DUBLIN, July 19, 2021--(BUSINESS WIRE)--The "Saudi Arabia Cards and Payments - Opportunities and Risks to 2025" report has been added to ResearchAndMarkets.com's offering.
This report presents detailed analysis of market trends in Saudi Arabia's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, cheques, and direct debits during the review-period (2017-21e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together The publisher's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
This report provides top-level market analysis, information and insights into Saudi Arabia's cards and payments industry, including:
Current and forecast values for each market in Saudi Arabia's cards and payments industry, including debit, credit and charge cards.
Detailed insights into payment instruments including cash, cards, credit transfers, cheques, and direct debits . It also, includes an overview of the country's key alternative payment instruments.
Ecommerce market analysis.
Analysis of various market drivers and regulations governing Saudi Arabia's cards and payments industry.
Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
To promote and enhance the national payment ecosystem, in February 2021, SAMA launched the instant payment system "sarie", allowing users to send or receive amounts up to SAR20,000 ($5,333.33) instantly between bank accounts. Users can transfer up to SAR2,500 ($666.67) using recipient's aliases, such as mobile number, email address, ID number, or IBAN number. The system is supported by all the banks in the nation. Earlier, in March 2020, SAMA in collaboration with High-tech Payment Systems (a payments solution provider) announced the launch of an interoperable QR-based national payment system - though the commercial launch date has not yet been announced. By implementing this unified platform, SAMA aims to offer several payment solutions for retailers, payment service providers, and consumers through a unified platform that enables all parties to interact using one common and consistent standard.
To promote electronic payments in the country, SAMA has passed a new regulation that requires all the retailers operating in the nation to provide electronic payment methods authorized by SAMA, including POS terminals and QR codes, effective from August 25, 2020. This is the sixth phase of the initiative, which was launched by the National Programme to Combat Commercial Cover-up (Tasattur) in 2019. In the first phase, electronic payment methods were mandated at fuel stations, effective from July 17, 2019. This was later extended to workshops in phase two. The third phase (effective from April 1, 2020) included personal services such as laundry and saloons. The fourth phase (effective from May 10, 2020) included grocery stores and the fifth phase (effective from July 29, 2020) included cafes and restaurants.
The ongoing pandemic is changing the way Saudi consumers make payments. Consumers are preferring contactless payment to avoid contamination by the virus. According to Saudi Payments, Saudi Arabia's national payment infrastructure operator, the share of contactless payments of all the POS transactions in the country increased from 66% in September 2019 to 91% in September 2020. There were over 22 million contactless mada cards and 96% of the POS terminals supported contactless payments, as of September 2020. The growing preference of contactless payments will further drive payment card market growth.
Key Topics Covered:
Payment Infrastructure & Regulation
Al Rajhi Bank
Saudi National Bank
Arab National Bank
Banque Saudi Fransi
The National Commercial Bank
Samba Financial Group
For more information about this report visit https://www.researchandmarkets.com/r/xrjd8
View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005334/en/
Laura Wood, Senior Press Manager
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