The Saudi Arabia Digital Wallet Market size was valued at around USD 1.03 billion in 2024 and is projected to reach USD 2.62 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 16.82% during the forecast period, i.e., 2025-30. According to MarkNtel Advisors Study.

Saudi Arabia Digital Wallet Market Driver:

Growth of E-Commerce Platforms – The improved internet infrastructure and widespread adoption of smartphones in Saudi Arabia have led to a boost in internet penetration across the country. The increased internet accessibility in the country has served as an opportunity for the e-commerce platforms like Noon, Carrefour, etc., to widen consumer reach & increase market penetration. Moreover, the changing consumer preference for online shopping due to convenience & wider product accessibility is leading to the growth of e-commerce platforms in Saudi Arabia.

These e-commerce platforms have been increasingly incorporating digital wallet solutions in their applications to provide consumers with a streamlined checkout process and enhance the user experience. The convenience and faster payment experience offered by digital wallets is even encouraging consumers to shift towards digital wallets for payment in e-commerce. Thus, the surging usage of e-commerce platforms & the changing consumer transaction habits has been augmenting the growth of the digital wallet market in Saudi Arabia.

Moreover, the rising inclination of consumers toward online shopping is also resulting in the launches of new e-commerce platforms. Thus, the surge in the inclination of consumers toward digital payment solutions & integration of e-commerce platforms and digital payment solutions would enhance the demand for digital wallets in the forthcoming years.

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Key Market Reports Highlights

·        Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Saudi Arabia Digital Wallet Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2024

-Historical Period: 2020 to 2023

-Forecast Period: 2025 to 2030

• By Type
• Proximity- Market Size & Forecast 2020-2030F, USD Million
• Remote- Market Size & Forecast 2020-2030F, USD Million
• By Technology
• Near Field Communication- Market Size & Forecast 2020-2030F, USD Million
• QR Code- Market Size & Forecast 2020-2030F, USD Million
• Text-Based/Short Message Service- Market Size & Forecast 2020-2030F, USD Million
• Digital Only- Market Size & Forecast 2020-2030F, USD Million
• By Wallet Type
• Open- Market Size & Forecast 2020-2030F, USD Million
• Closed- Market Size & Forecast 2020-2030F, USD Million
• Semi-Closed- Market Size & Forecast 2020-2030F, USD Million
• By Industry Vertical
• Banking, Financial Services, and Insurance (BFSI)- Market Size & Forecast 2020-2030F, USD Million
• Hospitality- Market Size & Forecast 2020-2030F, USD Million
• Media & Entertainment - Market Size & Forecast 2020-2030F, USD Million
• Retail & E-Commerce- Market Size & Forecast 2020-2030F, USD Million
• Energy & Utilities- Market Size & Forecast 2020-2030F, USD Million
• Telecommunication- Market Size & Forecast 2020-2030F, USD Million
• Others (Healthcare, Gaming, etc.)- Market Size & Forecast 2020-2030F, USD Million
• By End User
• Personal- Market Size & Forecast 2020-2030F, USD Million
• Business/Corporate- Market Size & Forecast 2020-2030F, USD Million
• By Ownership
• Banks- Market Size & Forecast 2020-2030F, USD Million
• Telecom Operators- Market Size & Forecast 2020-2030F, USD Million
• Device Manufacturers- Market Size & Forecast 2020-2030F, USD Million
• Tech Companies- Market Size & Forecast 2020-2030F, USD Million
• By Region
• Central
• East
• West
• South

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including - STC Pay, Geidea Solutions, Hala, UrPay, Mobily Pay, Alinma Pay, Friendi Pay, Liv KSA, Meem, Mada Pay, Quick Pay, HyperPay looking forward to strengthening their market positions.

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