Saudi Arabia Cards and Payments Market Introduction and Overview
According to SPER Market Research, the Saudi Arabia Cards and Payments Market is estimated to reach USD XX billion by 2033 with a CAGR of 8.79%.
The report includes an in-depth analysis of the Saudi Arabia Cards and Payments Market, including market size and trends, product mix, distribution channels, and supplier analysis. The terms "Cards and Payments" relate to the systems and procedures that facilitate financial transactions using a range of payment options, such as digital wallets, debit cards, and credit cards. Payment card issuing, transaction processing, and the infrastructure that supports electronic payments are all included in this, guaranteeing a safe and effective transfer of funds between people and businesses.
- 2023: Saudi National Bank (SNB) and Japan-based JCB International have partnered to allow JCB Cards to be accepted throughout the Kingdom of Saudi Arabia through a vast network that includes 3,088 ATMs and over 306,351 point-of-sale terminals. With the help of this cooperation, JCB cardholders in the Middle East will have easier access to financial services through the SNB network.
- 2023: American Express Card users are now able to use Alrajhi Bank's ATMs to withdraw cash thanks to a strategic arrangement between Al Rajhi Banking & Investment Corp and American Express Saudi Arabia. Through this partnership, American Express's network is expanded by approximately 4,500 ATM terminals, giving its clients more accessibility and convenience throughout the Kingdom.
Market Opportunities and Challenges
Opportunities: Growing Partnerships Between Digital Companies & Financial Institutions The number of expats has been rising over the past few years due to Saudi Arabia's zero tax laws on withheld income and excellent employment possibilities, which are drawing young talent to the country. Because of this, there has been a noticeable increase in overseas payments as people transfer a portion of their wages home to their hometown. These international transactions can be completed using a variety of cards that various firms, including Visa and Mastercard, offer. As a result, the businesses have begun working with the Saudi National Bank to offer various cash incentive points and attract more customers.
Challenges: Saudi Arabian small-scale businesses that only accept cash hamper the market. Due to additional service or processing fees associated with card transactions, several merchants in Saudi Arabia prefer alternative payment options over credit and debit cards. Moreover, small businesses shouldn't take digital payments because of their reduced profit margin. The assurance of receiving money from customers is another benefit of accepting cash payments for merchants. The merchant or business owner is concerned about unsuccessful transactions in digital transactions, nevertheless. As a result, the Saudi Arabia Cards and Payments Market is hindered because the local store owners only accept cash.
Market Competitive Landscape
The Cards and Payments market in Saudi Arabia is moderately consolidated. Some of the market key players are 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.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type of Cards, By Type of Payment Instrument, By Type of Payments, By Application
|
| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
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| Companies Covered | 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
|
COVID-19 Impact on Saudi Arabia Cards and Payments Market
The COVID-19 pandemic had a profound effect on Saudi Arabia's cards and payments industry, changing consumer behavior and hastening the uptake of digital payment alternatives. The implementation of movement limitations and social distancing measures resulted in a significant decrease in the use of cash as customers shifted towards more convenient and secure payment options. As a result, demand for online transactions, mobile wallets, and contactless payments surged. In response, payment service providers and financial institutions improved their digital infrastructure and introduced creative solutions to satisfy changing customer demands. Furthermore, the epidemic brought attention to the significance of financial inclusion, spurring initiatives to increase access to digital financial services, especially for marginalized populations.
