Saudi Arabia Mobile Payments Industry Overview
The Saudi Arabian mobile payments market is moderately consolidated with the presence of major players such as SCT Pay, Mada Pay, and Bayan Pay, among others. These market players hold a significant share of the Saudi Arabian mobile payments market, with SCT Pay leading the way in terms of market share. The regional companies are offering innovative mobile money payment solutions and indulging in strategic partnerships and acquisitions to gain more market presence.
In May 2023, SAB partnered with Ottuto to enhance its Digital Payments Solution. This partnership was to provide SAB merchants with an Online Payment Management Solution (OPMS) using direct integration with the payment gateways offered by SAB.
In June 2022, Geidea, a leading fintech company in Saudi Arabia, announced that it entered a strategic partnership with Nayifat, one of the pioneers in the financing space in KSA. Geidea was to provide Nayifat's customers with a full suite of POS solutions as part of the collaboration. This will empower merchants to accept payments via numerous methods, including contactless cards and wearable devices through Geidea's POS terminals and Tap-on-Phone solutions.
Saudi Arabia Mobile Payments Market Leaders
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SCT Pay (Saudi Digital Payment Company)
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BayanPay (Bayan Payments Ltd.)
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Mada Pay (Mada)
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Alinma Pay (Alinma Bank))
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Apple Pay (Apple Inc.)
- *Disclaimer: Major Players sorted in no particular order
