Saudi Arabia Mobile Payments Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Saudi Arabia Mobile Payments Market is Segmented by Payment Type (Proximity Payments, Remote Payments), Transaction Type (Peer-To-Peer (P2P), In-Store Point-Of-Sale (POS), Person-To-Merchant (P2M/Checkout), Other Transaction Types), Application (Retail & ECommerce, Transportation and Logistics, Hospitality & Food-Service, and More), End-User (Personal, Business). The Market Forecasts are Provided in Terms of Value (USD).

Saudi Arabia Mobile Payments Market Size and Share

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Saudi Arabia Mobile Payments Market Analysis by Mordor Intelligence

The Saudi Arabia mobile payments market is currently valued at USD 25.94 billion in 2025 and is forecast to expand to USD 45.82 billion in 2030, reflecting a healthy 12.04% CAGR. This headline growth traces directly to Vision 2030’s cash-lite mandate, which pushed electronic payments to 79% of all retail transactions in 2024. Mandatory integration with SAMA’s Sarie rails, the world-leading 5G coverage that now reaches more than 90% of residents, and a tech-savvy consumer base have combined to propel the Saudi Arabia mobile payments market ahead of most emerging peers. Proximity payments still dominate everyday commerce, yet remote payments are scaling faster as e-commerce volumes climb. Competitive intensity is building rapidly: 224 licensed fintechs were active by mid-2024, and SAMA targets 525 entities by 2030.1Monsha’at, “SME Monitor Q2 2024,” monshaat.gov.sa While fraud concerns and QR-code fragmentation create friction, the medium-term outlook remains strongly positive because regulators, telcos, and payment providers are strategically aligned on a digital-first payment future.

Key Report Takeaways

  • By payment type: Proximity payments led with 58% of Saudi Arabia mobile payments market share in 2024; remote payments are on pace for a 15.4% CAGR through 2030.  
  • By transaction type: In-store POS maintained 46% share of the Saudi Arabia mobile payments market size in 2024, while peer-to-peer transfers post the fastest 16.1% CAGR through 2030.  
  • By application: Retail and e-commerce represented 39% of the Saudi Arabia mobile payments market size in 2024; government and public-sector payments are accelerating at a 14.6% CAGR to 2030.  
  • By end-user: Personal users accounted for 84% of the Saudi Arabia mobile payments market share in 2024, yet the business segment is growing at 17.5% CAGR.  

Segment Analysis

By Payment Type: Remote Surge Challenges Proximity Dominance

Proximity payments accounted for 58% of Saudi Arabia mobile payments market share in 2024, supported by more than 1 million POS terminals. Yet remote payments are climbing at a 15.4% CAGR to 2030 as e-commerce sales and government e-service fees migrate online. Contactless readiness is wide-spread—94% of card holders tapped in 2024—signaling comfort with device-based payments. Driven by 5G speed, remote channels integrate AR shopping and voice checkout that play to Saudi consumers’ high mobile data appetite.

In-app government payments via Absher, covering more than 700 services, create recurring remote volumes that deprioritize cash. Apple Pay’s transit launch validates proximity use cases, while the Ministry of Communications authorizes non-banks to embed payments in consumer apps, widening the provider pool. Providers that master omnichannel orchestration will secure mindshare as shoppers blend remote browsing with in-store pickup, gradually shifting wallet share away from plastic cards and towards the Saudi Arabia mobile payments market.

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By Transaction Type: P2P Growth Outpaces Traditional Commerce

In-store POS preserved 46% of Saudi Arabia mobile payments market size in 2024, reflecting high foot-traffic retail and food-service spending. P2P transfers, however, post a brisk 16.1% CAGR as real-time payroll and remittance flows migrate to wallets. Mada card e-commerce spending hit SAR 197.42 billion (USD 52.6 billion) in 2024, underscoring a sizable person-to-merchant pool. Bill-pay and fee collection segments register steady but less dramatic gains.

