Saudi Arabia Digital Wallet Market Size & Insights

The Saudi Arabia Digital Wallet Market size was valued at around USD 1.03 billion in 2024 and is projected to reach USD 2.62 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 16.82% during the forecast period, i.e., 2025-30.The Saudi Arabia Digital Wallet Market is significantly growing due to several growth factors, including the rapidly growing gaming industry, the rising demand for electronic devices, including TVs, smartphones, monitors, wearables, etc., the infrastructural development & expansion of production facilities, and the integration of artificial intelligence in Saudi Arabia Digital Wallet. 

What are the Key DRO in the Saudi Arabia Digital Wallet Market?

Growth of E-Commerce Platforms – The improved internet infrastructure and widespread adoption of smartphones in Saudi Arabia have led to a boost in internet penetration across the country. The increased internet accessibility in the country has served as an opportunity for the e-commerce platforms like Noon, Carrefour, etc., to widen consumer reach & increase market penetration. Moreover, the changing consumer preference for online shopping due to convenience & wider product accessibility is leading to the growth of e-commerce platforms in Saudi Arabia.

These e-commerce platforms have been increasingly incorporating digital wallet solutions in their applications to provide consumers with a streamlined checkout process and enhance the user experience. The convenience and faster payment experience offered by digital wallets is even encouraging consumers to shift towards digital wallets for payment in e-commerce. Thus, the surging usage of e-commerce platforms & the changing consumer transaction habits has been augmenting the growth of the digital wallet market in Saudi Arabia.

What are the Key Segments in the Saudi Arabia Digital Wallet Market?

The Saudi Arabia Digital Wallet is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

-By Wallet Type

  • Open- Market Size & Forecast 2020-2030F, USD Million
  • Closed- Market Size & Forecast 2020-2030F, USD Million
  • Semi-Closed- Market Size & Forecast 2020-2030F, USD Million

-By Industry Vertical

  • Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2020-2030F, USD Million
  • Hospitality- Market Size & Forecast 2020-2030F, USD Million
  • Media & Entertainment - Market Size & Forecast 2020-2030F, USD Million
  • Retail & E-Commerce- Market Size & Forecast 2020-2030F, USD Million
  • Energy & Utilities- Market Size & Forecast 2020-2030F, USD Million
  • Telecommunication- Market Size & Forecast 2020-2030F, USD Million
  • Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2020-2030F, USD Million

-By End User

  • Personal- Market Size & Forecast 2020-2030F, USD Million
  • Business/Corporate- Market Size & Forecast 2020-2030F, USD Million

-By Ownership

  • Banks- Market Size & Forecast 2020-2030F, USD Million
  • Telecom Operators- Market Size & Forecast 2020-2030F, USD Million
  • Device Manufacturers- Market Size & Forecast 2020-2030F, USD Million
  • Tech Companies- Market Size & Forecast 2020-2030F, USD Million

-By Technology

  • Near Field Communication
  • QR Code
  • Text Based/ Short Message Service
  • Digital Only

Among all, Near Field Communication (NFC) technology has gained broad acceptance and seamless integration into numerous payment terminals & merchant stores to simplify the payment process for users and thus hold a significant share of the Saudi Arabia Digital Wallet Market.

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-By Type

  • Proximity
  • Remote

Of both, proximity-based digital wallets hold a prominent share of the market.

How does geographical analysis highlight in the Saudi Arabia Digital Wallet market?

-By Region

  • Central
  • East
  • West
  • South

Who are the Key Players in Saudi Arabia Digital Wallet Market?

  • Geidea Solutions
  • Hala
  • UrPay
  • Mobily Pay
  • Alinma Pay
  • Friendi Pay
  • Liv KSA
  • Meem
  • Mada Pay
  • Quick Pay
  • HyperPay
  • Others

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Saudi Arabia Digital Wallet Market News

2024: STC Pay launched a beta version of its next‑generation digital banking platform, allowing selected users in Saudi Arabia to access expanded banking functionality beyond wallet services — a pivotal step toward full transformation into STC Bank

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Why This MarkNtel Advisors Research Report:

  • In-depth Market Analysis: Understand trends and dynamics shaping growth.
  • Segmented Insights: Target specific segments for focused strategies.
  • Geographical Performance: Assess market opportunities by geographic area.
  • Emerging Technologies: Discover advancements like AI integration.
  • Risk Identification: Pinpoint challenges to inform strategic planning.
  • Future Forecasts: Prepare for market changes with actionable projections.

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