Thorough Report: Saudi Arabia Cards & Payments Market Size, Share, and Growth Trends
The latest research report by MarkNtel Advisors, titled Saudi Arabia Cards & Payments Market, offers a comprehensive industry overview and market perspective. This study provides an extensive examination of the current market landscape, encompassing market trends and the latest advancements. The report delves into an in-depth analysis of market size, market share, industry trends, forecasts, and the competitive environment, presenting a clear and informative portrayal of the market, supported by relevant statistical data.
This report seamlessly combines meticulous quantitative analysis with qualitative insights, offering a wide-ranging perspective. It covers macro-level insights such as the overall market size, industry supply chain, and market dynamics, while also delving into micro-level details concerning segment-specific markets. As a result, the report offers a comprehensive understanding of the industry under scrutiny, capturing all its vital characteristics.
Saudi Arabia Cards & Payments Market Insights:
The Saudi Arabia Cards & Payments Market is projected to grow at a CAGR of around 8.40% during the forecast period, i.e., 2023-28. A card is a piece of metal or plastic issued by a bank or other financial institution that allows users to withdraw money or make purchases online or in person. Payment instruments are used in card transactions as they enable funds held in accounts at credit, payment, or similar financial institutions to be transferred to a payee upon receipt of a payment order.
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Saudi Arabia Cards & Payments Market Dynamic:
Industry Driving Factor:
Growing Digital Adoption by Medium-scale & Large-scale Enterprises to Augment the Market - Saudi Arabia is an oil-rich country & to diversify its financial resources, the government has laid down plans such as investment in construction projects, facilitation of public-private partnerships, and adoption of technologies to improve the digital infrastructure. The government launched Vision 2030, which encourages the adoption of digital payments via e-wallets, credit cards, debit cards, etc., to boost the digital economy of the country. This government-led vision has led medium-scale enterprises like prominent fast food outlets, hotels, etc., to accept digital payments via cards & wallets. Further, the bankable population of Saudi Arabia has also expanded over the past few years, as a result, the surge in consumers opting for conventional digital payment methods is enhancing. According to the King Khalid Foundation, in 2022, 72% of the population in Saudi Arabia possessed bank accounts. Therefore, the growing bankable population & the digital adoption by different sectors are amplifying the demand for cards & payment in Saudi Arabia.
Highlights Regarding Dominant Businesses in Saudi Arabia Cards & Payments Market
In the Saudi Arabia Cards & Payments Market, it is crucial to identify the key players who wield significant influence and control over the industry. These key players are the businesses that have not only established themselves as prominent participants but also continue to dominate the market. Their leadership is evident through their market share, innovative practices, and consistent growth. Understanding these industry dominators is essential for competitors, investors, and stakeholders, as it allows them to gauge market dynamics, make informed decisions, and potentially collaborate or compete effectively in this dynamic landscape. The information on the following key market participants is presented in this section:
· American Express
· Visa
· Mastercard
· Saudi British Bank
· One Card
· Citibank
· Diners Club
· Hyperpay
· Banque Saudi Fransi.
· Paypal
· Others
Market Segmentation and Regional Growth Outlook for the Saudi Arabia Cards & Payments Market
The Saudi Arabia Cards & Payments Market is set to witness a noteworthy expansion, underpinned by a comprehensive analysis of the key factors explored in our in-depth study. This market is neatly divided into three distinct segments:
· By Type of Cards
o Debit Cards
o Fleet/Fuel Cards
o ATM Cards
o Prepaid Cards
o Credit Cards
· By Type of Payment Instrument
o Cards
o Mobile Wallets
o Credit Transfers
o Cash
o Debit Cards
o Checks
· By Type of Payments
o B2B
o B2C
o C2C
o C2B
§ E-Commerce Payments
§ Payments at POS Terminals
· By Transaction Type
o Domestic
o Foreign
· By Application
o Food & Groceries
o Health & Pharmacies
o Travel & Tourism
o Hospitality
o Others (Media & Entertainment, etc.)
· By Institution Type
o Financial
o Non-Financial
· By Region
o Central
o East
o West
o South
with an expectation that specific market categories will serve as catalysts for driving its growth.
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Saudi Arabia Cards & Payments Market Analysis Report Contains Answers to the following Questions:
1. What is the projected value of the Saudi Arabia Cards & Payments Market for the year 2028?
2. What current trends can be observed in the Saudi Arabia Cards & Payments Market, and do they suggest potential growth or decline in market demand in the coming years?
3. What is the anticipated demand for different product categories and their potential applications across various industries in the market?
4. Who are the leading players in the Saudi Arabia Cards & Payments Market, and which companies currently hold a dominant position in the industry?
5. What strategies are advisable for entering the market, mitigating economic impact, and selecting appropriate marketing channels within the Saudi Arabia Cards & Payments Market?
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