Saudi Arabia Payment Gateway Market to be Dominated by Retail Through 2028
The
increasing adoption of digital payments and the growth of e-commerce are
driving the payment gateway market in Saudi Arabia.
According to the TechSci
Research report, “Payment Gateway Market – Saudi Arabia Industry Size, Share,
Trends, Opportunity, and Forecast, 2028,” the Saudi Arabia payment gateway market is
anticipated to register robust growth during the forecast period, 2024-2028. A payment gateway acts as a
go-between for the e-commerce site and the bank. Online payment encrypts sensitive
information and is used for online transaction authentication. It is also used
to prevent fraud by providing the card verification value (CVV) and the address
verification system (AVS). Furthermore, the popularity of digital payment modes,
such as credit/debit cards, net banking, and mobile wallets, and an increasing
number of customers using smartphones for online transactions is propelling the
global payment gateway market.
Furthermore, e-commerce sites
collaborating with various payment gateways are offering cashback to retain and
attract new customers. Consumer payment behavior changes have been a major
driver of growth in the payment gateway market. The rapid growth of e-commerce,
as well as the growing popularity of mobile and online shopping, has increased
demand for payment gateways, which allow for secure and efficient online
payments. Consumers are increasingly comfortable shopping online and using
digital payment methods, leading to a shift away from traditional payment
methods, such as cash and checks.
Payment gateways have evolved
into an essential component of the e-commerce ecosystem, enabling businesses to
accept a diverse range of payment methods while also providing secure payment
processing and fraud prevention services. In addition to e-commerce, payment
gateways are also used in a few other sectors, such as healthcare,
transportation, and entertainment, as companies look to provide their customers
with simple and secure payment options. The payment gateway market is
anticipated to expand overall as more companies and consumers adopt digital
payment methods and as payment gateway providers continue to develop new
products and enhance existing ones to meet the changing demands of their
clients.
Browse over 30
market data Figures spread through 70 Pages and an in-depth TOC on the “Saudi Arabia Payment Gateway Market”
The Saudi Arabia payment gateway market is segmented by type,
enterprise size, end users, regional distribution, and competitional landscape.
Based on type, the market is further bifurcated into hosted, bank integrated,
and self-hosted. Because of the benefits provided by the hosted payment method,
the hosted segment generated the largest revenue share of the market and is
expected to dominate the market segment in the forecast years. High security
reduces the merchant's liability, and advanced payment setups are advantages
that help the market segment grow faster than the other sub-segments.
The method is more popular among merchants because it provides security
and integrity during the payment process and reduces fraudulent activities,
allowing merchants to focus on their services rather than the payment process.
The non-hosted method is expected to grow at the fastest CAGR due to concerns
from certain small-scale merchants who prefer to keep their servers that prefer
hold of complete checkout processes and avoid any kind of redirection of the
consumers with a reason for maintaining their brand value and to provide a personalized
experience to their consumers.
Saudi Arabia, as a part of its Vision 2030 plan, has been making
significant investments toward Industry 4.0, also known as the Fourth
Industrial Revolution. Industry 4.0 refers to the integration of advanced
technologies, such as artificial intelligence (AI), the Internet of Things
(IoT), big data analytics, and automation, into industrial processes to drive
efficiency, productivity, and innovation. The Saudi government recognizes the
potential of Industry 4.0 in transforming its economy and has been actively
promoting its adoption across various sectors.
Another area of investment is in digital transformation and innovation.
The Saudi government has been actively promoting the adoption of digital
technologies across various sectors, including healthcare, education,
transportation, and finance, to enhance service delivery, streamline processes,
and improve the overall quality of life. This includes initiatives such as the
National Transformation Program (NTP) and the establishment of the Saudi Data
and Artificial Intelligence Authority (SDAIA), which are aimed at developing
digital infrastructure, fostering innovation, and supporting startups and
entrepreneurs in the field of Industry 4.0 technologies.
Key market
players in the Saudi Arabia payment gateway market:
- PayPal Holdings, Inc.
- Moyasar Financial Company
- Vapulus - Kingdom of Saudi Arabia
- Amazon Payments, Inc.
- GoDaddy Payments
- Stripe, Inc.
- CCAvenue
- 2Checkout.com, Inc.
- PayTabs
- Telr
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“With
recent endeavors for 6G technology to be introduced and already started
research and studies by various countries are opening wider scope for the
advanced payment methods for the consumers. Saudi Arabia is anticipated to
dominate the future market due to going on consistent studies on 6G network
connection,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Saudi Arabia Payment Gateway
Market By Type (Hosted, Bank Integrated, and Self-hosted),
By Enterprise Size (Large Enterprise and Small and Medium Enterprise (SME)), By
End User (Travel & Hospitality, Retail, Healthcare, Education, Government,
Utilities, and Others), By Region, Competition, Forecast, and Opportunities, 2028 has evaluated the future growth potential of Saudi Arabia payment
gateways market and provides statistics & information on market size,
structure, and future market growth. The report intends 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 in Saudi Arabia payment
gateways market.
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