Press Release

Saudi Arabia Mobile Wallet Market Expected to Grow at High CAGR Through 2028

Growing Use of contactless services on retail stores to drive the Saudi Arabia Mobile Wallet market.


According to TechSci Research report, “Saudi Arabia Mobile Wallet Market - By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia Mobile Wallet Market is growing, owing to rapid expansion of e-commerce in this nation. The e-commerce industry in this nation is expanding quite quickly, contributing more than 15% of the GDP. Along with this, the minimal reliance on currency by people is leading to an increase in digital transactions in the country. The high rate of smartphone ownership and widespread availability of fast internet in Saudi Arabia are further factors that are encouraging an expansion in digital trade. In addition to this, a very high percentage of women in this country are employed, and their rising spending on a variety of goods and services via smartphones at both online and offline retailers, is accelerating the growth in payments revenue for digital wallet companies and, consequently, the Saudi Arabia Mobile Wallet market. There are numerous of digital wallet options for the users that provides coupons & discount codes which acts as a financial advantage for the market players invested in the market.


Moreover, a partnership was formed between MoneyGram International, and the mobile wallet Mobily Pay, which is based in Saudi Arabia. Through this agreement, customers will be able to transfer money internationally, almost instantly, thanks to the integration of the former's international cash transfer service into the latter's digital wallet.


Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "
Saudi Arabia Mobile Wallet Market"


The Saudi Arabia Mobile Wallet Market is divided into Type, Technology, Ownership and Application. Based on Type, the market is divided into Semi-Closed, Open, and Closed. Based on technology, the market is segmented into Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), and Others. Based on ownership, the market is segmented into Telecom Operators, Device Manufacturers, Tech Companies, and Banks. Based on application, the market is segmented into Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, and Others. In terms of regional analysis, the Saudi Arabia Mobile Wallet Market is segmented into Eastern, Northern & Central, Western, and Southern. The Central Region is dominant as most of the market players are present in this region.


The near field communication (NFC) segment of the mobile wallet industry in Saudi Arabia is driven by the country's subscribers' growing use of contactless payments due to the technology's ease of use. A key reason driving the category revenue is the added security offered by NFC-enabled mobile wallets. By using message authentication measures, near field communication creates a secure channel of communication between point-of-sale (POS) and end-user devices. The near field communication technology is raising business revenues and consumer satisfaction.


Consumers can now make both small and large payments with mobile devices, thanks to the near field communication technology's rapid advancement. Additionally, it is projected that the growing demand for convenience and the desire to minimize the cost of ownership, would both contribute to the growth in the Saudi Arabia Mobile Wallet Market.


Key market players in the Saudi Arabia Mobile Wallet Market include:

  • Samsung Electronics Co Ltd (Samsung Pay)
  • Alphabet Inc (Google LLC)
  • PayPal Holdings, Inc
  • Apple Inc
  • Saudi Digital Payment Company
  • Saudi Central Bank
  • Mada Pay
  • STC Pay
  • BayanPay
  • Noon Pay
  • Alinma Pay.


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“The kingdom of Saudi Arabia is working towards diversifying its economy as a part of the Vision 2030 Program and developing the country as a center for digitally enabled trade, investment, and technological advancements. The country is also adopting and identifying new technologies with advanced use cases across the industries, such as a Saudi Arabia's Vision 2030 plan. The QR codes segment in terms of technology dominated the market and is also expected to show its dominance over the forecast period. Modern smartphone users make payments using QR code technology. Additionally, a lot of financial institutions are working with mobile app developers to create applications that will let customers conduct commercial transactions. Because QR codes offer benefits over traditional payment methods, such as ease of use and security, there is growing support for them from payment service providers and technology companies. In addition, there is a huge chance for QR code-based mobile payment to expand, thanks to the expanding mobile market, increased payment infrastructure, and data connectivity,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.


“Saudi Arabia Mobile Wallet Market– Segmented By Type (Semi-Closed, Open, Closed), By Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device Manufacturers, Tech Companies, Banks), By Application (Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others, By Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”,
has evaluated the future growth potential of Saudi Arabia Mobile Wallet Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Saudi Arabia Mobile Wallet Market.


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