Alternative payments landscape in Saudi Arabia
The Kingdom of Saudi Arabia is well on its way to becoming the centre of the Middle East’s e-commerce and fintech aspirations. We’ve taken a closer look at how that’s going and the factors that play a significant role in developing alternative digital payment methods in this country.
Under its Vision 2030 program launched in the aftermath of the 2015 downturn in oil prices, Saudi Arabia is not only aiming at diversifying its economy and boosting investment but also developing a digital payments infrastructure. But will it be the next country in line to becoming a cashless society?
With cash payments still the second most popular payment method (34%) according to a 2020 study, Saudi Arabia still has a long way to go. Though in 2020 alone, digital payments grew by a whopping 75% and cash withdrawals fell by a third, so the country’s inevitably going in the cashless direction. And by 2025, digital payments are projected to accumulate as much as $42.3 billion in value.
In this case study, we’re looking at the growth of alternative digital payments in Saudi Arabia. Download it to read more about:
- How fintechs and incumbent banks compete in the Saudi Arabian market
- The role of digital wallets in the digitalization of the economy
- The growth factors for digital wallets
- The development of the financial infrastructure in Saudi Arabia