Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Cards and Payments: Opportunities and Risks to 2028" report has been added to ResearchAndMarkets.com's offering.
The report provides detailed analysis of market trends in the Saudi Arabia 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 (2020-24e).
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 (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report allows banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
- e-Commerce 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 Arabia cards and payments industry.
Key Highlights
The growing number of fintech companies and digital-only banks will drive competition in the banking space, helping boost debit card holding. In 2023, two out of three licensed digital banks (i.e. STC Bank and D360) launched the pilot phase of their digital banking services, according to FSDP annual report 2023. These digital banks are considered the new players in the banking sector with their licenses having been granted in 2021-22. During the pilot phase, digital banks are seeking to ensure that all systems are implemented and ready for a full launch in 2024.
One trend observed is that consumers in Saudi Arabia are increasingly opting for loans on credit cards. According to the Key Economic Developments report published by the Central Bank in Q4 2023, credit card loans increased by 17.3% compared to Q4 2022. Credit card loans do not have a fixed repayment period, and borrowers can repay the borrowed amount over time, as long as they make at least the minimum monthly payments, thereby offering flexibility of repayment.
Consumers are increasingly using contactless cards for payments. Contactless card transactions have been on the rise in the country. According to the Central Bank's monthly statistical bulletin published in April 2024, contactless card payment transaction volume using mada cards increased from 809.2 million in 2019 to 4.6 billion in 2023. In terms of value, SAR353.1 billion ($94.2 billion) worth of contactless card transactions using mada cards were made in 2023 - up from SAR85.1 billion ($22.7 billion) in 2019.
Report Scope
- Card market size in terms of number of cards, value and volume of transactions in Saudi Arabia along with detailed card segmentation of debit, credit and charge cards available in the country.
- Market sizing and analysis of major payment instruments including cards, credit transfers, cash, direct debits, and cheques.
- Payment market trends and growth for both historical and forecast period
- Competitor analysis with detailed insights into leading card issuers and schemes.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- A detailed snapshot of country's key alternative payment brands.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Saudi Arabia cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Saudi Arabia cards and payments industry.
- Assess the competitive dynamics in the Saudi Arabia 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 Arabia cards and payments industry.
Key Topics Covered
1. Executive Summary
2. Market Overview
3. Payment Instruments
4. Card-Based Payments
5. Ecommerce Payments
6. In-store Payments
7. Buy Now Pay Later
8. Mobile Payments
9. P2P Payments
10. Bill Payments
11. Alternative Payments
12. Payment Innovation
12. Job Analysis
14. Payment Infrastructure and Regulation
15. Appendix
A selection of companies mentioned in this report includes, but is not limited to:
- Al Rajhi Bank
- SNB
- Riyad Bank
- Saudi British Bank
- ANB
- Bank Albilad
- Banque Saudi Fransi
- Bank AlJazira
- The National Commercial Bank
- Samba Financial Group
- mada
- Visa
- Mastercard
- American Express
For more information about this report visit https://www.researchandmarkets.com/r/lpkq5
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
