Saudi Arabia Digital Wallet Market to Grow Exponentially at 8.80% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Saudi Arabia Digital Wallet Market, The Saudi Arabia Digital Wallet Market size is valued at around USD 421 million in 2024 and is projected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Saudi Arabia Digital Wallet Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2023-2028
CAGR (2023-2028): 8.80%

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Saudi Arabia Digital Wallet Market Segmentation Breakdown:

The Saudi Arabia Digital Wallet Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Type
- Proximity- Market Size & Forecast 2018-2028F, USD Million
- Remote- Market Size & Forecast 2018-2028F, USD Million

Of both, proximity-based digital wallets hold a prominent share of the market. These wallets provide a convenient and efficient method for enabling payments at physical point-of-sale terminals.

By Technology
- Near Field Communication- Market Size & Forecast 2018-2028F, USD Million
- QR Code- Market Size & Forecast 2018-2028F, USD Million
- Text-Based/Short Message Service- Market Size & Forecast 2018-2028F, USD Million
- Digital Only- Market Size & Forecast 2018-2028F, USD Million

Among all, Near Field Communication (NFC) technology has gained broad acceptance and seamless integration into numerous payment terminals & merchant stores to simplify the payment process for users and thus hold a significant share of the Saudi Arabia Digital Wallet Market.

By Wallet Type
- Open- Market Size & Forecast 2018-2028F, USD Million
- Closed- Market Size & Forecast 2018-2028F, USD Million
- Semi-Closed- Market Size & Forecast 2018-2028F, USD Million
By Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2018-2028F, USD Million
- Hospitality- Market Size & Forecast 2018-2028F, USD Million
- Media & Entertainment - Market Size & Forecast 2018-2028F, USD Million
- Retail & E-Commerce- Market Size & Forecast 2018-2028F, USD Million
- Energy & Utilities- Market Size & Forecast 2018-2028F, USD Million
- Telecommunication- Market Size & Forecast 2018-2028F, USD Million
- Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2018-2028F, USD Million
By End User
- Personal- Market Size & Forecast 2018-2028F, USD Million
- Business/Corporate- Market Size & Forecast 2018-2028F, USD Million
By Ownership
- Banks- Market Size & Forecast 2018-2028F, USD Million
- Telecom Operators- Market Size & Forecast 2018-2028F, USD Million
- Device Manufacturers- Market Size & Forecast 2018-2028F, USD Million
- Tech Companies- Market Size & Forecast 2018-2028F, USD Million

Geographical Growth Insights:

By Region

Central
East
West
South

MarkNtel Advisors Highlights Key Market Drivers for Saudi Arabia Digital Wallet Market:

Growth of E-Commerce Platforms– The improved internet infrastructure and widespread adoption of smartphones in Saudi Arabia have led to a boost in internet penetration across the country. The increased internet accessibility in the country has served as an opportunity for the e-commerce platforms like Noon, Carrefour, etc., to widen consumer reach & increase market penetration. Moreover, the changing consumer preference for online shopping due to convenience & wider product accessibility is leading to the growth of e-commerce platforms in Saudi Arabia. According to MasterCard, in 2021, the country witnessed a rise of approximately 77% in online shopping.

These e-commerce platforms have been increasingly incorporating digital wallet solutions in their applications to provide consumers with a streamlined checkout process and enhance the user experience. The convenience and faster payment experience offered by digital wallets is even encouraging consumers to shift towards digital wallets for payment in e-commerce. According to a survey by Checkout.com, in 2022, more than 27% of consumers made transactions through digital wallets. Thus, the surging usage of e-commerce platforms & the changing consumer transaction habits has been augmenting the growth of the digital wallet market in Saudi Arabia.

Moreover, the rising inclination of consumers toward online shopping is also resulting in the launches of new e-commerce platforms. For instance, in 2023, an e-commerce platform, ‘Mytheresa’, got launched in Saudi Arabia, which integrated different payment methods like transactions via a digital wallet. Thus, the surge in the inclination of consumers toward digital payment solutions & integration of e-commerce platforms and digital payment solutions would enhance the demand for digital wallets in the forthcoming years.

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A Comprehensive Analysis of Leading Companies in Saudi Arabia Digital Wallet Market

STC Pay
Geidea Solutions
Hala
UrPay
Mobily Pay
Alinma Pay
Friendi Pay
Liv KSA
Meem
Mada Pay
Quick Pay
HyperPay
Others

Saudi Arabia Digital Wallet Market Growth Opportunity:

Favorable Government Policies for Encouraging Cashless Transactions – The government of Saudi Arabia has been increasingly deploying advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and big data analytics in the financial sector to facilitate the country's digital transformation. The government aims to boost cashless transactions in the country to increase transparency and accountability since transactions via digital payment solutions leave an audit trail, which reduces the risk of tax evasion & money laundering. Thus, the rising initiatives like Digital Currency and others led by the government & financial institutions of Saudi Arabia to upscale the economy would lead to a surge in the adoption of digital wallets in Saudi Arabia.

Moreover, under Vision 2030, the government of Saudi Arabia aims to achieve around 70% cashless transactions in Saudi Arabia by improving its digital infrastructure, thereby enhancing the growth of Digital Wallets in Saudi Arabia in foreseen years.

Moreover, the government is also stimulating investments in the fintech sector to prompt the development of advanced digital wallet solutions, boosting the adoption of digital payment solutions. For instance, in 2023, Saudi Venture Company (SVC) in partnership with Capital Market Authority (CMA) announced an investment of around USD80 million to stimulate the market reach. Thus, the rising investment & the government-led initiatives would collectively generate higher consumer demand for digital wallets, making them a favored choice for conducting financial payments in the forthcoming years.

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