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Saudi Arabia Cards and Payment Services Market is expected to reach around 2.0 Billion in terms of Number of Transactions and SAR 430 Billion in terms of Transaction Volume by the year ending 2023E: Ken Research.

Saudi Arabia Cards and Payment Services Market
  • The local population is expected to remain the key target consumer group in the future. Saudi nationals enjoy higher average salaries and have higher average family sizes compared with expatriates, thus leading to larger share of overall expenditure and transactions in the country.
  • Cash is still projected to hold a significant share in Saudi Arabia payment services market in future owing to ease of use and less change in consumer behavior.
  • Credit cards and debit cards will continue to dominate the financial cards market in Saudi Arabia. These two categories won’t leave any opportunity for other financial cards such as charge cards and prepaid cards in order to gain a strong position in the country, as a result of the strong competition.

Government Initiatives: KSA Government initiatives towards achieving financial inclusion in the Saudi Arabia have brought the country’s citizens under the digital payments landscape. As a result of which, people have started opting for financial services, retail shopping, travel and others via physical cards and other online payment methods and will continue to do the same over long term. Increasing demand for Islamic cards owing to its shariah compliance is expected to drive the demand for credit cards in near future.

Rising E-Commerce Operations in the Country: Entrance of E-commerce giants for instance, Souq, Cobone, Haraj, AliExpress and others have given a boost to online shopping in Saudi Arabia, thereby providing people with ease in buying products, variety of options and convenient payment methods including card payments to make an online purchase. Payment through cards is increasing at a positive rate in the Kingdom and is expected to gradually replace physical cash transactions into card payments as well as digital transactions. Besides all these advancements, cash mode is still expected to dominate the entire payment landscape in Saudi Arabia.

New Revenue Streams and Expat Banking: The banks at present earn on credit cards through the interest rate levied on the credit card volume of transactions and the annual charges of the respective credit card. The company should introduce special cards with special features and perquisites. These cards tend to have a higher premium for procurement. The target audience for credit card subscription should not only be limited to domestic population, but also to expatriates living in Saudi Arabia. This will assist banks to cater a wider population thereby, increasing number of transactions as well as transaction volume.

Analysts at Ken Research in their latest publication Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth”, believe that increasing penetration of debit cards and credit cards will create a positive impact on Saudi Arabia cards and payments market. The market is expected to register a positive CAGR of 12.7% in terms of transaction volume during the forecast period 2018-2023. The market is further expected to be driven by the growing E-commerce industry, rising mobile phone penetration and government push towards financial inclusion.

Keywords

Saudi Arabia Cards and Payments Market

Payment Cards in Saudi Arabia

Payment Services in Saudi Arabia

Payment System History Saudi Arabia

Payment System Genesis Saudi Arabia

Saudi Arabia Cards and Payments Market Outlook

Saudi Arabia Payments System Market Outlook

Saudi Arabia’s National Payment System

Saudi Arabia’s Cards and Payments Market Segmentation

Paper Clearing Market Saudi Arabia

Cheques Clearing System Saudi Arabia

Paper Clearing Market Size Saudi Arabia

Paper Clearing Market Segmentation Saudi Arabia

Credit Cards in Saudi Arabia

Debit Cards in Saudi Arabia

MADA Cards in Saudi Arabia

SARIE System in Saudi Arabia

SARIE Market Size Saudi Arabia

SARIE Market Segmentation Saudi Arabia

Interbank Payments in Saudi Arabia

Saudi Arabia Payments Market Size

Saudi Arabia Economic Overview

Cheque Clearing System Saudi Arabia

Banks in Saudi Arabia

Islamic Banking in Saudi Arabia

ATMs in Saudi Arabia

Technology Trends in Saudi Arabia

Credit Cards Revenue Streams Saudi Arabia

Debit Cards Revenue Streams Saudi Arabia

Payment Card Operators in Saudi Arabia

Payment Card Issuers in Saudi Arabia

Credit Cards Trends Saudi Arabia

SAMA Regulations Saudi Arabia

Payment Market Trends Saudi Arabia

National Commercial Bank Saudi Arabia

Saudi British Bank

Riyadh Bank

Al Rajhi Bank

Arab National Bank

Samba Financial Group

Key Segments Covered:

Saudi Arabia Payment Landscape

SARIE Market

  • By Payment Type(Interbank Payments, Customer Payments, Others)

Paper Clearing Market

  • By Type of Cheques(Commercial and Personal Cheques and Interbank Cheques)
  • By Region

Credit Cards Market

  • Number of Cards in Circulation,
  • Number of Transaction
  • Transaction Volume
  • Segmentation By Type(Personal and Commercial)
  • Revenue Stream in Credit Card
  • Credit Card Details by Major Issuers
  • Regulations and Requirements for Credit Cards
  • Competition Scenario by Issuers and Operators
  • By Number of Cards in Circulation
  • By Payment Transaction Volume
  • Future Projections

Debit Cards Market

  • Number of Cards in Circulation,
  • Number of Transaction
  • Transaction Volume
  • Revenue Stream in Debit Card
  • Competition Scenario by Issuers and Operators
  • By Number of Cards in Circulation
  • By Payment Transaction Volume
  • Future Projections

Time Period Captured in the Report:

  • Historical Period: 2013-2018
  • Forecast Period: 2018-2023

Banks Covered:

  • National Commercial Bank
  • Saudi Arabia British Bank
  • SAMBA Financial Service
  • Riyad Bank
  • Al Rajhi Bank
  • Arab National Bank

Key Topics Covered in the Report

  • Saudi Arabia Payments Landscape
  • SARIE Market
  • Paper Clearing Market
  • Payment Cards Stakeholders
  • Digital Phase in Saudi Arabia
  • Credit Cards Market Size
  • Credit Cards Market Segmentation
  • Revenue Stream in Credit Card System
  • Islamic Banking
  • Regulations and Requirements for Credit Cards
  • Competition Scenario in Credit Cards Market
  • Debit Cards Market Size
  • Debit Cards Market Segmentation
  • Revenue Stream in Debit Card System
  • Competition Scenario in Debit Cards Market
  • Snapshot on Prepaid Card Market
  • Snapshot on Charge Card Market
  • Trends and Developments
  • Issues and Challenges
  • Analyst Recommendations

For more information, refer to below link:

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India Payment Services Market Research Forecast To 2023 – By Online Payments, M-Pos, IMPS, AEPS, USSD-BHIM Transactions, UPI, M-Wallet, POS Terminal, Payment Gateways, CUG Cards And Payment Security Segment

UAE Remittance and Bill Payments Market Outlook To 2021 – Rising Expatriate Population, Growing Business Activities And Increasing Demand For Utilities To Foster Growth

Saudi Arabia Car Finance Market Outlook To 2021 – Rising Used Car Demand And Increasing Focus Of Banks On Consumer Finance To Stabilize The Market Growth

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
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