Key Target Audience:
- Consumer Behavior Shifts
- Accelerated Digital Adoption
- Contactless Payment Surge
- Mobile Wallet and Online Transaction Growth
- Enhanced Digital Infrastructure
- Innovation in Payment Solutions
- Financial Inclusion Initiatives
- Technological Advancements
- Changing Consumer Preferences
Our in-depth analysis of the Saudi Arabia Cards and Payments Market includes the following segments:
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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
|
|
By Application: |
Food & Groceries
Health & Pharmacies
Travel & Tourism
Hospitality
|
Key Topics Covered in the Report:
- Saudi Arabia Cards and Payments Market Size (FY’2024-FY’2033)
- Overview of Saudi Arabia Cards and Payments Market
- Segmentation of Saudi Arabia Cards and Payments Market By Type of Cards (Debit Cards, Fleet/Fuel Cards, ATM Cards, Prepaid Cards, Credit Cards)
- Segmentation of Saudi Arabia Cards and Payments Market By Type of Payment Instrument (Cards, Mobile Wallets, Credit Transfers, Cash, Debit Cards, Checks)
- Segmentation of Saudi Arabia Cards and Payments Market By Type of Payments (B2B, B2C, C2C, C2B)
- Segmentation of Saudi Arabia Cards and Payments Market By Application (Bathroom, Kitchen, Floor)
- Expansion Analysis of Saudi Arabia Cards and Payments Market
- Problems and Obstacles in Saudi Arabia Cards and Payments Market
- Competitive Landscape in the Saudi Arabia Cards and Payments Market
- Impact of COVID-19 and Demonetization on Saudi Arabia Cards and Payments Market
- Details on Current Investment in Saudi Arabia Cards and Payments Market
- Competitive Analysis of Saudi Arabia Cards and Payments Market
- Prominent Players in the Saudi Arabia Cards and Payments Market
- SWOT Analysis of Saudi Arabia Cards and Payments Market
- Saudi Arabia Cards and Payments Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Saudi Arabia Cards and Payments Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Saudi Arabia Cards and Payments Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Saudi Arabia Cards and Payments Market
7. Saudi Arabia Cards and Payments Market, By Type of Cards (USD Million)
7.1. Saudi Arabia Cards and Payments Market Value Share and Forecast, By Type of Cards, 2024-2033
7.2. Debit Cards
7.3. Fleet/Fuel Cards
7.4. ATM Cards
7.5. Prepaid Cards
7.6. Credit Cards
8. Saudi Arabia Cards and Payments Market, By Type of Payment Instrument (USD Million)
8.1. Saudi Arabia Cards and Payments Market Value Share and Forecast, By Type of Payment Instrument, 2024-2033
8.2. Cards
8.3. Mobile Wallets
8.4. Credit Transfers
8.5. Cash
8.6. Debit Cards
8.7. Checks
9. Saudi Arabia Cards and Payments Market, By Type of Payments (USD Million)
9.1. Saudi Arabia Cards and Payments Market Value Share and Forecast, By Type of Payments, 2024-2033
9.2. B2B
9.3. B2C
9.4. C2C
9.5. C2B
10. Saudi Arabia Cards and Payments Market, By Application (USD Million)
10.1. Saudi Arabia Cards and Payments Market Value Share and Forecast, By Application of Payments, 2024-2033
10.2. Food & Groceries
10.3. Health & Pharmacies
10.4. Travel & Tourism
10.5. Hospitality
10.6. Others (Media & Entertainment, etc.)
11. Saudi Arabia Cards and Payments Market Forecast, 2020-2033 (USD Million)
11.1. Saudi Arabia Cards and Payments Market Size and Market Share
12. Saudi Arabia Cards and Payments Market, By Type of Cards, 2020-2033 (USD Million)
12.1. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Cards (2020-2026)
12.2. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Cards (2027-2033)
13. Saudi Arabia Cards and Payments Market, By Type of Payment Instrument, 2020-2033 (USD Million)
13.1. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Payment Instrument (2020-2026)
13.2. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Payment Instrument (2027-2033)
14. Saudi Arabia Cards and Payments Market, By Type of Payment, 2020-2033 (USD Million)
14.1. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Payment (2020-2026)
14.2. Saudi Arabia Cards and Payments Market Size and Market Share By Type of Payment (2027-2033)
15. Saudi Arabia Cards and Payments Market, By Application, 2020-2033 (USD Million)
15.1. Saudi Arabia Cards and Payments Market Size and Market Share By Application (2020-2026)
15.2. Saudi Arabia Cards and Payments Market Size and Market Share By Application (2027-2033)
16. Saudi Arabia Cards and Payments Market, By Region, 2020-2033 (USD Million)
16.1. Saudi Arabia Cards and Payments Market Size and Market Share By Region (2020-2026)
16.2. Saudi Arabia Cards and Payments Market Size and Market Share By Region (2027-2033)
16.3. Eastern Region
16.4. Northern Region
16.5. Western Region
16.6. Southern Region
17. Company Profile
17.1. Al Rajhi Bank
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Alawwal Bank
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. Alinma Bank
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. Arab National Bank
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Bank Al Bilad
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Bank Al Jazira
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Banque Saudi Fransi
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. Riyad Bank
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Saudi Investment Bank
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Saudi National Bank (SNB)
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
