Saudi Arabia Cards and Payments Market Report 2024-2030: Growth Trends, Demand Insights, and Competitive Landscape

Market Insights & Analysis: Saudi Arabia Cards and Payments Market (2024-30)

Projected Growth: The Saudi Arabia Cards and Payments Market is estimated to grow at a CAGR of around 8.5% during the forecast period, 2024-30.

Comprehensive Overview of the Saudi Arabia Cards and Payments Market

Utilizing both primary and secondary research methodologies, the Saudi Arabia Cards and Payments Market report offers an in-depth analysis valuable for stakeholders and investors seeking market insights. This report delves into market dynamics, providing a detailed examination of regional trends and developments.

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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.  

Saudi Arabia Cards and Payments Market Segmentation

By Type of Cards

-Debit Cards

-Fleet/Fuel Cards

-ATM Cards

-Prepaid Cards

-Credit Cards

• The Debit Cards segment held the largest share of the Saudi Arabia Cards and Payments Market in the historical years and is predicted to flourish during 2024-30

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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Key Players in the Saudi Arabia Cards and Payments Market

The report features major players 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,

Regional Analysis

The report covers a comprehensive analysis of the Saudi Arabia Cards and Payments Market across various regions:

• Central
• East
• West
• South

The research highlights development opportunities and challenges in these regions, encompassing sales growth, product pricing and analysis, growth potential, and strategic recommendations for addressing market challenges.

Key Questions Answered in the Saudi Arabia Cards and Payments Market Report

1. Who are the major players in the Saudi Arabia Cards and Payments Market?
2. Which region presents the most potential for the Saudi Arabia Cards and Payments Market?
3. Which application area of the Saudi Arabia Cards and Payments Market is anticipated to grow significantly in the coming years?
4. What opportunities exist for new market entrants?
5. What is the projected market size for the Saudi Arabia Cards and Payments Market by the end of the forecast period?
6. What are the growth prospects for the Saudi Arabia Cards and Payments Market?
7. What is the base year considered in this market report?
8. Which region holds the largest market share in the Saudi Arabia Cards and Payments Market?
9. What factors are expected to drive the growth of the Saudi Arabia Cards and Payments Market?

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