Press Release Description

Saudi Arabia Cards and Payments Market to Record a Substantial CAGR of Around 8.5% During 2024-30

The Saudi Arabia Cards and Payments Market is projected to grow at a CAGR of around 8.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The government's accelerating adoption of technologies to strengthen the digital infrastructure is one of the factors contributing to the growth of this payment method in Saudi Arabia. To reduce dependency on oil exports, the government has introduced investment plans aimed at enhancing residents' quality of life by developing leisure facilities, attractions, and nationwide infrastructure. Mandates requiring high-end establishments to embrace cashless transactions along with a growing employment rate leading to an expanded bankable population are contributing factors aiding in elevating the growth statistics.

Additionally, the preference for cards over traditional cash payments, coupled with the rising popularity of touchless technologies for seamless transactions, is driving the demand for cards across the region. Moreover, financial service firms are adapting to changing consumer preferences for digital payments and contactless transactions by introducing new card solutions. These initiatives not only meet evolving consumer needs but also align with the government's vision of promoting a cashless economy & enhancing financial inclusion.

Saudi Arabia Cards and Payments Market

Hence, by leveraging innovative technologies and expanding their range of card offerings, financial service providers aim to improve the payment experience & drive the ongoing transformation of the cards and payments landscape in Saudi Arabia, further states the research report, “Saudi Arabia Cards and Payments Market Analysis, 2024.”

Saudi Arabia Cards and Payments Market Segmentation Analysis

Debit Cards Segment to Lead the Saudi Arabia Cards and Payments Industry Growth

Based on Card type the market is categorized into  Debit Cards, Fleet/Fuel Cards, ATM Cards, Prepaid Cards, and Credit Cards. Of all, the Debit Cards segment is anticipated to capture substantial share of the Saudi Arabia Cards and Payments Market in recent years. This has been attributed to the burgeoning bankable population in Saudi Arabia, with consumers increasingly favoring cards for their payments. Debit cards, offering added advantages such as reward points, cashback offers, and heightened security, have emerged as the preferred choice, particularly for money transactions.

Moreover, the direct withdrawal feature from individuals' bank accounts encourages responsible spending behavior among consumers. This trend is further propelled by the country's rapid digital adoption & urbanization. As Saudi Arabia's consumers continue to embrace digital channels for transactions, the usage of debit cards is expected to witness sustained growth, consolidating their position as a cornerstone of the payments landscape in the forecast years.

Customer to Business (C2B) Segment to Dominate the Market

The Saudi Arabia Cards and Payments Market saw unprecedented growth in the Customer to Business (C2B) segment, reflecting this segment to grab the major market share. Customer-to-business (C2B) has emerged as the leading segment, driven by the extensive adoption of the Internet and smartphones, which have notably augmented e-commerce endeavors throughout the region. Notably, Saudi Arabia has experienced significant growth in e-commerce shopping, fueled by consumers' growing inclination towards online purchases owing to their convenience, security, and immersive digital experience. Additionally, the increased usage of cashless payments is anticipated to drive further market growth in the coming years.

Saudi Arabia Cards and Payments Market Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Saudi National Bank SNB, Al Rajhi Banking & Investment Corp., SAMBA Financial Services, Riyad Bank, Saudi Awwal Bank (SAB), Arab National Bank (ANB), Bank Al Jazira, Bank Al Bilad, Saudi Investment Bank, Alinma Bank, etc., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Saudi Arabia Cards and Payments Market?
  3. What key factors would propel and impede the industry across the various regions?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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