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Saudi Arabia Cards and Payments - Opportunities and Risks to 2026

Saudi Arabia Cards and Payments - Opportunities and Risks to 2026

  • August 2022
  • 62 pages
  • ID: 5811682
  • Format: PDF
  • GlobalData


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Saudi Arabia Cards and Payments - Opportunities and Risks to 2026

‘Saudi Arabia Cards and Payments - Opportunities and Risks to 2026’ 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 (2018-22e).

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 (2022e-26f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in 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.
- Ecommerce 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.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the Saudi cards and payments industry.

- Payment card market growth is being supported by rising contactless card adoption - especially amid COVID-19 as consumers are increasingly embracing touch-free payment methods to avoid potential exposure to the virus. According to Saudi Payments (the country’s national payment infrastructure operator), 91% of all POS transactions in the country were contactless in September 2020, compared to 66% in September 2019. This trend has been supported by robust contactless payment infrastructure in the country, with over 1 million POS terminals supporting contactless payments as of December 2021.
- To promote electronic payments, SAMA passed a new regulation that requires all retailers operating in the country to provide electronic payment methods authorized by SAMA (including POS terminals and QR codes) effective from August 25, 2020. This was the sixth phase of the initiative, which was launched by the National Programme to Combat Commercial Cover-up (Tasattur) in 2019. In the first phase, electronic payment methods were mandated at fuel stations effective from July 17, 2019. This was extended to workshops in phase two. The third phase (effective from April 1, 2020) included personal services such as laundry and salons. The fourth phase (effective from May 10, 2020) included grocery stores and the fifth phase (effective from July 29, 2020) included cafés and restaurants.
- The sarie instant payment system was launched in April 2021 in collaboration with Mastercard and IBM. Owned by SAMA and developed and operated by Saudi Payments (a fully owned subsidiary of SAMA), the system operates on a 24/7/365 basis - with fund transfers settled in a few seconds. Users can make instant fund transfers between domestic bank accounts via online banking or mobile banking apps using the recipient’s IBAN, mobile phone number, email address, national ID, or residency number. A maximum of SAR20,000 ($5,333.33) per transaction is allowed. The quick transfer service allows users to send up to SAR2,500 ($667.67) using aliases such as mobile phone number, email address, ID number, or IBAN number. The scheme enables peer-to-peer and business-to-consumer transfers. It is supported by all banks operating in the country, including both domestic and international banks.

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.

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