Economic reforms by the Saudi government and Greater Focus on Increasing Financial Inclusion has led to the Growth of Debit Cards, Credit Cards and Other Digital Payment Methods in the Country: 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 Analysts at Ken Research in their latest publication “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”, believe that increasing penetration of debit cards and credit cards will create a positive impact on Saudi Arabia cards and payments market. The market is expected to register a positive CAGR of 12.7% in terms of transaction volume during the forecast period 2018-2023. The market is further expected to be driven by the growing E-commerce industry, rising mobile phone penetration and government push towards financial inclusion. Government launched Mada national payment system to support Mada debit cards. As a result of which, banks are now able to offer online payment services to card holders. Mada debit cards are issued by local banks and are part of the digital payment strategy to reduce cash transactions in the country thus; enabling the use of debit cards to make online payments without restrictions over secure payment platforms. In 2018, Visa established a partnership with the Saudi Payments Network to launch the Mada Pay feature on Mada debit cards, being the first multi-issuer mobile payment platform to offer contactless NFC (near field communications). Banks have increased their focus on establishing customer relationships through offering advanced services and competitive loyalty programmes. For instance, Al Rajhi Bank ensures it offers its customers a wide variety of credit card options which are Sharia-compliant and have wide acceptance and flexibility worldwide. Customer Engagement by Banks: Since digital channels have become a better way to reach out to customers, banks in Saudi Arabia have started to shift from customer experience to customer engagement. The ability to personalize communications, proactively respond to events and queries, and preventing fraudulent activities are some of the key factors in order to improve customer loyalty and retention. Saudi Arabia is making huge investments in digital technology in order to transform the financial industry. Implementation of VAT: With the implementation of the Value Added Tax in the beginning of 2018 and other increases in the cost of living in the country for most expatriates, consumers found it hard to adapt to changing economic policies and cover their expenditure. The new dependent visa fees for expatriates require expatriates to pay monthly, leading to an increase in the use of credit cards for most household expenses. Loyalty programmes, discounts and cash back points are thus lucrative for consumers in the KSA, and issuers are gearing up to offer attractive loyalty programmes. Digitization: Huge investments are being made in digital technology to transform the financial industry in Saudi Arabia. Both consumers as well as retailers are more digitalized and technology-oriented. The shift is towards mobile and online payments (especially debit and credit cards), which has been the priority of financial entities looking for customer satisfaction. The penetration rate is low but is steadily increasing over the last decade from cash based economy to electronic payments. Banks are gearing up to increase this pace of digitization exponentially. Bank transfers to government, payments for custom duties, B2B payments are gradually happening through credit cards. Saudi Arabia Cards and Payments Market Payment Cards in Saudi Arabia Payment Services in Saudi Arabia Payment System History Saudi Arabia Payment System Genesis Saudi Arabia Saudi Arabia Cards and Payments Market Outlook Saudi Arabia Payments System Market Outlook Saudi Arabia’s National Payment System Saudi Arabia’s Cards and Payments Market Segmentation Paper Clearing Market Saudi Arabia Cheques Clearing System Saudi Arabia Paper Clearing Market Size Saudi Arabia Paper Clearing Market Segmentation Saudi Arabia Credit Cards in Saudi Arabia Debit Cards in Saudi Arabia MADA Cards in Saudi Arabia SARIE System in Saudi Arabia SARIE Market Size Saudi Arabia SARIE Market Segmentation Saudi Arabia Interbank Payments in Saudi Arabia Saudi Arabia Payments Market Size Saudi Arabia Economic Overview Cheque Clearing System Saudi Arabia Banks in Saudi Arabia Islamic Banking in Saudi Arabia ATMs in Saudi Arabia Technology Trends in Saudi Arabia Credit Cards Revenue Streams Saudi Arabia Debit Cards Revenue Streams Saudi Arabia Payment Card Operators in Saudi Arabia Payment Card Issuers in Saudi Arabia Credit Cards Trends Saudi Arabia SAMA Regulations Saudi Arabia Payment Market Trends Saudi Arabia National Commercial Bank Saudi Arabia Saudi British Bank Riyadh Bank Al Rajhi Bank Arab National Bank Samba Financial Group 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 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