Saudi Arabia Digital Wallet market was valued at US$946.844 million in 2019. The Kingdom of Saudi Arabia is one of the most advanced and one of the fastest-growing economies in the middle east. The market growth in this country is majorly being driven by the rapid growth of e-commerce in this country. 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 to this, the low dependency of people on cash is increasing the number of digital transactions in this country. High penetration of smartphones in this country and access to a good internet connection among people is also favoring 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 it has neared around 100%, thus pointing towards the dominance of the country 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 with customers, and lucrative benefits offered by them. This is further increasing the adoption of digital wallets among people, thus boosting the market growth.
In conjunction with this, the rising spread of COVID-19 in this country has made digital wallets more popular among people. Since people are showing reluctance towards contract-based payments, on account of the risk of contracting the disease through them, digital wallets are gaining popularity among people.
Saudi Arabia 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 digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.