What’s Driving the Demand in the Saudi Arabia Digital Wallet Market?

Executive Summery

This report presents a detailed overview of the Saudi Arabia Digital Wallet Market, highlighting key insights into its market size, share, and growth during the forecast period, i.e., 2023-28. It explores emerging trends, competitive dynamics, and the core drivers reshaping the industry. Backed by solid data and expert analysis, the study offers segment-wise insights and reliable forecasts to guide strategic decisions. With comprehensive market analysis and forward-looking perspectives, this report serves as a practical tool for stakeholders navigating change. Whether you're an investor, policymaker, or business leader, this research helps you stay ahead in the fast-evolving Saudi Arabia Digital Wallet industry landscape.

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Saudi Arabia Digital Wallet Market Statistics and Key Highlights

The Saudi Arabia Digital Wallet Market size is valued at around USD 421 million in 2024 and is projected to grow at a CAGR of around 8.80% during the forecast period, i.e., 2023-28.

• Saudi Arabia Digital Wallet market shows steady growth
• Market size expanding due to rising industry demand
• Competitive landscape driven by tech and innovation
• Detailed segment-wise and geography wise share analysis
• Forecast reveals strong trends shaping future outlook

Key Player- Emerging Saudi Arabia Digital Wallet Companies

• STC Pay
• Geidea Solutions
• Hala
• UrPay
• Mobily Pay
• Alinma Pay
• Friendi Pay
• Liv KSA
• Meem
• Mada Pay
• Quick Pay
• HyperPay

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Key Driver:

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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Saudi Arabia Digital Wallet Market Segmentation

By Type

• Proximity- Market Size & Forecast 2018-2028F, USD Million
• Remote- Market Size & Forecast 2018-2028F, USD Million

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

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

By Region

• Central
• East
• West
• South

Reasons to Buy This Report

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2. Equip your business with data-driven strategies for informed decisions.
3. Identify lucrative market opportunities and strategic growth areas.
4. Analyze competitors to enhance your positioning in the market landscape.
5. Understand geographical trends across diverse markets for better expansion strategies.

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