Saudi Arabia Digital Wallet Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others) - Forecasts From 2022 To 2027

Published:  Jun 2022 Report Code: KSI061613800 Pages: 95

Saudi Arabia’s digital wallet market was valued at US$590.437 million in 2020. 

The Kingdom of Saudi Arabia is one of the most advanced and fastest-growing economies in the middle east. The market growth in this country is majorly driven by the rapid growth of e-commerce. With a contribution of more than 15% to the country’s GDP, the e-commerce sector in this country is showing very rapid growth. In conjunction with this, the low dependency of people on cash is increasing the number of digital transactions in this country. The high penetration of smartphones in this country and access to a good internet connection among people is also favouring the increase in digital transactions in this country. According to data from the World Bank Group, more than 93% of people in this country have access to a good internet connection. Another data from the General Authority for Statistics (GASTAT) shows a different picture. According to the authority, the penetration of mobile phones and the use of the internet on them has neared around 100%, thus pointing towards the country's dominance in the digital landscape in this region. In conjunction with this, a very high proportion of working women in this country and increasing spending by them on various products and services through smartphones at both online and offline stores is also spurring the growth in payments revenue for digital wallet companies, thus propelling the market growth. Investments by many market players in this country are increasing the number of digital wallet options available to customers and the lucrative benefits offered by them. This further increases the adoption of digital wallets among people, thus boosting the market growth. According to a survey conducted by Mada and Visa, a Saudi Payments firm, 77 percent of consumers prefer using digital payments over cash. Among them, 60 percent chose mobile wallets. Also, among online shoppers, 62 percent of the customers prefer paying via digital wallets than cash-on-delivery.

In conjunction with this, the rising spread of COVID-19 in this country has made digital wallets more prevalent among people. Since people are showing reluctance towards contract-based payments, on account of the risk of contracting the disease, digital wallets are gaining popularity among people.

Saudi Arabia's digital wallet market has been segmented based on the device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, Saudi Arabia's digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.

Key Developments in the Market

  • In June 2022, MoneyGram International and Mobily Pay, a Saudi Arabia-based mobile wallet, entered into a partnership. Through this strategic partnership, the former's international cash transferring solution will be integrated into the latter's digital wallet, allowing users to move money throughout the world in near real-time. 
  • In June 2022, Tarabut Gateway, a MENA open banking platform with a market presence in Bahrain, the UAE, and Saudi Arabia, has announced four new important financial partnerships in the KSA, including Saudi British Bank, Alinma Bank, Riyad Bank, and Banque Saudi Fransi.  Traditional financial institutions and fintech can connect and develop their own apps on top of Tarabut Gateway's platform using the fintech's platform-agnostic solutions, including payment services, a user-friendly portal, and digital wallets. 
  • In November 2021, Saudi fintech Geidea partnered with Saudi telecom behemoth's sales and distribution arm to facilitate digital payments for small businesses in the Kingdom.  The former's services can boost digital payments made using credit and debit cards, digital wallets, e-wallets, and QR codes.

Segmentation

  • By Device
    • PC/Laptops
    • Smartphones
  • By Application
    • Money Transfer
    • Recharge
    • Movie Booking
    • Food Ordering
    • Others

1. Introduction
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation


2. Research Methodology
2.1. Research Data
2.2. Assumptions


3. Executive Summary
3.1. Research Highlights


4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis


5. Saudi Arabia Digital Wallet Market Analysis, By Device
5.1. Introduction
5.2. PCs/Laptops
5.3. Smartphones


6. Saudi Arabia Digital Wallet Market Analysis, By Application
6.1. Introduction
6.2. Money Transfer
6.3. Recharge
6.4. Movie Booking
6.5. Food Ordering
6.6. Others 


7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrativeness
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix


8. Companies Profiles
8.1. BayanPay
8.2. Halalah
8.3. Apple Inc.
8.4. Alinma Pay

BayanPay

Halalah

Apple Inc.

Alinma Pay

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