Market Overview: Saudi Arabia Cards & Payments Market
MarkNtel Advisors, leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently published a report on Saudi Arabia Cards & Payments Market and provide your business with the latest market trends and analysis from our reports to make informed decisions and stay ahead of the competition.
Saudi Arabia Cards & Payments Market Insights 2024-30
The Saudi Arabia Cards & Payments Market is estimated to grow at a CAGR of around 8.40% during the forecast period 2024-30.
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Driving Innovation: Exploring the Saudi Arabia Cards & Payments Market and its Key Drivers
Saudi Arabia Cards & Payments Market Driver: Growing Digital Adoption by Medium-scale & Large-scale Enterprises to Augment the Market
Saudi Arabia is an oil-rich country & 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. The government launched Vision 2030, which encourages the adoption of digital payments via e-wallets, credit cards, debit cards, etc., to boost the digital economy of the country. 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.
Top Players in the Saudi Arabia Cards & Payments Market:
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
Saudi Arabia Cards & Payments Industry Recent Development:
- 2022: The company American Express collaborated with the Marriott Bonvoy to launch the hospitality cards. This would allow card members the chance to earn Marriott Bonvoy points on their daily spending while giving them access to exclusive benefits, offers, and experiences across Marriott Bonvoy’s portfolio of 30 extraordinary brands & over 8,100 hotels & resorts.
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Segmentation Analysis of Saudi Arabia Cards & Payments Market
Saudi Arabia Cards & Payments Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2024-30, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
By Type of Cards
-Debit Cards
-Fleet/Fuel Cards
-ATM Cards
-Prepaid Cards
-Credit Cards
- The debit cards segment held the largest share in the historical years owing to the increasingly rising bankable population in the country.
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
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A Comprehensive Geographical Analysis:
By Region
-Central
-East
-West
-South
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
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