Saudi Arabia E-Wallet Market

Saudi Arabia E-Wallet Market Size and Share:

The Saudi Arabia e-wallet market size reached USD 1.12 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.80 Billion by 2033, exhibiting a growth rate (CAGR) of 19.80% during 2025-2033. There are several factors that are driving the market, which include the thriving e-commerce industry, rising adoption of smartphones, favorable government initiatives, increasing preferences for contactless payments, and advancements in financial technology.

Saudi Arabia E-Wallet Market Trends:

Thriving E-Commerce Industry

As per the research report of the IMARC Group, Saudi Arabia e-commerce market size reached US$ 196 Billion in 2023. The growing demand for e-wallets due to the thriving e-commerce sector is enhancing the Saudi Arabia e-wallet market outlook. Improved internet access, widespread smartphone use, and changing consumer habits are favoring online shopping. Moreover, people are increasingly adopting e-commerce channels for shopping owing to their enhanced convenience and doorstep delivery options. They are also seeking secure and efficient payment methods. Besides this, e-wallets enable seamless transactions that enhance the online shopping experience while reducing the reliance on cash on delivery (COD). By integrating e-wallet solutions, online retailers provide faster checkout processes and build trust with consumers who value secure payment options. Apart from this, Saudi e-commerce platforms are increasingly incorporating loyalty programs and exclusive deals for e-wallet users, further driving the Saudi Arabia e-wallet market growth.

Increasing Adoption of Smartphones

According to the Statcounter, Oppo users accounted for 4.9% and Xiaomi users recorded 9.41% in September 2024 across the Saudi Arabia. The growing adoption of smartphones is catalyzing the demand for e-wallets in the country. Smartphones serve as the primary means for accessing digital wallets, making them essential to the increasing shift toward cashless transactions. This widespread smartphone usage aligns with the government’s Vision 2030, which encourages digital innovation and financial inclusion. Smartphones facilitate easy access to e-wallets, allowing users to make secure payments, transfer money, and complete purchases without needing physical cash. People have real time access to financial apps and services because of smartphones, further promoting e-wallets as a practical and efficient payment method. In line with this, financial institutions and fintech companies are developing mobile-friendly e-wallet applications, which aid in enhancing the user experience. With features like biometric security, quick response (QR) payments, and integration with e-commerce platforms, e-wallets offer smartphone users a seamless and secure payment option that fits into their daily digital routines. This ease of use, combined with smartphone accessibility, is contributing to the Saudi Arabia e-wallet market share.

Saudi Arabia E-Wallet 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 type, ownership, technology, and vertical.

Type Insights:

• Open
• Semi-Closed
• Closed

The report has provided a detailed breakup and analysis of the market based on the type. This includes open, semi-closed, and closed.

Ownership Insights:

• Banks
• Telecom Companies
• Device Manufacturers
• Tech Companies

A detailed breakup and analysis of the market based on the ownership have also been provided in the report. This includes banks, telecom companies, device manufacturers, and tech companies.

Technology Insights:

• Near Field Communication
• Optical/QR Code
• Digital Only
• Text-Based

The report has provided a detailed breakup and analysis of the market based on the technology. This includes near field communication, optical/QR code, digital only, and text-based.

Vertical Insights:

• Retail
• Transportation
• Media and Entertainment
• Energy and Utilities
• Telecommunication
• Others

A detailed breakup and analysis of the market based on the vertical have also been provided in the report. This includes retail, transportation, media and entertainment, energy and utilities, telecommunication, and others.

Regional Insights:

• 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 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 E-Wallet Market News:

• In September 2024- Tabby, a Saudi-headquartered shopping and financial services app, entered into a definitive agreement to buy the digital wallet Tweeq. The acquisition allows Tabby to broaden its financial product suite, such as digital spending accounts, cards, and money management capabilities, in accordance with regulatory needs.
• In June 2024, the Ministry of Hajj and Umrah, in cooperation with the Saudi National Bank, introduced the first global pilgrim digital wallet named the Nusuk wallet. The wallet enables people to handle their funds securely and integrates advanced features like artificial intelligence (AI), encryption, and biometric identification to provide greater security and user friendliness.

Saudi Arabia E-Wallet Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia e-wallet market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia e-wallet market on the basis of type?
• What is the breakup of the Saudi Arabia e-wallet market on the basis of ownership?
• What is the breakup of the Saudi Arabia e-wallet market on the basis of technology?
• What is the breakup of the Saudi Arabia e-wallet market on the basis of vertical?
• What is the breakup of the Saudi Arabia e-wallet market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia e-wallet market? 
• What are the key driving factors and challenges in the Saudi Arabia e-wallet?
• What is the structure of the Saudi Arabia e-wallet market and who are the key players?
• What is the degree of competition in the Saudi Arabia e-wallet 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 e-wallet market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia e-wallet 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 e-wallet 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.