Saudi Arabia Cards and Payments Market Analysis and Forecast: 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 HOW SAUDI ARABIA CARDS AND PAYMENTS MARKET IS POSITIONED? Saudi Arabia cards and payment services market which has been dominated by cash witnessed advancement towards digital transactions both in terms of number of transactions and volume in the recent years. Saudi Arabia has gradually invested in the service sector to reduce the high reliance on oil. To learn more about this report Download a Free Sample Report Saudi Arabia is making huge investments in digital technology in order to transform the financial industry. Consumers now are more digitalised and technology-oriented and are moving towards mobile and online payments. Also, the mobile and online payments have also been the priority of Saudi Arabia’s government and the financial entities who seek consumer satisfaction. The total number of cards in circulation was witnessed to increase from ~ as of 31st December 2013 to ~ as of 31st December 2018, thus displaying a five year CAGR of ~%. The increase in online shopping in Saudi Arabia has made the country an intensely lucrative market to invest in. The investment in e-commerce will also drive the change in the way payments are made online. Banks in Saudi Arabia have started offering Islamic credit cards which have shariah compliance, so as to attract citizens. This has provided a much needed boost to the use of credit cards in Saudi Arabia as Islam forbids the receipt or payment of interest. HOW IS SARIE MARKET IN SAUDI ARABIA POSITIONED? SARIE commenced in Saudi Arabia in May 1997 and provides mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SAR). SARIE provides the basis for improved banking products and services and is the foundation for the payment system strategy of Saudi Arabia. The usage of SARIE system has been steadily growing with the number of transactions increasing at a CAGR of ~% from 2012 to 2018. SARIE MARKET SEGMENTATION By Type of Transactions (Customer Payments, Interbank Payments and Others: The customer payments dominated the SARIE market with a share of ~% in terms of number of transactions in 2018. However, interbank payments dominated the SARIE market in terms of revenue generated with a share of ~% in the year 2018.Most of the large value transactions take place through banks, similar to RTGS. Also the transaction for allocation of loans and its payment is also done via SARIE. Therefore, the share of interbank payments in terms of volume is the highest through SARIE. HOW IS PAPER CLEARING MARKET IN SAUDI ARABIA POSITIONED? The Paper Clearing System (PCS) governs how all paper-based payment instruments, such as cheques work. In Saudi Arabia all cheque clearings are operated by SAMA. The use of cheques have been decreasing at a negative CAGR of ~% from 2012 to 2018 primarily due to the increasing use of internet by population of Saudi Arabia, leading to increased use of electronic payment methods such as SARIE, SPAN (ATM and POS) and SADAD. PAPER CLEARING MARKET SEGMENTATION By Type (Commercial & Personal Cheques and Interbank Cheques), 2012-2018: The commercial and personal cheques accounted for ~% volume share of the total cheques drawn in 2018. The average value per transaction of a commercial and personal cheque is around SAR ~ in 2018. Interbank cheques accounted for ~% volume share of the total cheques drawn in 2018. The average value per transaction of an interbank cheque is around SAR ~ in 2018. About ~% of the cheques are deposited by the customer at the branch of the paying bank and therefore are not involved in the interbank clearings. By Regions, 2018: Approximately ~% by number of transactions and ~% by transaction volume of all the clearing house items are processed in the three regions. Riyadh has the highest number of transactions in terms of number as well as the volume because Riyadh being the capital city of Saudi Arabia has the highest number of bank branches among all the cities of Saudi Arabia. Jeddah is Saudi Arabia’s commercial capital and the city also has a lot of industries, therefore the volume of paper clearing transaction is more in the region. PENALTY FOR BOUNCED CHEQUES Issuing a bad cheque is a crime in Saudi Arabia. Article 118 of the law of commercial paper states that: An imprisonment sentence for a term not more than ~ years and a fine not exceeding SAR ~ or either of these two penalties shall be served by a person, who in bad intentions commits any of the following acts: If he issues a retractable check which has no current cashable payment consideration or when it has a consideration but its value is less than the amount mentioned in the cheque. If he regains, after issuing the check, all or some of the consideration in such a way that the remaining amount is not sufficient for the check value. If he tells the drawee not to cash the check. If he deliberately writes the check or signs it in such a way that prevents it from being cashed. If he endorses or signs for a third party a payable check, despite knowing that it does not have consideration sufficient for the check value or it is not cashable. 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 companies in saudi arabia, Credit Card Transaction Volume in Saudi Arabia, Credit Cards in Saudi Arabia, Credit Cards Trends Saudi Arabia, Debit Cards 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, Paper Clearing Transaction Saudi Arabia, Payment Card Issuers in Saudi Arabia, Payment Card Operators in Saudi Arabia, Payment Cards in Saudi Arabia, Payment Market Trends Saudi Arabia, Payment Services in Saudi Arabia, Payment System Genesis Saudi Arabia, Payment System History Saudi Arabia, Riyad Bank, SAMA Regulations Saudi Arabia, Samba Financial Group, SARIE Market Saudi Arabia, SARIE Market Size Saudi Arabia, SARIE System in Saudi Arabia, Saudi Arabia Cards and Payments Industry, Saudi Arabia cards and payments Industry Research Report, Saudi Arabia Cards and Payments Market, Saudi Arabia Cards and Payments Market Sales, Saudi Arabia Credit Card Market Outlook, Saudi Arabia Credit Cards Market, Saudi Arabia Credit Cards Transaction Value, Saudi Arabia Credit Cards Transaction Volume, Saudi Arabia Debit Cards Industry, Saudi Arabia Economic Overview, Saudi Arabia Payment Landscape, Saudi Arabia Payments Industry, Saudi Arabia Payments Market, Saudi Arabia Payments Market Size, Saudi Arabia Payments System Market Outlook, Saudi Arabia’s National Payment System, Saudi British Bank, Technology Trends in Saudi Arabia