Forecast: Number of Payment Transactions by Non-banks in Saudi Arabia

The number of payment transactions by non-banks in Saudi Arabia has consistently grown over the years, reaching 3.36 billion units in 2023. This growth reflects increasing adoption and trust in non-bank payment methods. Year-over-year growth has experienced fluctuations; particularly notable was the 31.17% surge in 2021, followed by a slight decline and subsequent recovery by 2023. The compound annual growth rate (CAGR) over the last five years stands at 3.71%, indicating steady expansion.

Looking ahead, the forecasted data shows a continued upswing, with an expected CAGR of 2.41% over the next five years, leading to a 12.65% overall growth by 2028. This suggests sustained but moderate growth driven by ongoing digital transformation and financial inclusion initiatives.

Future trends to watch for include:

• Increased adoption of fintech and mobile payment solutions. • Policy changes promoting cashless transactions. • Technological advancements in secure payment systems. • Expanding digital literacy and internet penetration.