Saudi Arabia Cards and Payments Market Trends, Share, Growth Drivers, Business Analysis and Future Investment 2030: Mark

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

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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