Saudi Arabia Payments Market Report 2024-2029: Digital Payment Ecosystem Grows Amidst Government Initiatives and Strategic Collaborations

Dublin, Oct. 29, 2024 (GLOBE NEWSWIRE) — The “Saudi Arabia Payments – Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 – 2029)” report has been added to ResearchAndMarkets.com’s offering.

The Saudi Arabian payments landscape is primed for substantial growth, promising to escalate from a value of USD 163.93 billion in 2024 to an anticipated USD 269.91 billion by the end of 2029

This robust expansion reflects a Compound Annual Growth Rate (CAGR) of 10.49% during the forecast period. The market’s vitality is a testament to the innovative and responsive payment solutions being deployed to meet customer demands and support the country’s transition to a less cash-dependent society.

Digital Payment Ecosystem Grows Amidst Smartphone Penetration:

A significant driver of the Saudi payments sector is the thriving smartphone utilization against the backdrop of robust internet penetration. Pegged at the third-highest global smartphone usage, the Kingdom’s digital engagement underpins the burgeoning payments market. An integrated financial strategy coupled with dynamic e-payment systems has promoted transactional efficacy and injected stability into the financial domain.

E-Commerce and Retail Sectors Paving the Way:

E-commerce in the Kingdom flourishes, with mobile transactions advancing in parallel, bolstered by an enduring rise in smartphone adoption and high-speed internet coverage. The COVID-19 pandemic has galvanized the e-commerce domain, ushering customers towards digital payment avenues as part of a broader shift in purchasing habits. Strategic partnerships, such as those typified by digital wallets aiming to facilitate international transactions, exemplify the strategic collaborations enhancing Saudi Arabia’s payments infrastructure. Moreover, there is an observable trend in the retail sector that signals prolific growth prospects, with a surge in electronic payments that reflects changing consumer behavior and adoption of advanced payment technologies.

Government Initiatives and Strategic Collaborations:

Government backing and collaborative ventures play pivotal roles in the market’s trajectory. National initiatives such as SARIE under Saudi Vision 2030 aim to amplify non-cash transactions. Additionally, corporate alliances, evidenced by financial technology companies partnering with global payment leaders, are integral to enhancing product suites and reinforcing financial inclusivity. For instance, recent undertakings in digital card and payment solutions have the potential to revolutionize the market, providing scope for cutting-edge financial services and expanded consumer and business engagement.

Future Outlook:

Saudi Arabia’s ambitious strides in digital payments are carving out a future where digital transactions prevail over cash. The market’s semi-consolidated nature sees major players innovate and expand, while government interventions steer the country towards a more digitalized economic framework. As the region stands on the cusp of a Fintech Revolution, with significant summits inviting dialogue on the sector’s future, it is clear that Saudi Arabia’s payments market is set to play a consequential role in the global payments landscape.

Companies Featured

• PayPal
• Alipay
• Moyasar
• Payfort
• Paytabs
• Hyperpay
• STC Pay
• Bayan Portfolio
• Mada Pay
• Apple Pay

For more information about this report visit https://www.researchandmarkets.com/r/6zfos

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