Saudi Arabia Cards and Payments Industry Insights: Size, Share, Growth, and Demand Analysis for the Next Decade

Business Jan 30, 2025 12 Add to Reading List

MarkNtel Advisors analyses the growth rate of the Saudi Arabia Cards and Payments market in the forecast period from 2024 to 2030. In addition to comprehensive market insights such as market value, growth rate, market segmentation, key market players, and market dynamic. This detailed analysis aims to provide valuable information for stakeholders in the Saudi Arabia Cards and Payments market, helping them make informed decisions.

Market Outlook – 2024-2030:

The Saudi Arabia Cards and Payments Market is estimated to grow at a CAGR of around 8.5% during the forecast period, 2024-30. The growth of Cards and Payments in Saudi Arabia is spurred by the government's concerted efforts to enhance digital infrastructure through technological advancements. Seeking to diversify the economy from its reliance on oil, the government has initiated investment plans aimed at improving residents' quality of life by developing leisure facilities, attractions, and infrastructure across the country.

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Key Company Profiles

This report explores recent significant developments in the Saudi Arabia Cards and Payments Market, focusing on the leading companies and their innovative profiles. The major players in the Saudi Arabia Cards and Payments Market, featured in this report, include:

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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Market Segmentation & Coverage

This research report by MarkNtel Advisors categorizes the Saudi Arabia Cards and Payments Market to forecast revenues and analyse trends across each of the following sub-markets:

By Type of Cards
- Debit Cards
- Fleet/Fuel Cards
- ATM Cards
- Prepaid Cards
- Credit Cards
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

The Customer Business (C2B) segment emerged as one of the dominant types of payments in the Saudi Arabia Cards and Payments Market.

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

Saudi Arabia Cards and Payments Market 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.

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Key Questions Addressed:

Market Size and Growth Projections: What is the current size of the market, and how is it expected to grow?
Investment Opportunities: Which products, segments, and regions present the most attractive investment opportunities?
Technology Trends and Regulatory Influences: What are the prevailing technology trends and regulatory factors influencing the market?
Competitive Ranking: How do top vendors rank regarding market share and competitive positioning?
Revenue Sources and Strategic Opportunities: What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?

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