Saudi Arabia Mobile Wallet Market Segmented By Type (Semi-Closed, Open, Closed), By Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device Manufacturers, Tech Companies, Banks), By Application (Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others, By Region
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSaudi Arabia Mobile Wallet Market Segmented By Type (Semi-Closed, Open, Closed), By Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device Manufacturers, Tech Companies, Banks), By Application (Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others, By Region
Saudi Arabia Mobile Wallet Market is anticipated to grow at a rapid pace during the forecast period, 2024-2028. Saudi Arabia has seen an ongoing development in mobile payment technologies. This trend is anticipated to continue growing during the projected time due to shifting consumer lifestyles, the widespread usage of smartphones, and the expansion of e-Commerce. A mobile wallet is an e-commerce platform designed specifically for use with mobile devices that provide convenience and simple access. It offers service for every single normal task involving an internet transaction. A mobile wallet provides many features, including online bank account transactions and debit and credit card transactions. The platform for mobile wallet businesses to enter the Saudi Arabian market has been substantially facilitated by the rise in tablet and smartphone users.
In Saudi Arabia, there are now more than 40.20 million mobile phone subscriptions, or 116% of the country's entire population. Government support for Fintech initiatives in Saudi Arabia also contributes to the market's expansion. The adoption of mobile wallets is hampered, nevertheless, by security issues. Due to their susceptibility to well-known attacks and vulnerabilities, mobile devices are prime targets for scammers and hackers. Additionally, Saudi Arabia is the largest and fastest-growing market in the GCC and is experiencing a surge in e-commerce. The Kingdom has been collaborating with several government departments to streamline the licensing procedures and lower requirements, and good effects can be observed from it for conducting business operations, which is projected to further fuel the market expansion.
Non-cash payments account for more than 36% of consumer payments and 44% of all payment forms, by volume, in Saudi Arabia, as of June 2019
A mobile wallet is a digital wallet that retailers payment card information on a mobile device. Mobile wallets are a convenient way for a user to make in-store payments and can be used at merchants listed with the mobile wallet service provider. Mobile wallets are safe apps for storing financial instruments and other documents such as credit cards, bank information, and even driver's licenses.
Rapid Adoption Of Technological Breakthroughs By Financial Institutions
Mobile wallets are being used by businesses more frequently for online payments. The need for online transactions is growing, which has increased the need for mobile wallets and made it possible to provide customers with personalised services while also making transactions safer. Globally, the financial services sector is integrating artificial intelligence more and more. FinTech platforms are incorporating AI to save costs for banks and other financial organisations. Consumers gain from open banking in many ways, such as the ability to exchange information with third-party budgeting apps and use money-management tools, which enables tiny financial institutions who cannot afford to provide these services to do so via third parties. These are boosting the Saud Arabia Mobile Wallet Market.
Government Funding for Development Projects in Saudi Arabia
Government reforms under the Financial Sector Development Program (FSDP) are targeting 70% non-cash payments for the future to build a cash-less economy, by 2030. One of these initiatives is the facilitation of digital payments in Saudi Arabia
Rise in Adoption of Smartphones in Saudi Arabia
In Saudi Arabia, there are now more than 40.20 million mobile phone subscriptions. An estimated 32.23 million of these people utilise mobile internet. Additionally, Saudi Arabia's 93% internet penetration in January 2020 created a favourable market climate for the growth of mobile wallets in the nation. The user base for mobile wallets is anticipated to grow significantly in the prediction period as more smartphones join the market and data plan prices continue to decline. With technological advancements, mobile users can now use smartphones to conduct financial transactions or make payments using phone's built-in applications. When smartphones can function as leather wallets, this is referred to as a "Digital Wallet," or "Mobile Wallet. “ Saudi Arabia has established itself as a favorable environment for smartphone use because of its young, technologically savvy population and a growing number of emigrant workers eager to maintain network connectivity around the globe. Therefore, the market for mobile wallet is anticipated to grow at a rapid rate during the forecast period as it has capacity to offer quick and secure online bill payments as well as other money transfer services. Mobile wallets have a convenient user interface, which enables consumers to receive and send regular payments whenever they want. Mobile wallets are becoming more and more popular with consumers.
A Shift in Consumer Preferences in Favour of Digital Payment Methods
Saudi Arabia grows to 23%, the expansion of mobile payments
Emergence Of a Cashless Economy
Saudi Arabia is making an effort to move towards a cashless economy. With the development of technology, customers and companies are embracing contactless payment methods, such as mobile wallets, which are regarded as handy, quick, and cost-effective modes of exchange. Amazon Payment Services highlighted that 2021 was the first year that electronic payments eclipsed cash transactions in the Kingdom to represent 62% of payments across all sectors. This is anticipated to fundamentally alter the payments environment, in an effort to advance a cashless society through a number of clever government initiatives. Mobile payment and digital wallet systems like Apple Pay, Alphabet Inc. (Google Pay), and Samsung Pay have become the go-to payment options as e-commerce and online transactions have increased. Therefore, the market will expand as a result of the trend towards a cashless economy.
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Market Segmentation
The Saudi Arabia Mobile Wallet Market is divided into Type, Technology, Ownership and Application. Based on Type, the market is divided into Semi-Closed, Open, and Closed. Based on technology, the market is segmented into Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), and Others. Based on ownership, the market is segmented into Telecom Operators, Device Manufacturers, Tech Companies, and Banks. Based on application, the market is segmented into Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, and Others.
Market Players
Major market players in the Saudi Arabia Mobile Wallet Market are Samsung Electronics Co Ltd (Samsung Pay), Alphabet Inc (Google LLC), PayPal Holdings, Inc, Apple Inc, Saudi Digital Payment Company, Saudi Central Bank, mada Pay, STC Pay, BayanPay, Noon Pay, Alinma Pay
Recent Development
Growth in the number of NFC-enabled PoS terminals, 2017–2019 is 303.5 thousand to 438.6 thousand.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | Type Technology Ownership Application Region |
| Regional scope | Eastern Region, Northern & Central Region, Western Region, Southern Region |
| Key companies profiled | Samsung Electronics Co Ltd (Samsung Pay), Alphabet Inc (Google LLC), PayPal Holdings, Inc, Apple Inc, Saudi Digital Payment Company, Saudi Central Bank, mada Pay, STC Pay, BayanPay, Noon Pay, Alinma Pay. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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