Momentum in P2P stems from eight-million-strong STC Pay users sending salaries, allowances, and micro-loans in seconds. International remittances are also digitalizing, eroding money-transfer agents’ share. Diversified use cases hedge providers against cyclical retail spending and distribute profit streams across multiple verticals.

By Application: Government Sector Acceleration Reshapes Market Dynamics

Retail and e-commerce maintained 39% of Saudi Arabia mobile payments market size in 2024, fueled by consumer spending and high smartphone engagement. Government applications clock the fastest 14.6% CAGR as Absher completed 430 million e-transactions in 2024. Transportation payments ride Apple Pay’s metro rollout, while hospitality leverages growing tourism demand.

Education payments through SADAD reached SAR 1 billion (USD 267 million) in 2024, a 4.3% uptick on digital tuition settlement. Healthcare remains small but shows promise, with eHealth–Fintech pilots forecasting transaction values of USD 87.14 billion by 2028. Application diversification spreads risk and opens tailored solution lanes, such as pilgrim wallets and sector-specific APIs, across the Saudi Arabia mobile payments market.

Saudi Arabia Mobile Payments Market
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Note: Segment shares of all individual segments available upon report purchase

By End-User: Business Segment Momentum Signals Enterprise Digitization

Personal wallets still dominate with 84% share, but enterprise payments are scaling at 17.5% CAGR. SMEs embrace mobile interfaces to pay suppliers, settle utility bills, and reimburse staff, aligning with Vision 2030’s SME empowerment agenda. The fintech workforce passed 7,000 employees in 2024, supplying domain talent that codes B2B workflows into consumer-grade app designs.

Enterprise adoption rises on the back of Sharia-compliant digital products, Arabic interfaces, and seamless ERP plugins. As firms swap checks for Sarie rails and audit-friendly wallets, the Saudi Arabia mobile payments market shifts from consumer novelty to core corporate infrastructure, presenting white-space for providers skilled in treasury-grade security and complex approvals.

Geography Analysis

Major metropolitan corridors—Riyadh, Jeddah, and Dammam—collectively host more than 95% 5G penetration and the densest POS networks, underpinning 79% national e-payment adoption in 2024. Riyadh anchors fintech headquarters and early Open-Banking pilots, giving capital-region consumers first access to cutting-edge wallet features. The Eastern Province channels industrial B2B payments through Sarie, while the Western Province caters to pilgrim wallets during peak religious seasons.

Mecca and Medina process concentrated seasonal volumes as over 2 million pilgrims transact through the Nusuk Wallet each year, spurring infrastructure investment that can be repurposed for local commerce outside pilgrimage windows. Secondary cities such as Abha and Tabuk lag due to patchy broadband and lower merchant readiness, yet government programs targeting 80% cash-less payments by 2030 incentivize banks to deploy softPOS and QR-code schemes tailored for smaller merchants. Rural areas remain cash-centric, though mobile connectivity expansion gradually widens the addressable user base.

SAMA’s national framework allows regional sandboxes; hence fintechs run geo-targeted pilots—e.g., agriculture wallet trials in Al-Qassim—before scaling nationwide. Cross-border functionality clusters in commercial hubs, but Nusuk’s success suggests broader potential for specialized foreign-exchange wallets. Providers must reconcile a patchwork of urban sophistication and rural constraints as they plot roll-out roadmaps across the Saudi Arabia mobile payments market.

Competitive Landscape

The Saudi Arabia mobile payments market features 224 licensed fintechs plus global brands, yielding a moderately fragmented competitive field. Domestic leader STC Pay enjoys an 8-million-strong customer base, while Mada Pay leverages the national card switch and Al Rajhi Wallet differentiates on Sharia compliance. Apple Pay commands over 20% wallet usage on Saudi web checkouts, the highest share worldwide. Strategic differentiation hinges on regulatory mastery, local partnerships, and vertical specialization.

