Saudi Arabia Cards and Payments - Opportunities and Risks to 2027

Saudi Arabia Cards and Payments - Opportunities and Risks to 2027

Summary

GlobalData’s 'Saudi Arabia Cards and Payments - Opportunities and Risks to 2027' report provides detailed analysis of market trends in the Saudi cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfers, direct debits and cheques during the review-period (2019–23e).

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 (2023e–27). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Saudi 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.
• E-commerce 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.

Scope

• To encourage competition in the banking space, in 2021 the government approved banking licenses for two digital-only banks: STC Bank and Saudi Digital Bank. Meanwhile, digital-only bank D360 received a license in February 2022; it is expected to launch its operations in 2023. The advent of virtual banks will increase competition in the banking space, thereby boosting debit card adoption.
• Contactless payments are increasingly gaining prominence. According to payments infrastructure provider Saudi Payments, the volume of NFC contactless transactions reached more than 5.1 billion in 2021, valued at over SAR473 billion ($126.1 billion). This trend was supported by robust contactless payment infrastructure in the country, with over 1 million POS terminals supporting contactless payments as of December 2021. Meanwhile, contactless payments are being extended to public transport. As of March 2023, contactless payments can be made on more than 840 buses as part of the Riyad Buses project.
• POS terminal uptake is on the rise. In August 2022, SAMA connected domestic payment network mada with Qatar’s NAPS electronic payment gateway, thus enabling mada and NAPS card holders to conduct POS transactions in both Saudi Arabia and Qatar. Meanwhile, boosting acceptance of card payments among small merchants, payments services provider Geidea partnered with IT services provider NATCOM in June 2022 to offer POS software that converts smartphones into POS devices. This enables merchants to accept payments via their phone.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Saudi cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Saudi cards and payments industry.
• Assess the competitive dynamics in the Saudi 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 cards and payments industry.