The Saudi Arabia Payments Market size is estimated at USD 163.93 billion in 2024, and is expected to reach USD 269.91 billion by 2029, growing at a CAGR of 10.49% during the forecast period (2024-2029).
The Saudi Arabian payments market is one of the most advanced markets, with payment methods that meet customers' needs and help the country’s drive toward a cashless society. According to the Cebr, the theoretical impact of real-time payments on formal GDP might increase by 2.8% by 2026. However, these are hypothetical advantages; they do not rule out the possibility of non-instant electronic or paper-based payments in the future.
The Saudi Arabian payments market is semi-consolidated. Major market players include Paypal, Moyasar, Payfort, Paytabs, and Alipay. Companies operating in the market are adopting various initiatives to expand their presence, which adds to market expansion. Furthermore, the government's promising efforts to promote digital payments will strengthen market competition in the coming years.
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