Players allocate capital toward SAMA’s Counter-Fraud compliance, Open-Banking APIs, and merchant acquisition campaigns. For example, Mastercard’s data-localization project and Amazon Payment Services’ gateway partnership broaden acquirer choice for thousands of merchants. Telr’s alliance with Saudi Awwal Bank adds BNPL, QR, and payment-link features for SMEs, plugging acceptance gaps outside tier-1 cities.

Emerging disruptors deploy AI fraud analytics, blockchain settlement, and biometric authentication to capture niches such as cross-border micro-remittances and healthcare wallets. Incumbent banks counter with ecosystem plays, embedding payments into super-apps that bundle savings, credit, and lifestyle offers. Competitive intensity is poised to heighten as SAMA targets 525 licensed fintechs by 2030, forcing consolidation or strategic alliances to achieve scale within the Saudi Arabia mobile payments market.

Saudi Arabia Mobile Payments Industry Leaders

  1. BayanPay (Bayan Payments Ltd.)

  2. Alinma Pay (Alinma Bank))

  3. Apple Pay (Apple Inc.)

  4. Saudi Digital Payments Co.

  5. Mada Pay (Saudi Payments)

  6. *Disclaimer: Major Players sorted in no particular order
Saudi Arabia Mobile Payments Market Concentration
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Recent Industry Developments

  • June 2025: Apple confirmed a SAR 10 billion (USD 2.7 billion) Saudi investment package, including an online store launch and flagship outlets at Diriyah, and extended Express Mode on Riyadh Metro—strategically locking in iOS wallet preference ahead of new merchant roll-outs.
  • May 2025: SAMA disclosed that electronic payments reached 79% of 2024 retail volume, validating Vision 2030’s cash-lite trajectory and setting an implicit benchmark for payment providers vying for incremental share.
  • April 2025: Telr partnered with Saudi Awwal Bank to extend QR, payment-link, and BNPL rails, aiming to shore up SME acceptance in underserved regions.
  • March 2025: Absher logged 430 million e-transactions for 2024, reinforcing government services as a prime catalyst for wallet usage and onboarding.

Table of Contents for Saudi Arabia Mobile Payments Industry Report

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET LANDSCAPE

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Mandatory adoption of SAMA’s Sarie instant-payments rails
    • 4.2.2 5G-enabled smartphone ubiquity
    • 4.2.3 Vision 2030 cash-lite targets and fiscal incentives
    • 4.2.4 Pilgrim-service digital wallets (Hajj and Umrah)
    • 4.2.5 Real-time payroll disbursement via WPS mobile channels
  • 4.3 Market Restraints
    • 4.3.1 Fraud and cyber-security concerns
    • 4.3.2 Low acceptance by micro-merchants outside tier-1 cities
    • 4.3.3 Fragmented QR standards slowing interoperability
    • 4.3.4 Data-localisation hurdles for foreign wallet providers
  • 4.4 Value-Chain Analysis
  • 4.5 Regulatory Landscape
  • 4.6 Technological Outlook
  • 4.7 Porter’s Five Forces Analysis
    • 4.7.1 Bargaining Power of Suppliers
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Threat of New Entrants
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Intensity of Rivalry
  • 4.8 Assessment of Macro Economic Trends on the Market
  • 4.9 Mobile-Wallet Penetration Analysis
  • 4.10 Business-Model Analysis
  • 4.11 Investment and Funding Landscape

5. MARKET SIZE AND GROWTH FORECASTS (VALUES)

  • 5.1 By Payment Type
    • 5.1.1 Proximity Payments
    • 5.1.2 Remote Payments
  • 5.2 By Transaction Type
    • 5.2.1 Peer-to-Peer (P2P)
    • 5.2.2 In-store Point-of-Sale (POS)
    • 5.2.3 Person-to-Merchant (P2M/Checkout)
    • 5.2.4 Other Transaction Types
  • 5.3 By Application
    • 5.3.1 Retail and eCommerce
    • 5.3.2 Transportation and Logistics
    • 5.3.3 Hospitality and Food-Service
    • 5.3.4 Government and Public Sector
    • 5.3.5 Other Applications (Education, Healthcare)
  • 5.4 By End-user
    • 5.4.1 Personal
    • 5.4.2 Business

