Saudi Arabia Online Payment Gateway Market is Forecast to Reach a Value of USD 3378.8 Million By 2030 with a Growing CAGR of 19.60% | Infinium Global Research

Infinium Global Research has added a new report on Saudi Arabia Online Payment Gateway Market. The report covers the analysis of regional markets of Saudi Arabia. Moreover, the report gives insights into the factors that affect the regional performance of the market in the short run and in the long run. The Saudi Arabia online payment gateway market is a customer intelligence and competitive study of the demand, forecasts, trends, and macro indicators in Saudi Arabia market. The dynamics including drivers, restraints, opportunities, political, socioeconomic factors, technological factors, key trends, and future prospects. The Saudi Arabia online payment gateway market was valued at USD 965 Million in 2022 and is expected to reach USD 3378.8 Million by 2030 and grow at a CAGR of 19.60% over the forecast period.

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The rapid digital transformation in Saudi Arabia, driven by the government's ambitious Vision 2030 program, is propelling the demand for online payment gateways. In line with its vision, the Saudi Arabian government aims to achieve a remarkable 70% non-cash transaction rate in the country by 2030. This transformation is set to revolutionize the financial sector and encourage the development of fintech technology, creating a thriving market for online payment solutions.

Vision 2030: A Catalyst for Transformation

Saudi Arabia's Vision 2030 program encompasses a multitude of initiatives aimed at ushering in a technological, social, and economic revolution. At the forefront of this transformation is the financial sector, where the government is actively promoting digitalization. With a target of 70% non-cash transactions by 2030, the government is steering the development of the fintech industry in the kingdom.

To achieve this ambitious goal, the Saudi Arabian Monetary Authority (SAMA) has introduced "Mada Atheer," a contactless payment service designed to stimulate transactions, and established the Saudi Payments Company to construct a secure national payment infrastructure. While these efforts are commendable, the government acknowledges the pivotal role market players must play in achieving this colossal task.

The Role of Online Payment Gateways

An integral component of cashless transactions, online payment gateways are vital to the success of the government's objectives. Robust gateways capable of handling a high volume of online payments every hour is imperative. As a result, the demand for online payment gateways in Saudi Arabia has soared, presenting significant growth opportunities for market players looking to expand into this burgeoning market.

Challenges on the Path to Digitalization

Despite the ambitious goals set by Vision 2030, several challenges must be overcome. The digital payment infrastructure in Saudi Arabia lacks the advanced capabilities required to handle the complexity of digital payments efficiently. The absence of a robust infrastructure can lead to payment processing failures and inefficiencies.

Furthermore, merchant reluctance to adopt and process digital payments at the commercial level may hinder the growth of online payment gateways. Encouraging widespread adoption of digital payments among merchants is critical to achieving the 70% non-cash transaction target.

5G Network Accelerates Digital Payment Adoption

Saudi Arabia boasts one of the world's highest internet penetration rates, with 97% of the population using the internet in 2020 and substantial smartphone penetration. The rapid deployment of the 5G network in the country is a testament to its commitment to technological advancement. Saudi Arabia is among the few countries with active 5G networks, offering vast opportunities for market players.

The introduction of 5G technology is expected to bolster the digital payment network, increasing the adoption of online payments and reducing payment processing times. Consequently, access to online payment gateways is expected to experience exponential growth, presenting limitless opportunities for market players.

In summary, Saudi Arabia's Vision 2030 program, coupled with its commitment to technology adoption, is driving a surge in online payment gateway demand. While challenges persist, the launch of the 5G network is poised to transform the digital payment landscape, creating a fertile ground for market players to flourish.

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Table of Content

Chapter 1. Report Overview

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

Chapter 3. Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.2.4. Challenges

3.3. PEST-Analysis

3.4. Porter's Diamond Model for Saudi Arabia Online Payment Gateway Market

3.5. IGR-Growth Matrix Analysis

3.6. Competitive Landscape in Saudi Arabia Online Payment Gateway Market

Chapter 4. Saudi Arabia Online Payment Gateway Market by Type

4.1. Hosted Payment Gateways

4.2. Pro/Self-hosted Payment Gateways

4.3. API/Non-hosted Payment Gateways

4.4. Local Bank Integrates

4.5. Direct Payment Gateways

4.6. Platform-based Payment Gateways

Chapter 5. Saudi Arabia Online Payment Gateway Market by Application

5.1. Micro and Small Enterprise

5.2. Large Enterprise

5.3. Mid-sized Enterprise

Chapter 6. Saudi Arabia Online Payment Gateway Market by End-users

6.1. Travel

6.2. Retail

6.3. Banking

6.4. Others

Chapter 7. Company Profiles

7.1 AMAZON PAYMENT SERVICES

7.1.1 Overview

7.1.2 Company Snapshot

7.1.3 Product Portfolio

7.2 HyperPay

7.2.1 Overview

7.2.2 Company Snapshot

7.2.3 Product Portfolio

7.2.4 Recent Developments

7.3 Moyasar Financial Company.

7.3.1 Overview

7.3.2 Company Snapshot

7.3.3 Product Portfolio

7.4 PayTabs

7.4.1 Overview

7.4.2 Company Snapshot

7.4.3 Product Portfolio

7.4.4 Recent Development

7.5 Checkout.com

7.5.1 Overview

7.5.2 Company Snapshot

7.5.3 Product Portfolio

7.5.4 Recent Developments

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia Online Payment Gateway.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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