Saudi Arabia Digital Payments Market Size, Share, Trends and Forecast by Component, Payment Mode, Deployment Mode, End Use Industry and Region, 2025-2033

Saudi Arabia Digital Payments Market Size, Share, Trends and Forecast by Component, Payment Mode, Deployment Mode, End Use Industry and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A28938

Saudi Arabia Digital Payments Market Overview:

The Saudi Arabia digital payments market size reached USD 1.16 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.86 Billion by 2033, exhibiting a growth rate (CAGR) of 14.34% during 2025-2033. The growing government support and implementation of Vision 2030 initiatives, increasing online shopping activities among the masses, and rising focus on financial inclusion are some of the factors impelling the growth of the market.

Report Attribute 
Key Statistics
Base Year
2024
Forecast Years
2025-2033
Historical Years
2019-2024
Market Size in 2024 USD 1.16 Billion
Market Forecast in 2033 USD 3.86 Billion
Market Growth Rate (2025-2033) 14.34%


Saudi Arabia Digital Payments Market Trends:

Government Support and Vision 2030

The backing of governing agencies for digital transformation is driving user adoption and financial institutions alongside technology companies to invest in new products that address growing consumer demands. For example, as per a report published by the International Trade Administration in 2024, Saudi Arabia invested more than $24.8 billion in digital infrastructure during the last six years, leading to a considerable change in the quality of internet services. This is further encouraging individuals to opt for digital payments. Saudi Arabia's Vision 2030 plan, aiming to transform the Kingdom into a digitally driven economy, is increasing the adoption of digital payment methods. Through its plan, the Saudi government invested in building up infrastructure alongside regulatory frameworks for enhancing financial technology systems. Apart from this, the Financial Sector Development Program Saudi Arabia built a diversified financial services system that supports national economic development by increasing savings and investment, thus expanding the Saudi Arabia digital payments market share.

Growing E-Commerce Sector

Increasing online shopping activities among the masses are driving the need for effective and user-friendly e-commerce platforms in Saudi Arabia. The rising number of e-commerce platforms, combined with an influx of digital payment methods, is catalyzing the demand for seamless and secure digital transactions. To cater to this demand, companies are also launching innovative payment solutions. In 2024, Mastercard introduced a novel technology infrastructure in Saudi Arabia to allow local processing of e-commerce transactions. This system aims to provide secure and efficient payment services for Mastercard partners and customers. It also supports the Kingdom’s focus and dedication towards digital e-commerce expansion. Apart from this, barq, a financial services organization in Saudi Arabia partnered with Mastercard to employ Mastercard Gateway for payment acceptance solutions. This collaboration aims to provide merchants and users with tailored services, thereby driving the Saudi Arabia digital payments market growth.

Rising Financial Inclusion and Fintech Innovation

Saudi Arabia's focus on increasing financial inclusion is opening doors for various fintech companies to introduce digital payment solutions accessible to a larger portion of the population, including underbanked individuals. The Saudi Central Bank (SAMA) is making strides in regulatory sandboxes and frameworks that encourage fintech startups to innovate within a supportive legal structure. In response, fintech companies are launching digital wallets, peer-to-peer payment services, and micro-lending platforms aimed at both urban and rural populations. In 2024, SAMA allowed three new Fintech startups to pilot their innovative products in SAMA's sandbox. XSquare and NeotTek were authorized to set up an Open Banking platform while MoneyMoon was authorized to set up a peer-to-peer lending platform. This highlights the emphasis of SAMA on building the Saudi FinTech industry and its adherence to fostering financial inclusion and innovation, thereby increasing the Saudi Arabia digital payments market share.

Saudi Arabia Digital Payments Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on component, payment mode, deployment mode, and end use industry.

Component Insights:

Saudi Arabia Digital Payments Market

  • Solutions
    • Application Program Interface
    • Payment Gateway
    • Payment Processing
    • Payment Security and Fraud Management
    • Transaction Risk Management 
    • Others
  • Services
    • Professional Services
    • Managed Services

The report has provided a detailed breakup and analysis of the market based on the component. This includes solutions (application program interface, payment gateway, payment processing, payment security and fraud management, transaction risk management, and others) and services (professional services and managed services).

Payment Mode Insights:

  • Bank Cards
  • Digital Currencies
  • Digital Wallets
  • Net Banking
  • Others

A detailed breakup and analysis of the market based on the payment mode have also been provided in the report. This includes bank cards, digital currencies, digital wallets, net banking and others.

Deployment Type Insights:

  • Could-based
  • On-premises

The report has provided a detailed breakup and analysis of the market based on the deployment type. This includes cloud-based and on-premises.

End Use Industry Insights:

  • BFSI
  • Healthcare
  • IT and telecom
  • Media and Entertainment
  • Retail and E-commerce
  • Transportation
  • Others

A detailed breakup and analysis of the market based on the end use industry have also been provided in the report. This includes BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others.

Regional Insights:

Saudi Arabia Digital Payments Market By Region

  • Northern and Central Region
  • Western Region
  • Eastern region
  • Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include the Northern and Central Region, Western Region, Eastern Region and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Digital Payments Market News:

  • October 2024: Visa celebrated its 40 years of operation in Saudi Arabia with the opening of a state-of-the-art innovation center and a new office in the King Abdullah Financial District (KAFD) to propel digital payments growth.
  • October 2024: Geida unveiled a strategic collaboration with tpay to redefine the digital payment arena by offering an end-to-end package of payment options such as direct carrier billing (DCB), card payments, e-wallets, and expand the requirements of the merchants in Egypt, KSA, and the UAE.

Saudi Arabia Digital Payments Market Report Coverage:

Report Features Details
Base Year of the Analysis 2024
Historical Period 2019-2024
Forecast Period 2025-2033
Units Billion USD
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Component
  • Payment Mode
  • Deployment Type
  • End Use Industry
  • Region
Components Covered
  • Solutions: Application Program Interface, Payment Gateway, Payment Processing, Payment Security and, Fraud Management, Transaction Risk Management, Others
  • Services: Professional Services, Managed Services
Payment Modes Covered Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Others
Deployment Types Covered Cloud-Based, On-Premises
End Use Industries Covered BFSI, Healthcare, IT And Telecom, Media and Entertainment, Retail and E-Commerce, Transportation, Others
Regions Covered Northern and Central Region, Western Region, Eastern Region, Southern Region
Customization Scope 10% Free Customization
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Questions Answered in This Report:

  • How has the Saudi Arabia digital payments market performed so far and how will it perform in the coming years?
  • What is the breakup of the Saudi Arabia digital payments market on the basis of component?
  • What is the breakup of the Saudi Arabia digital payments market on the basis of payment mode?
  • What is the breakup of the Saudi Arabia digital payments market on the basis of deployment type?
  • What is the breakup of the Saudi Arabia digital payments market on the basis of end use industry?
  • What is the breakup of the Saudi Arabia digital payments market on the basis of region?
  • What are the various stages in the value chain of the Saudi Arabia digital payments market? 
  • What are the key driving factors and challenges in the Saudi Arabia digital payments?
  • What is the structure of the Saudi Arabia digital payments market and who are the key players?
  • What is the degree of competition in the Saudi Arabia digital payments market? 

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia digital payments market from 2019-2033.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia digital payments market.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia digital payments industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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Saudi Arabia Digital Payments Market Size, Share, Trends and Forecast by Component, Payment Mode, Deployment Mode, End Use Industry and Region, 2025-2033
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