Saudi Arabia Cards Payments Market - Industry Trends and Forecast to 2028

MarkNtel Advisors, a prominent market research firm, has recently published a report titled Saudi Arabia Cards Payments Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028. This study offers an in-depth examination of the industry, encompassing Saudi Arabia Cards Payments market share, size, trends, and growth predictions. Additionally, the report features an analysis of competitors and regions while spotlighting the most recent developments in the market.

Saudi Arabia Cards Payments Reports Highlights

What is the size of the Saudi Arabia Cards Payments Market?

The Saudi Arabia Cards Payments Market is projected to grow at a CAGR of around 8.40% during the forecast period, i.e., 2023-28. A card is a piece of metal or plastic issued by a bank or other financial institution that allows users to withdraw money or make purchases online or in person. Payment instruments are used in card transactions as they enable funds held in accounts at credit, payment, or similar financial institutions to be transferred to a payee upon receipt of a payment order.

What do the growth prospects and trends look like in the Saudi Arabia Cards Payments Industry?

Saudi Arabia is an oil-rich country 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. The government launched Vision 2030, which encourages the adoption of digital payments via e-wallets, credit cards, debit cards, etc., to boost the digital economy of the country. 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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What Components are encompassed within Saudi Arabia Cards Payments Market segmentation?

The report has divided the market into the following segments:

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.

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Who are the Primary Companies or Entities active in the Industry?

The report covers the major market players including:

-American Express

-Visa

-Mastercard

-Saudi British Bank

-One Card

-Citibank

-Diners Club

-Hyperpay

-Banque Saudi Fransi.

-Paypal

-Others (Samba Financial Group, Alinma Bank, etc.)

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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 15 diverse industrial verticals.

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