The "Saudi Arabia Cards and Payments - Opportunities and Risks to 2023" report has been added to ResearchAndMarkets.com's offering.
'Saudi Arabia Cards and Payments - Opportunities and Risks to 2023' report provides detailed analysis of market trends in Saudi Arabia's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, cheques, and direct debits during the review-period (2015-19e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
- As part of Saudi Vision 2030, in March 2020 SAMA announced it will launch a unified QR code-based national payment system (the commercial launch date has not yet been announced). By implementing this unified platform, SAMA aims to offer several payment solutions for retailers, payment service providers, and consumers through a unified platform that enables all involved parties to interact using one common and consistent standard. Saudi Payments, a fully owned subsidiary of SAMA, selected fintech company Hightech Payment Systems to implement the platform. Previously, Saudi Payments signed a memorandum of understanding with nine banks and three financial technology firms in May 2019 to support the project.
- The ongoing COVID-19 pandemic is changing the way Saudi consumers make payments. According to an April 2020 survey carried out by Mastercard, 65% of respondents are now using contactless payments and 81% will continue to use contactless payments post-pandemic, while 80% of respondents view contactless as the cleaner way to pay. The survey also revealed that between February and March 2020, contactless transactions grew three times as fast as non-contactless transactions in the grocery and pharmacy categories. Due to the pandemic, in March 2020 SAMA increased the contactless payment limit on debit cards from SAR100 ($26.67) to SAR300 ($80).
- SAMA reduced the repo rate by 75 basis points from 1.75% to 1% in March 2020 to support the banking sector and economy against the impact of coronavirus. To protect the interests of credit card holders in particular, in April 2020 SAMA urged all banks in the country to review interest rates and other fees levied on credit cards in line with the drop in the repo rate. While these measures are aimed at offering relief to credit card holders until normalcy is restored, any reduction in credit card interest rates by banks will further encourage their usage going forward.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to Saudi Arabia's cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in Saudi Arabia's cards and payments industry.
- Assess the competitive dynamics in Saudi Arabia's cards and payments industry.
- Gain insights into marketing strategies used for various card types in Saudi Arabia.
- Gain insights into key regulations governing Saudi Arabia's cards and payments industry.
Key Topics Covered:
- Payment Instruments
- Card-based Payments
- E-commerce Payments
- Alternative Payments
- Payments Infrastructure & Regulation
- Payment Innovations
- Apple Pay
- Al Rajhi Bank
- American Express
- Arab National Bank
- National Commercial Bank
- Riyad Bank
- Samba Financial Group
- mada Pay
- Riyad Pay
- stc pay
- Visa Checkout
For more information about this report visit https://www.researchandmarkets.com/r/6nm9sb
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