Market Share of Saudi Arabia Payments Industry
The Saudi Arabia Payments Market is moderately competitive in the presence of market players such as 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.
- April 2022 - Following the successful pilot in the Regulatory Sandbox, the Saudi Central Bank (SAMA) announced the licensing of Sulfah Financing Company, a closed joint-stock company with a capital of SAR 10 million, to conduct consumer microfinance activity utilizing financial technology.
- March 2021 - Fiserv, Inc. (NASDAQ: FISV), a global provider of payments and financial services technology solutions, announced that it had signed a definitive agreement to acquire Pineapple Payments. Fiserv will continue to provide payment processing services to Pineapple Payments merchants while enhancing its seamless delivery of an array of customer-focused, innovative solutions.
Saudi Arabia Payments Market Leaders
*Disclaimer: Major Players sorted in no particular order