Saudi Arabia Cards and Payments Market Set to Surge with a CAGR of 8.5% by 2030

A Quick Overview of Saudi Arabia Cards and Payments Market

The key object of this report on the Saudi Arabia Cards and Payments Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

According to the latest report, the Saudi Arabia Cards and Payments Market is estimated to grow at a CAGR of around 8.5% from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.

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Market Dynamics:

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 Report Segmentation:

The report by MarkNtel Advisors on Saudi Arabia Cards and Payments Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

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, owing to the increasingly rising bankable population in the country. End-users now prefer cards for payments due to the additional benefits they provide, like reward points, cashback offers, etc., and enhanced security.

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

By Region

Central
East
West
South

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Some of the Top Saudi Arabia Cards and Payments Companies in the Market

In the fast-changing Saudi Arabia Cards and Payments Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry 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

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