Saudi Arabia Prepaid Card and Digital Wallet Business and Investment Opportunities Databook – Market Size and Forecast, Consumer Attitude & Behaviour, Retail Spend

Report Description

Though cash has been a central payment method in the economy, Saudi Arabian youths are increasingly adopting cashless payment methods in the country. Moreover, with the outbreak of the pandemic, cashless activity increased by almost 75%. Additionally, the strong e-commerce market’s growth also acted as a tailwind in the growth of the prepaid card market in Saudi Arabia. Notably, usage of digital wallets and prepaid cards in e-commerce transactions, especially fashion, electronics, and grocery sectors, have witnessed significant growth over the last four to six quarters.

Rising adoption of prepaid cards increased investment opportunities

With strong demand for prepaid cards among the consumers, especially millennials, fintech companies are raising funds to expand their businesses. For instance,

In January 2021, Saudi Arabia-based alternative savings app and prepaid card provider, Hakbah raised US$1.2 million in a seed round. The startup, since its launch in July 2020, has 5,000 users representing 25 different countries.
In September 2020, the company signed a multi-year strategic partnership agreement with Visa to issue prepaid cards to its customers in Saudi Arabia and GCC.
This partnership was mainly focused on digitizing payments, increasing capitalization of savings, and better savings solutions for the underbanked population of the country.
Moreover, the company, six months prior to raising the round, received approval from SAMA, Saudi Arabia’s central bank, to introduce commercial services. The platform also intends to modernize saving behaviors amongst traditional savings groups known as jamiya.

In March 2021, another Riyadh-based digital wallet company, Hala, raised US$6.5 million.
The company brought a Visa/Mada Card together with a POS device, a bank account in the market in early 2020, focusing on financial services to SMEs.
Through these instruments, the SMEs will be able to manage all their payments (inbound and outbound) through Hala’s wallet app.

Amazon collaborated with local artists to launch theme-based gift cards

Online platforms are collaborating with local artists and influencers to design gift cards for special occasions or festival greetings. For instance,

In May 2021, Saudi artist Majd Shaker Jaha created a new collection featuring artistic designs for Amazon for the occasion of Eid Al-Fitr. These Eid-themed electronic gift cards are available on Amazon.ae.
The special edition Eid-themed eGift Cards are also available in different denominations. Moreover, the Amazon.ae Gift Card can be redeemed by the user while entering the code during the time of check out or even can add to their Amazon.ae account.

According to PayNXT360, the prepaid card market (value terms) in Saudi Arabia increased at a CAGR of 8.6% during 2017-2021. Over the forecast period of 2022 to 2026, the market is expected to record a CAGR of 9.4%, increasing from US$7.31 billion in 2022 to reach US$10.48 billion by 2026.

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Saudi Arabia. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Market dynamics: Provides a comprehensive view on size and structure, industry dynamics, market trends, consumer attitude and behaviour, and competitive landscape in prepaid card and digital wallet industry in Saudi Arabia.

Digital wallet segments: Provides value, volume and average value per transaction across 5 key spend categories in digital wallet. This includes retail, travel, entertainment and gaming, restaurant, and recharge and bill payment.

Open loop and closed loop prepaid cards: market estimates and forecasts to assess opportunities 13 open loop and closed loop prepaid market segments. Details four essential KPIs – number of cards in circulation, number of transactions, load value, and value of transactions.

Consumer attitude and behaviour: Drawing from proprietary survey results, this report identifies and interprets key prepaid KPIs, including spend by age, gender, and income level.

Retail spend: Breaks down retail spend across 11 categories to provide detailed insights on consumer behaviour and changing dynamics of prepaid card spend.


Scope

This report provides a detailed data centric analysis of prepaid payment instruments, covering spend through prepaid cards and digital wallets across retail and corporate consumer segments. In addition, it provides a snapshot of consumer behaviour and retail spend dynamics in Saudi Arabia. With over 100 KPIs at country level, this report provides comprehensive understanding of prepaid card and digital wallet card market dynamics.

Saudi Arabia Digital Wallet Market Size and Forecast
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction

Saudi Arabia Digital Wallet Market Size and Forecast by Key Segments
Retail Shopping (Value, Volume, Avg. Value)
Travel (Value, Volume, Avg. Value)
Entertainment and Gaming (Value, Volume, Avg. Value)
Restaurant (Value, Volume, Avg. Value)
Recharge and Bill Payment (Value, Volume, Avg. Value)

Saudi Arabia Prepaid Card Industry Market Attractiveness
Load Value Trend Analysis
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Market Share Analysis by Functional Attributes – Open Loop vs. Closed Loop, 2016 – 2025

Market Share Analysis by Prepaid Card Categories

Saudi Arabia Open Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Saudi Arabia Closed Loop Prepaid Card Future Growth Dynamics, 2016 – 2025
Transaction Value Trend Analysis
Transaction Volume Trend Analysis
Average Value per Transaction
Number of Cards

Saudi Arabia Prepaid Card Consumer Usage Trends
By Age Group
By Income Group
By Gender

Saudi Arabia General Purpose Prepaid Card Market Size and Forecast

Saudi Arabia Gift Card Market Size and Forecast
Gift Card Market Size and Forecast by Functional Attribute
By Open Loop Gift Card
By Closed Loop Gift Card
Gift Card Market Size and Forecast by Consumer Segments
By Retail Consumer Segment
By Corporate Consumer Segment
Gift Card Market Share Analysis by Retail Categories
Gift Card Market Share Analysis by Gifting Occasion
Gift Card Market Share Analysis by Purchase Location

Saudi Arabia Entertainment and Gaming Prepaid Card Market Size and Forecast

Saudi Arabia Teen and Campus Prepaid Card Market Size and Forecast
Teen and Campus Prepaid Card Market Size and Forecast by Functional Attribute
By Open Loop Teen and Campus Prepaid Card
By Closed Loop Teen and Campus Prepaid Card

Saudi Arabia Business and Administrative Expense Prepaid Card Market Size and Forecast
Business and Administrative Expense Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Saudi Arabia Payroll Prepaid Card Market Size and Forecast
Payroll Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Saudi Arabia Meal Prepaid Card Market Size and Forecast
Meal Prepaid Card Market Size and Forecast by Consumer Segments
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Saudi Arabia Travel Forex Prepaid Card Market Size and Forecast
Travel Forex Prepaid Card Market Size and Forecast by Consumer Segments
By Retail
By Small Scale Business Segment
By Mid-Tier Business Segment
By Enterprise Business Segment
By Government Segment

Saudi Arabia Transit and Tolls Prepaid Card Market Size and Forecast

Saudi Arabia Healthcare and Wellness Prepaid Card Market Size and Forecast

Saudi Arabia Social Security and Other Government Benefit Programs Prepaid Card Market Size and Forecast

Saudi Arabia Fuel Prepaid Cards Market Size and Forecast

Saudi Arabia Utilities, and Other Prepaid Cards Market Size and Forecast


Reasons to buy

In-depth understanding of prepaid card and digital wallet market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 75+ market segments and sub-segments of prepaid payment instrument in Saudi Arabia.

Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your prepaid card and digital wallet strategy; assess market specific key trends, drivers and risks in the industry.

Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through prepaid cards and digital wallets.