Saudi Arabia Cards and Payments Market Research Report: ken Research
by Rati Ram Business DeveloperAnalysts at Ken Research in their
latest publication “Saudi Arabia Cards and Payments Market
Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with
Rising Preference for Online Shopping to Drive Market Growth”, believe that
increasing penetration of debit cards and credit cards will create a positive
impact on Saudi Arabia cards and payments market. The market is expected to
register a positive CAGR of 12.7% in terms of transaction volume during the
forecast period 2018-2023. The market
is further expected to be driven by the growing E-commerce industry, rising
mobile phone penetration and government push towards financial inclusion.
Government launched Mada national payment system to support Mada debit cards. As a result of which, banks are now able to offer online payment services to card holders. Mada debit cards are issued by local banks and are part of the digital payment strategy to reduce cash transactions in the country thus; enabling the use of debit cards to make online payments without restrictions over secure payment platforms.
In 2018, Visa established a partnership with the
Saudi Payments Network to launch the Mada Pay feature on Mada debit cards,
being the first multi-issuer mobile payment platform to offer contactless NFC
(near field communications).
Banks have
increased their focus on establishing customer relationships through offering
advanced services and competitive loyalty programmes. For instance, Al Rajhi
Bank ensures it offers its customers a wide variety of credit card options
which are Sharia-compliant and have wide acceptance and flexibility worldwide.
Customer Engagement
by Banks: Since digital channels have become a better way to reach out to
customers, banks in Saudi Arabia have started to shift from customer experience
to customer engagement. The ability to personalize communications, proactively respond
to events and queries, and preventing fraudulent activities are some of the key
factors in order to improve customer loyalty and retention. Saudi Arabia is
making huge investments in digital technology in order to transform the
financial industry.
Implementation of VAT: With the implementation of the Value Added Tax in the beginning of 2018 and other increases in the cost of living in the country for most expatriates, consumers found it hard to adapt to changing economic policies and cover their expenditure. The new dependent visa fees for expatriates require expatriates to pay monthly, leading to an increase in the use of credit cards for most household expenses. Loyalty programmes, discounts and cash back points are thus lucrative for consumers in the KSA, and issuers are gearing up to offer attractive loyalty programmes.
Digitization: Huge investments are being made in digital technology to transform the financial industry in Saudi Arabia. Both consumers as well as retailers are more digitalized and technology-oriented. The shift is towards mobile and online payments (especially debit and credit cards), which has been the priority of financial entities looking for customer satisfaction. The penetration rate is low but is steadily increasing over the last decade from cash based economy to electronic payments. Banks are gearing up to increase this pace of digitization exponentially. Bank transfers to government, payments for custom duties, B2B payments are gradually happening through credit cards.
Saudi Arabia Cards and Payments
Market
Payment Cards in Saudi Arabia
Payment Services in Saudi Arabia
Payment System History Saudi
Arabia
Payment System Genesis Saudi
Arabia
Saudi Arabia Cards and Payments
Market Outlook
Saudi Arabia Payments System
Market Outlook
Saudi Arabia’s National Payment
System
Saudi Arabia’s Cards and Payments
Market Segmentation
Paper Clearing Market Saudi
Arabia
Cheques Clearing System Saudi
Arabia
Paper Clearing Market Size Saudi
Arabia
Paper Clearing Market
Segmentation Saudi Arabia
Credit Cards in Saudi Arabia
Debit Cards in Saudi Arabia
MADA Cards in Saudi Arabia
SARIE System in Saudi Arabia
SARIE Market Size Saudi Arabia
SARIE Market Segmentation Saudi
Arabia
Interbank Payments in Saudi
Arabia
Saudi
Arabia Payments Market Size
Saudi
Arabia Economic Overview
Cheque
Clearing System Saudi Arabia
Banks
in Saudi Arabia
Islamic
Banking in Saudi Arabia
ATMs
in Saudi Arabia
Technology
Trends in Saudi Arabia
Credit
Cards Revenue Streams Saudi Arabia
Debit
Cards Revenue Streams Saudi Arabia
Payment
Card Operators in Saudi Arabia
Payment
Card Issuers in Saudi Arabia
Credit
Cards Trends Saudi Arabia
SAMA
Regulations Saudi Arabia
Payment
Market Trends Saudi Arabia
National
Commercial Bank Saudi Arabia
Saudi
British Bank
Riyadh
Bank
Al
Rajhi Bank
Arab
National Bank
Samba
Financial Group
Key Segments
Covered:
Saudi Arabia
Payment Landscape
SARIE Market
By Payment Type(Interbank Payments, Customer Payments,
Others)
Paper Clearing
Market
By Type of Cheques (Commercial and Personal Cheques
and Interbank Cheques)
By Region
Credit Cards
Market
Number of Cards in Circulation,
Number of Transaction
Transaction Volume
Segmentation By Type(Personal and Commercial)
Revenue Stream in Credit Card
Credit Card Details by Major Issuers
Regulations and Requirements for Credit Cards
Competition Scenario by Issuers and Operators
By Number of Cards in Circulation
By Payment Transaction Volume
Future Projections
Debit Cards
Market
Number of Cards in Circulation,
Number of Transaction
Transaction Volume
Revenue Stream in Debit Card
Competition Scenario by Issuers and Operators
By Number of Cards in Circulation
By Payment Transaction Volume
Future Projections
Time Period
Captured in the Report:
Historical
Period: 2013-2018
Forecast
Period: 2018-2023
Banks Covered:
National Commercial Bank
Saudi Arabia British Bank
SAMBA Financial Service
Riyad Bank
Al Rajhi Bank
Arab National Bank
Key Topics
Covered in the Report
Saudi Arabia Payments Landscape
SARIE Market
Paper Clearing Market
Payment Cards Stakeholders
Digital Phase in Saudi Arabia
Credit Cards Market Size
Credit Cards Market Segmentation
Revenue Stream in Credit Card System
Islamic Banking
Regulations and Requirements for Credit Cards
Competition Scenario in Credit Cards Market
Debit Cards Market Size
Debit Cards Market Segmentation
Revenue Stream in Debit Card System
Competition Scenario in Debit Cards Market
Snapshot on Prepaid Card Market
Snapshot on Charge Card Market
Trends and Developments
Issues and Challenges
Analyst Recommendations
For more information, refer to below link:
Saudi Arabia
Cards and Payments Market
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Us:
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Research
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Created on Oct 1st 2019 01:05. Viewed 329 times.