Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The report titled “Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth”, provides a comprehensive analysis of payment card services in Saudi Arabia. The report focuses on overall market size for cards and payment services, SARIE market segmentation by Payments Type (Customer Payments, Interbank Payments and Others), Saudi Arabia’s Paper Clearing market segmentation by Type (Commercial and Personal Cheques and Interbank Cheques), by Region (Riyadh, Dammam, Jeddah, Makkah, Almadinah and Others); Cards and Payments Market by Stakeholders in Ecosystem, Digital Phase; Operating Model; Credit Card Market Size by Number of Cards in Circulation, Number of Transactions and Transaction Volume), By Revenue Stream in a Credit Card system, Credit Card market segmentation by Type (Personal Credit Cards and Commercial Credit Cards), by Competition Scenario in Credit Card market on the basis of Number of Cards in Circulation by Transaction Volume by Issuers and Operators; Credit Card Details for Top Banks; Regulations and Requirements related to Credit Cards; Credit Card market Future Outlook and Projections; Debit Card Market Size by Number of Cards in Circulation, Number of Transactions and Transaction Volume), by Revenue Stream in a Debit Card System, by Competition Scenario in Debit Card market on the basis of Number of Cards in Circulation and Transaction Volume by Issuers and Operators, Debit Card market Future Outlook and Projections; Major Bank Profiles in Cards and Payments Market (National Commercial Bank, Riyadh Bank, Arab National Bank, Saudi British Bank, Al Rajhi Bank and SAMBA Financial Group); American Express Profile; Strengths and Weaknesses of Major Banks; Snapshot on Prepaid Cards in Saudi Arabia, Snapshot on Charge Cards in Saudi Arabia and Anti Money Laundering Law. The report also covers overall trends and developments, issues and challenges; and analyst recommendations. Market Size and Overview: The credit and debit card business of Saudi Arabia has witnessed steady growth owing to rising transaction volume, number of transaction and cards in circulation. The debit card transaction volume grew at a rate faster than the credit cards, even though both posed single digit growth rate. The credit market by transaction volume grew at a five year CAGR of 4.6%, whereas the debit card transaction volume grew at a five year CAGR of 8.6% during the review period 2013-2018. The number of debit cards in circulation is much more than the credit cards in circulation. When it comes to number of transactions, again the number of debit card transactions outweighs the total number of credit card transactions with a five year CAGR (2013-2018) of 9.9%. Number of credit card transactions as of 2018 witnessed a five year CAGR (2013-2018) of 11.8%, which is faster than debit card transactions growth rate. Market Segmentation for Credit Cards: Credit cards in Saudi Arabia have been segmented on the basis of consumer entities i.e. personal credit cards and commercial credit cards. Number of personal credit cards in circulation witnessed a 5 year growth CAGR of 4.2% from 2013-2018. The personal credit card market by transaction volume grew at a five year CAGR of 9.5% from 2013 to 2018. The number of personal credit card transactions dominated with a five year CAGR (2013-2018) of 13.8% in 2018. Number of commercial credit cards in circulation witnessed a negative five year CAGR of (2.8%) from 2013 to 2018. The commercial credit card market by transaction volume declined at a negative five year CAGR of (4.4%) from 2013 to 2018. The number of commercial credit card transactions grew at a five year CAGR of 4.6% during 2013-2018. Competition Stage and Company Positioning: Competition within Saudi Arabia Cards and Payments Market has been moderately concentrated, with around 13 banks operating under credit cards and debit cards market. Major operators in the space are MasterCard, Visa and American Express. The market competition is based on the transaction volume and number of credit / debit cards in circulation. The overall card market of Saudi Arabia is still in its early growth stage as nearly 80.0% still uses cash as the main mode of payment. A large population remains unbanked along with new technical advancement every year which makes the industry young in its nature. Competing