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

The Saudi Arabia Payments Market Report is Segmented by Point of Sale (Card Payments (Debit Cards, Credit Cards, and Bank Financing Prepaid Cards), Digital Wallet (Mobile Wallets), Cash, and Others), Online Sale (Card Payments (Debit Cards, Credit Cards, Bank Financing, and Prepaid Cards), Digital Wallet (Mobile Wallets), and Others (Cash On Delivery, Bank Transfer, and Buy Now, Pay Later)), and End-User Industry (Retail, Entertainment, Healthcare, Hospitality, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

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

Saudi Arabia Payments Market Size

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Saudi Arabia Payments Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 181.13 Billion
Market Size (2030) USD 298.26 Billion
CAGR (2025 - 2030) 10.49 %
Market Concentration Medium

Major Players

Saudi Arabia Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Saudi Arabia Payments Market Analysis

The Saudi Arabia Payments Market size is estimated at USD 181.13 billion in 2025, and is expected to reach USD 298.26 billion by 2030, at a CAGR of 10.49% during the forecast period (2025-2030).

The Saudi Arabian payments market is one of the most advanced markets, with payment methods that meet customers' needs and help the country’s drive toward a cashless society. According to the Cebr, the theoretical impact of real-time payments on formal GDP might increase by 2.8% by 2026. However, these are hypothetical advantages; they do not rule out the possibility of non-instant electronic or paper-based payments in the future.

  • With the rapid increase in the global economy, mobile phones (especially smartphones) have become an essential part of an individual. Moreover, the internet has also become a necessary part of day-to-day life for most people worldwide. Due to this, the penetration of smartphones and internet users increased worldwide, resulting in a significant boost in the payments market.
  • The increasing number of internet smartphone users is driving the Saudi Arabian payments market. Saudi Arabia is seeing an increase in smartphone usage and significant growth in smartphone penetration. With 24.2 million smartphone users, it ranks third globally, with over three-quarters of the population using smartphones.
  • Increasing internet penetration and a burgeoning e-commerce sector propel Saudi Arabia's payments market. The country witnessed a significant surge in electronic payment adoption, credited to a unified strategy embraced by its financial sector. This shift is bolstered by an efficient and evolving e-payment system, which boosts transaction efficiency and bolsters financial stability.
  • Market vendors are actively expanding the national payments infrastructure and refining payment services to encourage digital transactions. Furthermore, they are collaborating with partners to streamline economic activities and foster a more robust financial ecosystem. The continuous development and enhancement of these systems are crucial for maintaining the momentum in the payment market, ensuring that both consumers and businesses benefit from the advancements in digital payment technologies.

Saudi Arabia Payments Industry Overview

The Saudi Arabian payments market is semi-consolidated. Major market players include Paypal, Moyasar, Payfort, Paytabs, and Alipay. Companies operating in the market are adopting various initiatives to expand their presence, which adds to market expansion. Furthermore, the government's promising efforts to promote digital payments will strengthen market competition in the coming years.

  • March 2024: Loop, a digital payments technology company licensed by the Saudi Central Bank, teamed up with Mastercard to introduce credit card and payment solutions in Saudi Arabia. By leveraging Mastercard's technology and know-how, Loop is set to revamp its offerings, paving the way for innovative financial solutions and heightened financial inclusion in the country. The collaboration is geared toward rolling out these fresh offerings to a broad spectrum, encompassing consumers, small- to medium-sized businesses (SMBs), and FinTechs.
  • May 2024 - TraiCon Events announced the Fintech Revolution Summit, which was scheduled for June 2024 in Riyadh. The summit, featuring experts from banking, financial services, and insurance, alongside fintech leaders, delved into emerging trends and investment prospects in the finance sector. Notably, sponsors and exhibitors, including fintech and banking technology providers, cybersecurity firms, e-payment companies, and payment gateway providers, converged to discuss the future of Saudi Arabia's financial landscape. The dialogue centered on the nation's pivot toward digital banking, innovative payment models, and technology-centric business continuity strategies.

Saudi Arabia Payments Market Leaders

  1. PayPal

  2. Moyasar

  3. Payfort

  4. Paytabs

  5. Alipay

  6. *Disclaimer: Major Players sorted in no particular order
Saudi Arabia Payments Market Concentration
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Saudi Arabia Payments Market News

  • June 2024: Saudi Arabia became a participant in a multi-country initiative focused on central bank digital currencies (CBDCs). Specifically, the country joined Project mBridge, an endeavor aimed at developing a platform for multi-central bank digital currencies, with a primary focus on facilitating seamless cross-border payments. Project mBridge seeks to revolutionize international payments by making them faster, more cost-effective, and better tailored for regions that lack robust ties to the global financial network. By establishing multi-CBDC frameworks that unify various jurisdictions under a single technical infrastructure, there is a strong potential to not only enhance the current payment systems but also to make cross-border transactions immediate, cost-efficient, and universally accessible, with swift final settlements.
  • April 2024: The Saudi National Bank (SNB) collaborated with Mastercard to introduce the Flexi credit card, a pioneering offering in Saudi Arabia. This card empowers customers to make purchases and settle payments in four convenient installments, all without incurring any fees. Notably, this initiative heralded the introduction of the Mastercard Installments Program in the Kingdom. SNB's initiative underscores its dedication to pioneering and holistic payment solutions. The Flexi credit card, a virtual offering, is designed to cater to a diverse customer base, ensuring accessibility across various demographics.

