Saudi Arabia Mobile Wallet Market - Infiniumglobalresearch.com

Saudi Arabia Mobile Wallet Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2030

Report Code: SA00500 Country : Saudi Arabia Published: October, 2023

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The country research report on Saudi Arabia mobile wallet market is a customer intelligence and competitive study of the Saudi Arabia market. Moreover, the report provides deep insights into demand forecasts, market trends, and, micro and macro indicators in the Saudi Arabia market. Also, factors that are driving and restraining the mobile wallet market are highlighted in the study. This is an in-depth business intelligence report based on qualitative and quantitative parameters of the market. Additionally, this report provides readers with market insights and detailed analysis of market segments to possible micro levels. The companies and dealers/distributors profiled in the report include manufacturers & suppliers of the mobile wallet market in Saudi Arabia.

Mobile payment technology has continued to evolve in Saudi Arabia. With the changing consumer lifestyles, the widespread use of smartphones, and the increasing growth of e-commerce, this trend is estimated to continue to increase over the forecasted period. A mobile wallet is a form of e-commerce model that is made to be used with mobile devices and offers convenience and easy access. It provides the service of online transaction for every single operation in a routine. Mobile wallet offers various facilities such as debit, credit, and online transactions from a bank account. A growing number of tablet computer and smartphone users has significantly created the platform for mobile wallet companies to penetrate the global market.

The current spread of COVID-19 increased the need for mobile wallets. The wallets have also increased traction for P2P transfers, bill payments, and P2M payments for essential services owing to the lockdown and aversion to exchanging cash, thus positively impacting the market. On the positive side, lockdowns and restrictions have resulted in changes in consumer behavior. Moreover, several banks are engaging in strategic partnerships to minimize customer disruption. The pandemic situation had also forced banks to see the importance of digitization, and therefore, several legacy banks are collaborating with fintech players to bring better solutions to their customers and keep their position in the market. Over the long term, banks are likely to team up with fintech companies that have better technology to provide payment processing at the speed today’s customers expect. Thus, offering lucrative growth prospects over the long term period.

Increased adoption of smartphones in Saudi Arabia is the major driving factor for the Saudi Arabia mobile wallet market. Mobile phone subscriptions in Saudi Arabia have crossed the 40.20 million in January 2020 which is equivalent to 116% of the total population. Furthermore, government support to developments Fintech in Saudi Arabia fuels the market growth. However, security concerns hamper the adoption of mobile wallets. Mobile phones are vulnerable to known attacks and exploits and make them easy targets for fraudsters and hackers. Moreover, Saudi Arabia is booming in terms of e-commerce and is the number one market in the GCC in terms of growth and size. The Kingdom has been working across government agencies to re-engineer the licensing processes and reduce requirements and seeing positive implications for the ease of doing business, which will also propel the growth of the market.

Segments Covered

The report on Saudi Arabia mobile wallet market provides a detailed analysis of segments in the market based on mode of payment, stakeholders, and application.