile Wallets
  • Credit Transfers
  • Cash
  • Debit Cards
  • Checks

-By Type of Payments

  • B2B
  • B2C
  • C2C
  • C2B

-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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Leading Competitive: Saudi Arabia Cards & Payments Market

  • 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

Geographical Reach:

The Saudi Arabia Cards & Payments Industry spans across various regions, each characterized by unique cultural, regulatory, and economic factors. Our regional analysis provides a comprehensive overview and forecast, considering these differences and assessing market players’ presence, consumer preferences, and more.

-By Region

  • Central
  • East
  • West
  • South

For inquiries or further discussions, connect with our analyst today to unlock the full potential of the Saudi Arabia Cards & Payments Industry.

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Key Focus Areas:

  • What are the primary drivers and trends influencing the Saudi Arabia Cards & Payments Industry’s growth, and how is the market structured?
  • How are segments within the Saudi Arabia Cards & Payments Industry defined, and what is the size of each segment?
  • Which segments and geographical regions present the most promising growth opportunities?
  • What does the competitive landscape look like, and how do key players position themselves within the market?

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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.

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