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
    • 6.4.1 Saudi Digital Payments Co.
    • 6.4.2 Mada Pay (Saudi Payments)
    • 6.4.3 Apple Pay (Apple Inc.)
    • 6.4.4 Bayan Pay (Bayan Payments Ltd.)
    • 6.4.5 UrPay (Al Rajhi Bank)
    • 6.4.6 NeoLeap
    • 6.4.7 AlinmaPay (Alinma Bank)
    • 6.4.8 Hala Payments Co.
    • 6.4.9 PayPal Holdings, Inc.
    • 6.4.10 Amazon Payment Services
    • 6.4.11 HyperPay
    • 6.4.12 PayTabs
    • 6.4.13 GeideaPay
    • 6.4.14 Mobily Pay (Etihad Etisalat)
    • 6.4.15 Tabby
    • 6.4.16 Tamara
    • 6.4.17 STC QuickPay
    • 6.4.18 Finzey
    • 6.4.19 RiyadPay (Riyad Bank)
    • 6.4.20 ClickToPay (Rejected)

7. MARKET OPPORTUNITIES AND FUTURE OUTLOOK

  • 7.1 White-space and Unmet-Need Assessment
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Saudi Arabia Mobile Payments Market Report Scope

Mobile payment includes transactions through a portable electronic device such as a tablet or smartphone for a product or service. The study tracks mobile payment applications based on transaction type, i.e., proximity and remote payment.

The study tracks key market metrics, underlying growth influencers, and significant industry vendors, providing support for the Saudi Arabian mobile payments market estimates and growth rates throughout the anticipated period. The study also looks at the overall influence of COVID-19 on the Saudi Arabian mobile payment ecosystem. The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Payment Type Proximity Payments
Remote Payments
By Transaction Type Peer-to-Peer (P2P)
In-store Point-of-Sale (POS)
Person-to-Merchant (P2M/Checkout)
Other Transaction Types
By Application Retail and eCommerce
Transportation and Logistics
Hospitality and Food-Service
Government and Public Sector
Other Applications (Education, Healthcare)
By End-user Personal
Business
By Payment Type
Proximity Payments
Remote Payments
By Transaction Type
Peer-to-Peer (P2P)
In-store Point-of-Sale (POS)
Person-to-Merchant (P2M/Checkout)
Other Transaction Types
By Application
Retail and eCommerce
Transportation and Logistics
Hospitality and Food-Service
Government and Public Sector
Other Applications (Education, Healthcare)
By End-user
Personal
Business
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Key Questions Answered in the Report

What is the current size of the Saudi Arabia mobile payments market?

The market is worth USD 25.94 billion in 2025 and is on track to reach USD 45.82 billion by 2030.

Which segment is growing fastest within the market?

Remote payments and peer-to-peer transfers lead with CAGRs of 15.4% and 16.1% respectively, buoyed by e-commerce and real-time payroll flows.

How significant is government influence on market growth?

Vision 2030’s target of 80% non-cash transactions and mandatory Sarie rail adoption add roughly 3.2 percentage points to market CAGR.

What role do international players such as Apple Pay have?

Apple Pay already captures over 20% of Saudi online wallet checkouts, and new Express Mode transit deployments further entrench its footprint.

What are the main challenges to wider adoption outside major cities?

Fraud concerns and low micro-merchant acceptance due to device costs and patchy connectivity remain key barriers in secondary cities and rural areas.

How competitive is the provider landscape?

The field is moderately concentrated: five leading providers hold slightly more than 60% share, leaving room for niche entrants but also driving consolidation pressure.

Page last updated on: June 20, 2025

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