Saudi Arabia Cards and Payment Services Market is expected to reach around 2.0 Billion in terms of Number of Transactions and SAR 430 Billion in terms of Transaction Volume by the year ending 2023E: Ken Research

• The local population is expected to remain the key target consumer group in the future. Saudi nationals enjoy higher average salaries and have higher average family sizes compared with expatriates, thus leading to larger share of overall expenditure and transactions in the country.
• Cash is still projected to hold a significant share in Saudi Arabia payment services market in future owing to ease of use and less change in consumer behavior.
• Credit cards and debit cards will continue to dominate the financial cards market in Saudi Arabia. These two categories won’t leave any opportunity for other financial cards such as charge cards and prepaid cards in order to gain a strong position in the country, as a result of the strong competition.

Government Initiatives: KSA Government initiatives towards achieving financial inclusion in the Saudi Arabia have brought the country’s citizens under the digital payments landscape. As a result of which, people have started opting for financial services, retail shopping, travel and others via physical cards and other online payment methods and will continue to do the same over long term. Increasing demand for Islamic cards owing to its shariah compliance is expected to drive the demand for credit cards in near future.
Rising E-Commerce Operations in the Country: Entrance of E-commerce giants for instance, Souq, Cobone, Haraj, AliExpress and others have given a boost to online shopping in Saudi Arabia, thereby providing people with ease in buying products, variety of options and convenient payment methods including card payments to make an online purchase. Payment through cards is increasing at a positive rate in the Kingdom and is expected to gradually replace physical cash transactions into card payments as well as digital transactions. Besides all these advancements, cash mode is still expected to dominate the entire payment landscape in Saudi Arabia.
New Revenue Streams and Expat Banking: The banks at present earn on credit cards through the interest rate levied on the credit card volume of transactions and the annual charges of the respective credit card. The company should introduce special cards with special features and perquisites. These cards tend to have a higher premium for procurement. The target audience for credit card subscription should not only be limited to domestic population, but also to expatriates living in Saudi Arabia. This will assist banks to cater a wider population thereby, increasing number of transactions as well as transaction volume.
Analysts at Ken Research in their latest publication “Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth”, believe that increasing penetration of debit cards and credit cards will create a positive impact on Saudi Arabia cards and payments market. The market is expected to register a positive CAGR of 12.7% in terms of transaction volume during the forecast period 2018-2023. The market is further expected to be driven by the growing E-commerce industry, rising mobile phone penetration and government push towards financial inclusion.

Key Segments Covered:
Saudi Arabia Payment Landscape
SARIE Market
• By Payment Type(Interbank Payments, Customer Payments, Others)
Paper Clearing Market
• By Type of Cheques(Commercial and Personal Cheques and Interbank Cheques)
• By Region
Credit Cards Market
• Number of Cards in Circulation,
• Number of Transaction
• Transaction Volume
• Segmentation By Type(Personal and Commercial)
• Revenue Stream in Credit Card
• Credit Card Details by Major Issuers
• Regulations and Requirements for Credit Cards
• Competition Scenario by Issuers and Operators
 By Number of Cards in Circulation
 By Payment Transaction Volume
• Future Projections
Debit Cards Market
• Number of Cards in Circulation,
• Number of Transaction
• Transaction Volume
• Revenue Stream in Debit Card
• Competition Scenario by Issuers and Operators
 By Number of Cards in Circulation
 By Payment Transaction Volume
• Future Projections
Time Period Captured in the Report:
• Historical Period: 2013-2018
• Forecast Period: 2018-2023
Banks Covered:
• National Commercial Bank
• Saudi Arabia British Bank
• SAMBA Financial Service
• Riyad Bank
• Al Rajhi Bank
• Arab National Bank
Key Topics Covered in the Report
• Saudi Arabia Payments Landscape
• SARIE Market
• Paper Clearing Market
• Payment Cards Stakeholders
• Digital Phase in Saudi Arabia
• Credit Cards Market Size
• Credit Cards Market Segmentation
• Revenue Stream in Credit Card System
• Islamic Banking
• Regulations and Requirements for Credit Cards
• Competition Scenario in Credit Cards Market
• Debit Cards Market Size
• Debit Cards Market Segmentation
• Revenue Stream in Debit Card System
• Competition Scenario in Debit Cards Market
• Snapshot on Prepaid Card Market
• Snapshot on Charge Card Market
• Trends and Developments
• Issues and Challenges
• Analyst Recommendations

For more information, refer to below link:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/saudi-arabia-cards-and-payments-market/257746-93.html

Related Reports:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html

https://www.kenresearch.ae/banking-financial-services-and-insurance/financial-services/uae-remittance-bill-payment-market/110397-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/loans-and-advances/saudi-arabia-car-finance-market/125720-93.html

Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.

This release was published on openPR.