Parameters: The major parameters on the basis of which the banks compete with each other include technological advancement in financial technology, physical card changes, reward point program, loyalty program, merchant discounts, annual maintenance charge, interest rates and others. Future Outlook and Projections: Increasing demand for Islamic cards owing to its shariah compliance and entrance of E-commerce giants for instance, Souq, Cobone, Haraj and AliExpress are collectively expected to drive the payment cards market in Saudi Arabia. The overall credit card market by number of cards in circulation is expected to rise at a five year CAGR of 6.4% in 2023. The number of credit card transactions is expected to surge at a CAGR of 13.1%, much higher than the prior period. The credit card transaction volume is also expected to increase at a five year CAGR of 8.6% by the year ending 2023. The overall debit card market by number of cards in circulation is expected to rise at a five year CAGR of 6.1% by 2023. The growth rate projected is almost similar to that of the credit cards due to high dominance of cash in the economy. The number of debit card transaction is expected to surge at a five year forecasted CAGR growth rate of 16.4% and the debit card transaction volume is expected to increase at a five year CAGR of 14.2% during the forecast period 2018-2023. Key Segments Covered: Saudi Arabia Payment Landscape SARIE Market By Payment Type(Interbank Payments, Customer Payments, Others) Paper Clearing Market By Type of Cheques(Commercial and Personal Cheques and Interbank Cheques) By Region Credit Cards Market Number of Cards in Circulation, Number of Transaction Transaction Volume Segmentation By Type(Personal and Commercial) Revenue Stream in Credit Card Credit Card Details by Major Issuers Regulations and Requirements for Credit Cards Competition Scenario by Issuers and Operators By Number of Cards in Circulation By Payment Transaction Volume Future Projections Debit Cards Market Number of Cards in Circulation, Number of Transaction Transaction Volume Revenue Stream in Debit Card Competition Scenario by Issuers and Operators By Number of Cards in Circulation By Payment Transaction Volume Future Projections Time Period Captured in the Report: Historical Period: 2013-2018 Forecast Period: 2018-2023 Banks Covered: National Commercial Bank Saudi Arabia British Bank SAMBA Financial Service Riyad Bank Al Rajhi Bank Arab National Bank Key Topics Covered in the Report Saudi Arabia Payments Landscape SARIE Market Paper Clearing Market Payment Cards Stakeholders Digital Phase in Saudi Arabia Credit Cards Market Size Credit Cards Market Segmentation Revenue Stream in Credit Card System Islamic Banking Regulations and Requirements for Credit Cards Competition Scenario in Credit Cards Market Debit Cards Market Size Debit Cards Market Segmentation Revenue Stream in Debit Card System Competition Scenario in Debit Cards Market Snapshot on Prepaid Card Market Snapshot on Charge Card Market Trends and Developments Issues and Challenges Analyst Recommendations For more information, refer to below link: Saudi Arabia Cards and Payments Market Related Reports Global Cards and Payments Market Analysis 2013-2018 and Forecast 2019-2024 The Cards and Payments Industry in Cambodia: Emerging Trends and Opportunities to 2021 The Cards and Payments Industry in Nigeria: Emerging Trends and Opportunities to 2020 Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com +91-9015378249 Tags: Al Rajhi Bank, Arab National Bank, ATMs in Saudi Arabia, Banks in Saudi Arabia, Cheque Clearing System Saudi Arabia, Cheques Clearing System Saudi Arabia, Credit Card Transaction Volume in Saudi Arabia, Credit Cards in Saudi Arabia, Credit Cards Revenue Streams Saudi Arabia, Credit Cards Trends Saudi Arabia, Debit Cards in Saudi Arabia, Debit Cards Revenue Streams Saudi Arabia, Debit Cards Transaction Volume in Saudi Arabia, Interbank Payments in Saudi Arabia, Islamic Banking in Saudi Arabia, MADA Cards in Saudi Arabia, National Commercial Bank Saudi Arabia, Number of Credit Card Transactions In Saudi Arabia, Number of Credit Cards in Circulation in Saudi Arabia, Number of Debit Cards in Circulation in Saudi Arabia, Number of Debit Cards Transactions In Saudi Arabia, Paper Clearing Market Saudi Arabia, 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