The ‘Saudi Arabia Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Saudi Arabia cards and payments industry, including :
- Current and forecast values for each market in the Saudi cards and payments industry, including debit, credit and charge cards.
- Detailed insights into payment instruments including cards, cash, credit transfers, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together the analyst’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
- Ecommerce market analysis.
- Analysis of various market drivers and regulations governing the Saudi cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Saudi Arabia cards and payments industry.
Key Highlights
- The growing number of fintech companies and digital-only banks will drive competition in the banking space, helping boost debit card holding. In 2023, two out of three licensed digital banks (i.e. STC Bank and D360) launched the pilot phase of their digital banking services, according to FSDP annual report 2023. These digital banks are considered the new players in the banking sector with their licenses having been granted in 2021-22. During the pilot phase, digital banks are seeking to ensure that all systems are implemented and ready for a full launch in 2024.
- One trend observed is that consumers in Saudi Arabia are increasingly opting for loans on credit cards. According to the Key Economic Developments report published by the Central Bank in Q4 2023, credit card loans increased by 17.3% compared to Q4 2022. Credit card loans do not have a fixed repayment period, and borrowers can repay the borrowed amount over time, as long as they make at least the minimum monthly payments, thereby offering flexibility of repayment.
- Consumers are increasingly using contactless cards for payments. Contactless card transactions have been on the rise in the country. According to the Central Bank’s monthly statistical bulletin published in April 2024, contactless card payment transaction volume using mada cards increased from 809.2 million in 2019 to 4.6 billion in 2023. In terms of value, SAR353.1 billion ($94.2 billion) worth of contactless card transactions using mada cards were made in 2023 - up from SAR85.1 billion ($22.7 billion) in 2019.
Scope
- Card market size in terms of number of cards, value and volume of transactions in Saudi Arabia along with detailed card segmentation of debit, credit and charge cards available in the country.
- Market sizing and analysis of major payment instruments including cards, credit transfers, cash, direct debits, and cheques.
- Payment market trends and growth for both historical and forecast period
- Competitor analysis with detailed insights into leading card issuers and schemes.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Saudi Arabia cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Saudi Arabia cards and payments industry.
- Assess the competitive dynamics in the Saudi Arabia cards and payments industry.
- Gain insights into marketing strategies used for various card types in Saudi Arabia.
- Gain insights into key regulations governing the Saudi Arabia cards and payments industry.
Table of Contents
1. Executive Summary2. Market Overview
3. Payment Instruments
4. Card-Based Payments
5. Ecommerce Payments
6. In-store Payments
7. Buy Now Pay Later
8. Mobile Payments
9. P2P Payments
10. Bill Payments
11. Alternative Payments
12. Payment Innovation
12. Job Analysis
14. Payment Infrastructure and Regulation
15. Appendix
List of Tables
- Key facts, 2024
- Benchmarking of payment cards, 2024
- Payment instrument transaction values (LCU), 2020-28f
- Payment instrument transaction values ($), 2020-28f
- Payment instrument transaction volumes (units), 2020-28f
- Payment cards in circulation by type (units), 2020-28f
- Volume of payment card transactions (units), 2020-28f
- Value of payment card transactions (LCU), 2020-28f
- Value of payment card transactions ($), 2020-28f
- Debit cards in circulation (units), 2020-28f
- Debit card transaction volumes, 2020-28f
- Debit card transaction values (LCU), 2020-28f
- Debit card transaction values ($), 2020-28f
- Debit cards in circulation by scheme (units), 2020-24e
- Debit card transaction values by scheme (LCU), 2020-24e
- Debit card transaction values by scheme ($), 2020-24e
- Debit cards in circulation by issuer (units), 2020-24e
- Debit cards transaction value by issuer (LCU), 2020-24e
- Debit cards transaction value by issuer ($), 2020-24e
- credit and charge cards in circulation (units), 2020-28f
- credit and charge card transaction volumes, 2020-28f
- credit and charge card transaction values (LCU), 2020-28f
- credit and charge card transaction values ($), 2020-28f
- credit and charge cards in circulation by scheme (units), 2020-24e
- credit and charge card transaction values by scheme (LCU), 2020-24e
- credit and charge card transaction values by scheme ($), 2020-24e
- credit and charge cards in circulation by issuer (units), 2020-24e
- credit and charge cards transaction value by issuer (LCU), 2020-24e
- credit and charge cards transaction value by issuer ($), 2020-24e
- Credit cards in circulation (units), 2020-28f
- Credit card transaction volumes, 2020-28f
- Credit card transaction values (LCU), 2020-28f
- Credit card transaction values ($), 2020-28f
- Credit cards in circulation by scheme (units), 2020-24e
- Credit card transaction values by scheme (LCU), 2020-24e
- Credit card transaction values by scheme ($), 2020-24e
- Credit cards in circulation by issuer (units), 2020-24e
- Credit cards transaction value by issuer (LCU), 2020-24e
- Credit cards transaction value by issuer ($), 2020-24e
- charge cards in circulation (units), 2020-28f
- charge card transaction volumes, 2020-28f
- charge card transaction values (LCU), 2020-28f
- charge card transaction values ($), 2020-28f
- charge cards in circulation by scheme (units), 2020-24e
- charge card transaction values by scheme (LCU), 2020-24e
- charge card transaction values by scheme ($), 2020-24e
- prepaid cards in circulation (units), 2020-28f
- prepaid card transaction values (LCU), 2020-28f
- prepaid card transaction values ($), 2020-28f
- Inflation rate
- GDP growth rate
- Payment instruments transaction value and volume
- Instant payments transaction value and volume
- Card penetration
- Card payments by value
- Debit card frequency of payments and average transaction value
- Debit card schemes transaction value and volume
- Debit card issuers by number of cards and transaction value
- Credit and charge card frequency of payments and average transaction value
- Credit and charge card schemes transaction value and volume
- Credit and charge card issuers by number of cards and transaction value
- Credit card debt
- Number of Prepaid cards and transaction value
- E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
- Ecommerce market by product and services
- Ecommerce market by paymnet tools
- Factors driving in-store payments and In-store transaction value by payment method
- In-store transaction value by products and services
- BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
- BNPL online transaction value and transaction volume
- BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
- Mobile wallet holding and use by demographic
- Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
- Domestic and international P2P money transfers
- Paymnet tool preference for bill payment and bill paymnet frequency
- Active jobs intensity in the country
- Number of POS terminals and ATMs
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Al Rajhi Bank
- SNB
- Riyad Bank
- Saudi British Bank
- ANB
- Bank Albilad
- Banque Saudi Fransi
- Bank AlJazira
- The National Commercial Bank
- Samba Financial Group
- mada
- Visa
- Mastercard
- American Express
