MarkNtel Advisors recently published a detailed industry analysis of the Saudi Arabia Digital Wallet Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Saudi Arabia Digital Wallet Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028
The Saudi Arabia Digital Wallet Market is valued at around USD 421 million in 2024 andis projected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28.
What are the major Driver the Saudi Arabia Digital Wallet industry?
Growth of E-Commerce Platforms– The improved internet infrastructure and widespread adoption of smartphones in Saudi Arabia have led to a boost in internet penetration across the country. The increased internet accessibility in the country has served as an opportunity for the e-commerce platforms like Noon, Carrefour, etc., to widen consumer reach & increase market penetration. Moreover, the changing consumer preference for online shopping due to convenience & wider product accessibility is leading to the growth of e-commerce platforms in Saudi Arabia. According to MasterCard, in 2021, the country witnessed a rise of approximately 77% in online shopping.
These e-commerce platforms have been increasingly incorporating digital wallet solutions in their applications to provide consumers with a streamlined checkout process and enhance the user experience. The convenience and faster payment experience offered by digital wallets is even encouraging consumers to shift towards digital wallets for payment in e-commerce. According to a survey by Checkout.com, in 2022, more than 27% of consumers made transactions through digital wallets. Thus, the surging usage of e-commerce platforms & the changing consumer transaction habits has been augmenting the growth of the digital wallet market in Saudi Arabia.
Moreover, the rising inclination of consumers toward online shopping is also resulting in the launches of new e-commerce platforms. For instance, in 2023, an e-commerce platform, ‘Mytheresa’, got launched in Saudi Arabia, which integrated different payment methods like transactions via a digital wallet. Thus, the surge in the inclination of consumers toward digital payment solutions & integration of e-commerce platforms and digital payment solutions would enhance the demand for digital wallets in the forthcoming years.
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What segments define the Saudi Arabia Digital Wallet Market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
By Type
- Proximity- Market Size & Forecast 2018-2028F, USD Million
- Remote- Market Size & Forecast 2018-2028F, USD Million
According to report, Of both, proximity-based digital wallets hold a prominent share of the market.
By Technology
- Near Field Communication- Market Size & Forecast 2018-2028F, USD Million
- QR Code- Market Size & Forecast 2018-2028F, USD Million
- Text-Based/Short Message Service- Market Size & Forecast 2018-2028F, USD Million
- Digital Only- Market Size & Forecast 2018-2028F, USD Million
According to report, Among all, Near Field Communication (NFC) technology has gained broad acceptance and seamless integration into numerous payment terminals & merchant stores to simplify the payment process for users and thus hold a significant share of the Saudi Arabia Digital Wallet Market.
By Wallet Type
- Open- Market Size & Forecast 2018-2028F, USD Million
- Closed- Market Size & Forecast 2018-2028F, USD Million
- Semi-Closed- Market Size & Forecast 2018-2028F, USD Million
By Industry Vertical
- Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2018-2028F, USD Million
- Hospitality- Market Size & Forecast 2018-2028F, USD Million
- Media & Entertainment – Market Size & Forecast 2018-2028F, USD Million
- Retail & E-Commerce- Market Size & Forecast 2018-2028F, USD Million
- Energy & Utilities- Market Size & Forecast 2018-2028F, USD Million
- Telecommunication- Market Size & Forecast 2018-2028F, USD Million
- Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2018-2028F, USD Million
By End User
- Personal- Market Size & Forecast 2018-2028F, USD Million
- Business/Corporate- Market Size & Forecast 2018-2028F, USD Million
By Ownership
- Banks- Market Size & Forecast 2018-2028F, USD Million
- Telecom Operators- Market Size & Forecast 2018-2028F, USD Million
- Device Manufacturers- Market Size & Forecast 2018-2028F, USD Million
- Tech Companies- Market Size & Forecast 2018-2028F, USD Million
Explore the Complete Saudi Arabia Digital Wallet Market Analysis Report – https://www.marknteladvisors.com/research-library/saudi-arabia-digital-wallet-market.html
Geographical Analysis: Saudi Arabia Digital Wallet Market
By Region
- Central
- East
- West
- South
Saudi Arabia Digital Wallet Market Share & Competitive Landscape:
The Saudi Arabia Digital Wallet Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Saudi Arabia Digital Wallet Market are:
- STC Pay
- Geidea Solutions
- Hala
- UrPay
- Mobily Pay
- Alinma Pay
- Friendi Pay
- Liv KSA
- Meem
- Mada Pay
- Quick Pay
- HyperPay
The Saudi Arabia Digital Wallet Industry Recent Development:
- In 2023, STC Pay showcased its latest services & solutions for the digital payments to pave way towards a cashless society and to raise the digital financial transaction rates by 70% by 2030. The company also signed several agreements and Memorandum of Understanding with e-commerce platforms & digital payment pioneers.
Questions Addressed in this Study
1.What factors are driving the Saudi Arabia Digital Wallet Market growth?
2.How is the Saudi Arabia Digital Wallet Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Saudi Arabia Digital Wallet Market?
4.What is the current size of the Saudi Arabia Digital Wallet Market, and how is it projected to change in the future?
6.What is the future outlook for the Saudi Arabia Digital Wallet Market in terms of technological advancements and market expansion?
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