The Saudi Arabia Cards and Payments Market has effectively observed the
steady growth due to the increasing transaction volume, number of transaction
and cards in the circulation. The transaction of the debit card volume
increased at a rate quicker than the credit cards, even though both the modelled
single digit growth rate. In addition, the number of the debit cards in the
movement is much more than the credit cards in the circulation. Not only has
this, the Saudi
Arabia Cards and Payments Industry witnessed to be at the growth stage
as the more regions across the Saudi Arabia are establishing the open banking
system initiatives where the banking systems are being start to the third party
service merchants. As more organizations are set to inflow the market, margins,
are predicted to decrease which is fueling the consolidation along the value
chain and from the several other markets. The movement to the real time payment
processing is fostering modern payment service merchants to establish the value
added services in addition to the payment.
The Saudi Arabia Credit Cards Market have been sectored based on the consumer
entities such as personal credit cards and commercial credit cards. The number
of personal credit cards in the circulation observed an effective growth during
the forecasted period more positively. It is anticipated that the personal
credit card market by transaction volume increased at a five year CAGR during
the reviewed period. According to the research, it is anticipated that in the
market of cards and payments in the Saudi Arabia there are so many active
players which recently functioning more significantly for leading the highest
market growth and dominating the high value of market share during the short
span of time while increasing the offers on the usage of credit cards, establishing
an e-commerce platform for the payments, and studying the strategies and
policies of the government which further benefitted for ruling the business
more smoothly includes National Commercial Bank, Saudi Arabia British Bank, SAMBA
Financial Service, Riyad Bank, Al Rajhi Bank, Arab National Bank and several
others.
Although, the foremost
parameters based on the which the financial institutions participate with each
other involve the technological advancement in financial technology, physical
card fluctuations, reward point program, trustworthiness program, merchant
discounts, annual preservation charge, interest rates and several others.
However, the competition within the Saudi
Arabia Cards and Payments Market has been abstemiously concentrated, with
nearby 13 banks functioning under the credit cards and debit cards market.
Foremost operators in the space are MasterCard, Visa and American Express. The
market competition is on the basis of transaction volume and quantity of credit
/ debit cards in movement.
Nonetheless, the potential
players in the Saudi Arabia Payments
Industry are effectively studying the competitor’s strategy for expanding
the premises and implementing the strategies of the joint ventures, mergers and
acquisitions and partnerships which further benefitted for enlarging the
business premises and generating the high amount of revenue.
The effective rise in the demand
for Islamic cards due to its shariah acquiescence and entrance of E-commerce
giants for instance, Souq, Cobone, Haraj and AliExpress are cooperatively predicted
to foster the payment cards market in Saudi Arabia. Therefore, in the coming
years, it is anticipated that the market of cards and payments in Saudi Arabia
will increase more positively over the near future.
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