Saudi Arabia Digital Wallet Market - Forecasts from 2025 to 2030

The Saudi Arabian digital wallet industry is expected to grow at a CAGR of 30.84%, reaching an industry size of US$71.84 billion in 2030 from US$18.74 billion in 2025.

The value of transactions within the Saudi Arabia digital wallet industry is expected to grow owing to the growing adoption and usage of digital wallet services within the country. A digital wallet, also known as an e-wallet, is a virtual platform that allows users to store and manage their financial information. These wallets enable users to make various transactions, including online payments, peer-to-peer transfers, bill payments, and more, without the need for physical cash or traditional banking methods.

Further, the growing smartphone penetration, with a large portion of the population owning smartphones in Saudi Arabia, is driving the growth of the market. This widespread smartphone usage provides a solid foundation for the adoption ofdigital walletsas they can be easily accessed and used throughmobile apps.

Moreover, Saudi Arabia has a young population with a strong inclination toward technology and digital services. This tech-savvy demographic is more likely to embrace digital payment solutions, including digital wallets, due to their convenience, ease of use, and alignment with their digital lifestyles. Moreover, the Saudi Arabian government has been actively promoting digital transformation and financial technology (fintech) initiatives as part of its Vision 2030 program. These initiatives aim to modernize the country's economy and reduce its dependence on cash transactions. As a result, the government has supported the development of digital payment systems, including digital wallets, through regulatory reforms and financial incentives.

Furthermore, the market growth is also due to the increased internet penetration, for instance, the Communications, Space and Technology Commission (CST) published the "Saudi Internet Report 2023," which showed that 99% of people in the Kingdom now utilize the internet. With 99.3% of men and 98.5% of women accessing internet services, domain use was split about evenly between the sexes.

Saudi Arabia digital wallet Industry Drivers

Growth of e-commerce and social commerce is expected to drive the overall industry growth

Saudi Arabia has been witnessing growth in the expansion of its e-commerce industry which has resulted in the creation of seamless and secure payment solutions. As digital wallets offer a convenient payment option for online shopping, allowing users to make quick and hassle-free transactions, the e-commerce market continues to expand, resulting in the demand for digital wallets. The Saudi Arabia Kingdom is one of the most advanced and fastest-growing economies in the Middle East. The market growth in this country is majorly driven by the rapid growth of e-commerce with a contribution of more than 15% to the country's GDP. The growth of the e-commerce sector can also be supported by the high penetration of smartphones in this country and access to a good internet connection among people which is also favouring the increase in digital transactions in this country. According to data from the World Bank Group, more than 93% of people in this country have access to a good internet connection.

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Report Coverage:

• Historical data & forecasts from 2022 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
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• Revenue Growth and Forecast Assessment of segments and regions including countries
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The Saudi Arabia digital wallet industry is segmented and analyzed as follows:

By Device

• PCs/Laptops
• Smartphones

By Application

• Money Transfer
• Recharge
• Movie Booking
• Food Ordering
• Others