Dublin, May 02, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Credit Card Transactions Market Overview, 2029" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Credit Card Transaction market was valued more than USD 23 Billion in 2023.
Saudi Arabia has emerged as a leader in digital payments adoption in the Gulf Cooperation Council (GCC), surpassing some of its peers but still trailing the United Arab Emirates (UAE). While both Saudi Arabia and the UAE have made tremendous progress in adopting digital payment methods, the UAE has achieved a higher level of adoption and integration than Saudi Arabia. The UAE's excellent infrastructure, robust regulatory framework, and proactive activities targeted at encouraging digital payments all contribute to its leadership position. Saudi Arabia, on the other hand, has struggled with slower regulatory reforms and a less developed digital environment, impeding its advancement in this area.
Expanding internet connectivity, which allows for easier access to digital banking services and platforms, is one of the key forces driving the trend toward digital payments. Furthermore, rising disposable incomes among Saudi people encourage increased consumer expenditure and the adoption of cashless transactions. Government-led efforts to promote financial inclusion also play an important role in increasing access to digital financial services, particularly among marginalised populations.
However, along with these drives, there are significant problems that must be addressed. Security concerns about fraud and cyber threats constitute substantial barriers to the widespread implementation of digital payment systems. Addressing these problems requires strong cybersecurity measures as well as consumer education campaigns to increase financial literacy and awareness. Despite progress in promoting digital payments, there are still portions of the public who lack financial literacy, emphasising the significance of targeted training programs to promote inclusivity and knowledge of digital financial tools.
In terms of policy and regulation, the Saudi Monetary Authority (SAMA) oversees the financial sector. SAMA's regulatory structure prioritises secure transactions, with laws such as PCI DSS compliance requiring strict security standards for card issuers and processors. By enforcing these standards, SAMA hopes to protect customers' financial interests while also fostering trust and confidence in digital payment systems. The rise of the e-commerce sector creates a significant opportunity for credit card transactions, which are driven by the ease and security they provide.
Credit card usage is anticipated to expand even more as online shopping becomes more popular, creating an opportunity for financial institutions to profit on digital payment trends. Furthermore, initiatives such as mega-projects under Vision 2030 in Saudi Arabia are expected to increase the acceptance of digital payments, fostering the spread of credit card transactions. As the country moves closer to its economic goals, the reliance on traditional payment methods increasingly fades, creating way for more efficient and simplified digital payment options.
Aspects covered in this report
- Credit Card Transactions market Outlook with its value and forecast along with its segments
- Various drivers and challenges
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
Competitive Landscape
- Porter's Five Forces
- Company Profile
- Company Snapshot
- Company Overview
- Financial Highlights
- Geographic Insights
- Business Segment & Performance
- Product Portfolio
- Key Executives
- Strategic Moves & Developments
By Card Type
- General Purpose
- Specialty & Other Credit Cards
By Provider
- Visa
- Master-card
- Others
By Application
- Food & Groceries
- Health & Pharmacy
- Consumer Electronics
- Other Application
For more information about this report visit https://www.researchandmarkets.com/r/lsfglp
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
