Market Share of Saudi Arabia Payments Industry
The Saudi Arabian payments market is semi-consolidated. Major market players include Paypal, Moyasar, Payfort, Paytabs, and Alipay. Companies operating in the market are adopting various initiatives to expand their presence, which adds to market expansion. Furthermore, the government's promising efforts to promote digital payments will strengthen market competition in the coming years.
- March 2024: Loop, a digital payments technology company licensed by the Saudi Central Bank, teamed up with Mastercard to introduce credit card and payment solutions in Saudi Arabia. By leveraging Mastercard's technology and know-how, Loop is set to revamp its offerings, paving the way for innovative financial solutions and heightened financial inclusion in the country. The collaboration is geared toward rolling out these fresh offerings to a broad spectrum, encompassing consumers, small- to medium-sized businesses (SMBs), and FinTechs.
- May 2024 - TraiCon Events announced the Fintech Revolution Summit, which was scheduled for June 2024 in Riyadh. The summit, featuring experts from banking, financial services, and insurance, alongside fintech leaders, delved into emerging trends and investment prospects in the finance sector. Notably, sponsors and exhibitors, including fintech and banking technology providers, cybersecurity firms, e-payment companies, and payment gateway providers, converged to discuss the future of Saudi Arabia's financial landscape. The dialogue centered on the nation's pivot toward digital banking, innovative payment models, and technology-centric business continuity strategies.
Saudi Arabia Payments Market Leaders
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PayPal
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Moyasar
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Payfort
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Paytabs
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Alipay
*Disclaimer: Major Players sorted in no particular order
