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
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 1.16 Billion |
Market Forecast in 2033 | USD 3.86 Billion |
Market Growth Rate (2025-2033) | 14.34% |
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.
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:
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:
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:
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:
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:
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.
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.
Report Features | Details |
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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:
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Components Covered |
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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:
Key Benefits for Stakeholders: