The recent report by Markntel Advisors on Saudi Arabia Cards Payments Market Size, Share, Analysis Future and forecast 2023-2028 promises trustworthy, objective, and precise insights into the market with the addition of accurate and reliable data explaining and briefing about the elements of the industry. The diverse fragmentation of the industry is handled by investigating each element, segment-wise, region-wise, and more, to comprehend a detailed and systematic report to provide the stakeholder with all the various tools and details of the industry.

The researchers analyze the collected data and present an understanding of the flow of the market. Through various subdivisions, the report aims to declutter all the trends and factors fueling the market’s growth. The report is a systematical, chapter-wise thesis of multiple segments, areas, characteristics, environmental or regional influence, and other factors involved in the overall growth and establishment of the industry. By dividing the market into chapters, the analysts present the report more straightforwardly to point out all the minute details of the industry and how it influences other factors.

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The Key Elements Covered in Saudi Arabia Cards Payments Market Report:

• The report tracks and covers the regions where the market is partially and majorly active. Geographically, the market focuses on the place of manufacture, raw material extraction to the area where the products consumers are based, to be the regional expansion of the industry. To track and forecast the market size, the geographically dominant region in the industry, concerning the central areas covered.
• The report is compiled systematically and methodically, with each section neatly covering its essence and influence in the market. Likewise, the report provides a credible selection of market dynamics consisting of the following significant pillars of the industry’s study, Market Drivers, Market Restraints, Growth Opportunities, Challenges

• A separate section to provide the impact of COVID-19 on the market to better grasp the fluctuation during and after the pandemic. 
• Elaborated information on industry overview, specifications, definitions, suppliers, RD status, cost structure analysis, sources, technological advancement, the further scope for improvement, applications, and more. 

Market Dynamics

Key Driver: Growing Digital Adoption by Medium-scale Large-scale Enterprises to Augment the Market

Saudi Arabia is an oil-rich country to diversify its financial resources, the government has laid down plans such as investment in construction projects, facilitation of public-private partnerships, and adoption of technologies to improve the digital infrastructure. The government launched Vision 2030, which encourages the adoption of digital payments via e-wallets, credit cards, debit cards, etc., to boost the digital economy of the country. This government-led vision has led medium-scale enterprises like prominent fast food outlets, hotels, etc., to accept digital payments via cards wallets. Further, the bankable population of Saudi Arabia has also expanded over the past few years, as a result, the surge in consumers opting for conventional digital payment methods is enhancing. According to the King Khalid Foundation, in 2022, 72% of the population in Saudi Arabia possessed bank accounts. Therefore, the growing bankable population the digital adoption by different sectors are amplifying the demand for cards payment in Saudi Arabia.

Possible Restraint: Acceptance of Only Cash in Small Shops in Saudi Arabia Hinders the Market

Several Merchants in Saudi Arabia do not accept payments via credit cards, debit cards, etc., since they are charged an additional service or processing fee on every card payment. As the profit margin of the merchant is significantly lower, hence small shops ought not to accept digital payments. Additionally, the cash payment gives the merchant security of being paid by the consumers. However, in digital transactions, the merchant or business owner worries about failed transactions. Therefore, the local shop owners accept payment via cash only, restraining the market for banking cards.

In addition to this, opening bank accounts in the country requires individuals to have legal identification documents to verify their identities per international standards. Therefore, individuals that do not have valid mobility documents or residency permits are restricted to own a bank account or have banking cards.

Growth Opportunity: Growing Collaboration Between Financial Institutions Tech-based Companies

The zero tax policies on the salaries withdrawn lucrative job opportunities are propelling the young talent to mitigate to Saudi Arabia, as a result, the population of expatriates has been on the rise for the past few years. According to the government of Saudi Arabia, the total population of expatriates in the country reached over 13.5 million in 2021. Hence, the aforesaid has resulted in a notable upsurge in foreign payments since individuals send some share of their salaries to their native hometown. These foreign transactions are possible via different cards offered by the companies such as Visa, Mastercard, etc., hence the companies have started collaborating with the national bank of Saudi Arabia to provide different cash reward points engage more consumers. For instance:

• In 2022, the Saudi British Bank partnered with Visa to launch SABB Visa Platinum Credit Card, which offers unlimited cashback on foreign transactions at 2% local purchases at 1%.

Therefore, the growing partnerships between the financial service provider banking institutions to provide excellent banking experience owing to the progressing demand for rewarding credit cards as a more effective payment method for end-users their growing interest in reward programs would further augment the market of banking cards in Saudi Arabia.

Key Trend: Integration of Smart Touchless Technologies Gaining Traction

Owing to the rising technological advancements, financial service providers financial institutions comprising commercial banks other investment banks are integrating new touchless technologies in credit cards, debit cards, fleet card, etc., to improve the user experience. These touchless technologies enable consumers to complete touch-free transactions with systems, thereby meeting health safety requirements. Thus, to make the end-user experience seamless, the companies such as visa master card are launching products like tap-to-go cards designed using these touchless technologies. This makes the payment simple hence, preferred by consumers.

According to the company Visa, Saudi Arabia, in 2021, achieved the highest adoption rates for Near-Field Communication (NFC) contactless payment in the Middle East region. Consequently, the significant adoption of the new innovative tech in the financial sector as well as by the consumers is gaining traction would further augment the market in the coming years.

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A Window into What Competitors Are Doing

The report comprises of detailed study of the steps, products, changes, marketing strategies, sustainability tactics, mergers, acquisition, and more which has shaped the industry and affected the market. The report showcases various elements to explain the dominance of competitors and the market, including:

• Recent developments
• Risk SWOT analysis
• Mergers and acquisition
• Performance 
• Services offered

In the case of the Saudi Arabia Cards Payments market, the market participants include:

-American Express

-Visa

-Mastercard

-Saudi British Bank

-One Card

-Citibank

-Diners Club

-Hyperpay

-Banque Saudi Fransi.

-Paypal

-Others (Samba Financial Group, Alinma Bank, etc.)

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Dividing The Saudi Arabia Cards Payments Market into Sections:

The report covers the bifurcations of the industry group based on a common element, on which further investigation is performed. Furthermore, the report provides data on each high-performer segment in each group of features and information about the reasons behind the part acquiring a higher share or flourishing more in the industry. Thus, a deep analysis of various market elements is presented by categorizing the segments as follows:

By Type of Cards

-Debit Cards

-Fleet/Fuel Cards

-ATM Cards

-Prepaid Cards

-Credit Cards

By Type of Payment Instrument

-Cards

-Mobile Wallets

-Credit Transfers

-Cash

-Debit Cards

-Checks

By Type of Payments

-B2B

-B2C

-C2C

-C2B

--E-Commerce Payments

--Payments at POS Terminals

By Transaction Type

-Domestic

-Foreign

By Application

-Food Groceries

-Health Pharmacies

-Travel Tourism

-Hospitality

-Others (Media Entertainment, etc.)

By Institution Type

-Financial

-Non-Financial

By Region

-Central

-East

-West

-South

Offers and Customizations of Saudi Arabia Cards Payments Market Report

For a personalized and customized research report on the Saudi Arabia Cards Payments Market, kindly contact Markntel Advisors. The analysts and researchers focus on providing accurate information, beneficial tools, and further insights into the industry to yield higher profits.

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