Saudi Arabia Mobile Wallet Market Expected to Grow at High CAGR Through 2028
Growing
Use of contactless services on retail stores to drive the Saudi Arabia Mobile
Wallet market.
According
to TechSci Research report, “Saudi Arabia Mobile Wallet Market - By Region,
Competition, Forecast & Opportunities, 2028”, Saudi Arabia Mobile
Wallet Market is growing, owing to rapid expansion of e-commerce in this
nation. The e-commerce industry in this nation is expanding quite quickly,
contributing more than 15% of the GDP. Along with this, the minimal reliance on
currency by people is leading to an increase in digital transactions in the
country. The high rate of smartphone ownership and widespread availability of
fast internet in Saudi Arabia are further factors that are encouraging an
expansion in digital trade. In addition to this, a very high percentage of
women in this country are employed, and their rising spending on a variety of
goods and services via smartphones at both online and offline retailers, is
accelerating the growth in payments revenue for digital wallet companies and,
consequently, the Saudi Arabia Mobile Wallet market. There are numerous of
digital wallet options for the users that provides coupons & discount codes
which acts as a financial advantage for the market players invested in the
market.
Moreover,
a partnership was formed between MoneyGram International, and the mobile wallet
Mobily Pay, which is based in Saudi Arabia. Through this agreement, customers
will be able to transfer money internationally, almost instantly, thanks to the
integration of the former's international cash transfer service into the
latter's digital wallet.
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The
Saudi Arabia Mobile Wallet Market is divided into Type, Technology, Ownership
and Application. Based on Type, the market is divided into Semi-Closed, Open,
and Closed. Based on technology, the market is segmented into Quick Response
(QR) Codes, Near Field Communication (NFC), Magnetic Secure Transmission (MST),
and Others. Based on ownership, the market is segmented into Telecom Operators,
Device Manufacturers, Tech Companies, and Banks. Based on application, the
market is segmented into Entertainment & Travel, Bill Payments, Food &
Drinks, Groceries, Peer-to-Peer Transfer, and Others. In terms of regional
analysis, the Saudi Arabia Mobile Wallet Market is segmented into Eastern,
Northern & Central, Western, and Southern. The Central Region is dominant
as most of the market players are present in this region.
The
near field communication (NFC) segment of the mobile wallet industry in Saudi
Arabia is driven by the country's subscribers' growing use of contactless
payments due to the technology's ease of use. A key reason driving the category
revenue is the added security offered by NFC-enabled mobile wallets. By using
message authentication measures, near field communication creates a secure
channel of communication between point-of-sale (POS) and end-user devices. The
near field communication technology is raising business revenues and consumer
satisfaction.
Consumers
can now make both small and large payments with mobile devices, thanks to the
near field communication technology's rapid advancement. Additionally, it is
projected that the growing demand for convenience and the desire to minimize
the cost of ownership, would both contribute to the growth in the Saudi Arabia
Mobile Wallet Market.
Key
market players in the Saudi Arabia Mobile Wallet Market include:
- Samsung
Electronics Co Ltd (Samsung Pay)
- Alphabet
Inc (Google LLC)
- PayPal
Holdings, Inc
- Apple
Inc
- Saudi
Digital Payment Company
- Saudi
Central Bank
- Mada
Pay
- STC
Pay
- BayanPay
- Noon
Pay
- Alinma
Pay.
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“The
kingdom of Saudi Arabia is working towards diversifying its economy as a part
of the Vision 2030 Program and developing the country as a center for digitally
enabled trade, investment, and technological advancements. The country is also
adopting and identifying new technologies with advanced use cases across the
industries, such as a Saudi Arabia's Vision 2030 plan. The QR codes segment in
terms of technology dominated the market and is also expected to show its
dominance over the forecast period. Modern smartphone users make payments using
QR code technology. Additionally, a lot of financial institutions are working
with mobile app developers to create applications that will let customers
conduct commercial transactions. Because QR codes offer benefits over
traditional payment methods, such as ease of use and security, there is growing
support for them from payment service providers and technology companies. In
addition, there is a huge chance for QR code-based mobile payment to expand,
thanks to the expanding mobile market, increased payment infrastructure, and
data connectivity,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi
Arabia Mobile Wallet Market– Segmented By Type (Semi-Closed, Open, Closed), By
Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic
Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device Manufacturers,
Tech Companies, Banks), By Application (Entertainment & Travel, Bill
Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others, By
Region, Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, has evaluated the future growth
potential of Saudi Arabia Mobile Wallet Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Saudi Arabia Mobile Wallet Market.
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