Saudi Arabia Mobile Wallet Market Deemed to Attain USD 170.76 Billion in Revenue By 2030 | Infinium Global Research

The Infinium Global Research analyzes the Saudi Arabia Mobile Wallet Market over the period of 2023 to 2030. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in Saudi Arabia mobile wallet market. It will help a lot of decision makers to develop strategies and find new opportunities in the Saudi Arabia markets of mobile wallet. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the mobile wallet market during the period. The Saudi Arabia mobile wallet market was valued at USD 18.1175 Billion in 2022 and is expected to reach USD 170.76 Billion by 2030 and grow at a CAGR of 32.49% over the forecast period.

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Key Drivers of Mobile Wallet Growth

One of the primary drivers of the mobile wallet market in Saudi Arabia is the widespread adoption of smartphones. The number of mobile phone subscriptions in the country exceeded 40.20 million in January 2020, equivalent to 116% of the total population. Moreover, approximately 32.23 million users subscribe to mobile internet, with an internet penetration rate of 93% in January 2020. As the number of smartphones entering the market increases and data plan tariffs continue to decrease, the user base for mobile wallets is expected to expand significantly in the coming years.

The Saudi Arabian government has been actively supporting the development of Fintech in the country, aiming to promote innovation in the financial sector. A key initiative in this regard is the Saudi Arabian Monetary Authority's (SAMA) goal of transforming the Kingdom into a cashless society. Recently, BayanPay launched a digital wallet business in Saudi Arabia, becoming one of three licenses issued for this purpose. Operating within SAMA's digital sandbox, BayanPay facilitates transactions between businesses and consumers, as well as businesses and the government, further propelling the growth of the mobile wallet market.

Security Concerns and Mobile Wallet Adoption

While the mobile wallet market shows great promise, security concerns remain a challenge. Mobile phones are vulnerable to known attacks and exploits, making them susceptible to fraudsters and hackers. A recent survey indicated that 21% of respondents were hesitant to enter their payment card details into their smartphones, and 19% believed that paying with their phones could lead to fraud. Addressing these security concerns will be crucial in enhancing mobile wallet adoption in Saudi Arabia.

E-commerce Boom and Government Initiatives

Saudi Arabia's booming e-commerce sector, driven by its affluent and tech-savvy population, is contributing significantly to the growth of the mobile wallet market. In addition, the Kingdom is actively working to streamline licensing processes and reduce requirements, making it easier for businesses to operate. This favorable environment for ease of doing business is expected to further accelerate the expansion of the mobile wallet market.

Studies have shown that approximately 74% of consumers in Saudi Arabia prefer making payments with mobile phones, indicating a positive embrace of digital innovation in payment infrastructure. With a growing number of consumers participating in mobile payments, the market presents favorable conditions for businesses seeking expansion opportunities.

The Saudi Arabia mobile wallet market is on an upward trajectory, fueled by the rapid proliferation of smartphones, government support, and the growth of e-commerce. Addressing security concerns and capitalizing on the favorable market environment will be crucial for stakeholders looking to benefit from this expanding market.

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Table of Content

Chapter 1. Introduction

1.1 Report Description

1.1.1 Segmentation and Research Scope

1.1.2 Definition, Abbreviations, and Assumptions

1.2 Research Methodology

1.2.1 Methodology

1.2.2 Research Methodology: An Outline

1.3 Research Approaches

Chapter 2 Executive Summary

2.1 Saudi Arabia Mobile Wallet Market Projection

Chapter 3 Market Overview & Competitiveness

3.1 DRO Analysis

3.1.1 Drivers

3.1.1.1 Increased adoption of Smartphones in Saud Arabia

3.1.1.2 Government Support to developments Fintech in Saudi Arabia

3.1.2 Restraint

3.1.2.1 Security concerns hamper the adoption of mobile wallets

3.1.3 Opportunities

3.1.3.1 Favorable e-commerce growth in Saudi Arabia

3.2 Impact of the COVID 19 Pandemic on Saudi Arabia Mobile Wallet Market

3.3 Porter's Diamond Model for Saudi Arabia Mobile Wallet Market

3.4 PEST Analysis for Saudi Arabia Mobile Wallet Market

3.5 IGR- Growth Matrix Analysis

Chapter 4 Saudi Arabia Mobile Wallet Market by Mode of Payment

4.1 Overview

4.2 Remote Payment

4.3 Proximity Payment

Chapter 5 Saudi Arabia Mobile Wallet Market by Technology

5.1 Overview

5.2 Near Field Communication (NFC)

5.3 QR Code

5.4 Text Based

5.5 Digital

Chapter 6 Saudi Arabia Mobile Wallet Market by Industry Vertical

6.1 Overview

6.2 Hospitality & Transportation

6.3 Media & Entertainment

6.4 Retail

6.5 Healthcare

6.6 Energy & Utilities

6.7 Telecommunication

6.8 Other Industry Verticals

Chapter 7 Company Profiles and Competitive Landscape

7.1 Competitive landscape

7.2 Company Profiles

7.2.1 Samsung Electronics Co Ltd

7.2.1.1 Overview

7.2.1.2 Company Overview

7.2.1.3 Product Portfolio

7.2.1.4 Recent Development

7.2.2 Alphabet Inc (Google LLC)

7.2.2.1 Overview

7.2.2.2 Company Overview

7.2.2.3 Product Portfolio

7.2.3 PayPal Holdings, Inc

7.2.3.1 Overview

7.2.3.2 Company Overview

7.2.3.3 Product Portfolio

7.2.3.4 Recent Development

7.2.4 Apple Inc

7.2.4.1 Overview

7.2.4.2 Company Snapshot

7.2.4.3 Product Portfolio

7.2.5 MOBILY

7.2.5.1 Overview

7.2.5.2 Company Overview

7.2.5.3 Product Portfolio

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of Saudi Arabia mobile wallet.

=> 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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