Saudi Arabia Payments Market Report - Table of Contents

1. INTRODUCTION

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

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Stakeholder Analysis
  • 4.3 Industry Attractiveness-Porter's Five Forces Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Evolution of the payments landscape in the country
  • 4.5 Key market trends pertaining to the growth of cashless transaction in the country
  • 4.6 Impact of COVID-19 on the payments market in the country

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Growth in the e-Commerce Industry drives the Payments Market in Saudi Arabia
    • 5.1.2 Key Retailers and the Government are Promoting Market Digitization Through Activation Programs
    • 5.1.3 Growth of Real-time Payments, Buy Now Pay Later services in the country
  • 5.2 Market Challenges
    • 5.2.1 Lack of a standard legislative policy remains especially in the case of cross-border transactions
  • 5.3 Market Opportunities
    • 5.3.1 Move towards Cashless Society
    • 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption
  • 5.4 Key Regulations and Standards in the Digital Payments Industry
  • 5.5 Analysis of major case studies and use-cases
  • 5.6 Analysis of key demographic trends and patterns related to payments industry in the country (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)
  • 5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends in the country
  • 5.8 Analysis of cash displacement and rise of contactless payment modes in the country

6. Market Segmentation

  • 6.1 By Mode of Payment
    • 6.1.1 Point of Sale
    • 6.1.1.1 Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.1.2 Digital Wallet (includes Mobile Wallets)
    • 6.1.1.3 Cash
    • 6.1.1.4 Others
    • 6.1.2 Online Sale
    • 6.1.2.1 Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.2.2 Digital Wallet (includes Mobile Wallets)
    • 6.1.2.3 Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
  • 6.2 By End-user Industry
    • 6.2.1 Retail
    • 6.2.2 Entertainment
    • 6.2.3 Healthcare
    • 6.2.4 Hospitality
    • 6.2.5 Other End-user Industries

7. Competitive Landscape

  • 7.1 Company Profiles
    • 7.1.1 PayPal
    • 7.1.2 Alipay
    • 7.1.3 Moyasar
    • 7.1.4 Payfort
    • 7.1.5 Paytabs
    • 7.1.6 Hyperpay
    • 7.1.7 STC Pay
    • 7.1.8 Bayan Portfolio
    • 7.1.9 Mada Pay
    • 7.1.10 Apple Pay
  • *List Not Exhaustive

8. Investment Analysis

9. Future Outlook of the Market

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Saudi Arabia Payments Industry Segmentation

The payments market is segmented by two modes of payment - POS and e-commerce. E-commerce payments include online purchases of goods and services, such as purchases on e-commerce websites and online booking of travel and accommodation. However, it does not include online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for POS, all transactions that occur at the physical point of sale are included in the market scope. It includes traditional in-store transactions and all face-to-face transactions, regardless of where they take place. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

The Saudi Arabian payments market is segmented by mode of payment (point of sale (card payments, digital wallet, cash, and others), online sale (card payments, digital wallet, and others)), and end-user industry (retail, entertainment, healthcare, hospitality, and other end-user industries). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Mode of Payment Point of Sale Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Cash
Others
Online Sale Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (includes Mobile Wallets)
Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry Retail
Entertainment
Healthcare
Hospitality
Other End-user Industries
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Saudi Arabia Payments Market Research Faqs

How big is the Saudi Arabia Payments Market?

The Saudi Arabia Payments Market size is expected to reach USD 181.13 billion in 2025 and grow at a CAGR of 10.49% to reach USD 298.26 billion by 2030.

What is the current Saudi Arabia Payments Market size?

In 2025, the Saudi Arabia Payments Market size is expected to reach USD 181.13 billion.

Who are the key players in Saudi Arabia Payments Market?

PayPal, Moyasar, Payfort, Paytabs and Alipay are the major companies operating in the Saudi Arabia Payments Market.

What years does this Saudi Arabia Payments Market cover, and what was the market size in 2024?

In 2024, the Saudi Arabia Payments Market size was estimated at USD 162.13 billion. The report covers the Saudi Arabia Payments Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Saudi Arabia Payments Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Saudi Arabia Payments Industry Report

The payments market in Saudi Arabia is experiencing robust growth, transitioning from traditional cash-based transactions to digital payments. This shift is driven by rapid technological advancements, increased smartphone and internet penetration, and strong government support through regulatory reforms promoting cashless transactions. The market, segmented by payment modes such as point of sale and online transactions, includes card payments and digital wallets, catering to industries like retail, entertainment, healthcare, and hospitality. Consumer preferences for convenient, fast, and secure transaction methods are reshaping market dynamics. As digital payments in Saudi Arabia continue to evolve, the landscape offers enhanced payment solutions that meet the needs of the modern financial ecosystem. For detailed insights, Mordor Intelligence™ provides statistics on market share, size, and revenue growth rate, including a market forecast outlook and historical overview. Download a free PDF sample report from Mordor Intelligence™ Industry Reports.