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PROSPECTS AND OPPORTUNITIES
BNPL represents growing threat to credit cards
Buy-Now-Pay-Later (BNPL) platforms are emerging as a significant competitor to credit cards in Saudi Arabia. Offering a more accessible and affordable means of credit, BNPL is seen as a commercially efficient and consumer-friendly alternative.
Mastercard flies flag for seamless digital payments through innovative partnerships
Mastercard is expanding its influence by partnering with key players across various industries. One notable collaboration is with the Esports World Cup Foundation, the largest gaming festival in Riyadh, to deliver an elevated experience for gaming enthusiasts.
Shariah-compliant credit cards will continue to gain traction
In Saudi Arabia, banks are required to fully comply with Islamic Shariah regulations to meet the needs of local consumers, including when it comes to credit cards. This is essential given that the volume and value of credit card transactions are typically lower than debit cards, primarily due to the interest-based transactions that contradict Islamic principles.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in Saudi Arabia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in Saudi Arabia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in Saudi Arabia report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Credit Card Transactions in Saudi Arabia?
- What are the major trends key to understanding Credit Card Transactions in Saudi Arabia?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Charge Cards in Saudi Arabia - Category analysis
Charge Cards in Saudi Arabia - Company Profile
KEY DATA FINDINGS
Charge cards continue to expand, despite challenge of limited consumer base
Al-Rajhi bank enters charge card market with Classic Charge Credit Card offering multiple benefits
American Express maintains dominance as primary charge card player
Charge cards will experience ongoing competition from debit cards and Sharia-compliant credit cards
Travel could prove to be catalyst for charge card growth
Growth potential for commercial charge cards
Table 1 Charge Cards: Number of Cards in Circulation 2019-2024
Table 2 Charge Cards Transactions 2019-2024
Table 3 Charge Cards in Circulation: % Growth 2019-2024
Table 4 Charge Cards Transactions: % Growth 2019-2024
Table 5 Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 6 Commercial Charge Cards Transactions 2019-2024
Table 7 Commercial Charge Cards in Circulation: % Growth 2019-2024
Table 8 Commercial Charge Cards Transactions: % Growth 2019-2024
Table 9 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 10 Personal Charge Cards Transactions 2019-2024
Table 11 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 12 Personal Charge Cards Transactions: % Growth 2019-2024
Table 13 Charge Cards: Number of Cards by Issuer 2019-2023
Table 14 Charge Cards: Number of Cards by Operator 2019-2023
Table 15 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 16 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 17 Commercial Charge Cards: Number of Cards by Issuer 2019-2023
Table 18 Commercial Charge Cards: Number of Cards by Operator 2019-2023
Table 19 Commercial Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 20 Commercial Charge Cards Payment Transaction Value by Operator 2019-2023
Table 21 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 22 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 23 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 24 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 25 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 26 Forecast Charge Cards Transactions 2024-2029
Table 27 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 28 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 29 Forecast Commercial Charge Cards: Number of Cards in Circulation 2024-2029
Table 30 Forecast Commercial Charge Cards Transactions 2024-2029
Table 31 Forecast Commercial Charge Cards in Circulation: % Growth 2024-2029
Table 32 Forecast Commercial Charge Cards Transactions: % Growth 2024-2029
Table 33 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 34 Forecast Personal Charge Cards Transactions 2024-2029
Table 35 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 36 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
Credit Cards in Saudi Arabia - Category analysis
Credit Cards in Saudi Arabia - Company Profile
KEY DATA FINDINGS
Credit card adoption soars in Saudi Arabia driven by diverse offerings and advanced payment solutions
Lucrative bank offers make credit cards a compelling choice for consumers
Saudi Banks drive growth through Shariah-compliant credit card offerings
BNPL represents growing threat to credit cards
Mastercard flies flag for seamless digital payments through innovative partnerships
Shariah-compliant credit cards will continue to gain traction
Table 37 Credit Cards: Number of Cards in Circulation 2019-2024
Table 38 Credit Cards Transactions 2019-2024
Table 39 Credit Cards in Circulation: % Growth 2019-2024
Table 40 Credit Cards Transactions: % Growth 2019-2024
Table 41 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 42 Commercial Credit Cards Transactions 2019-2024
Table 43 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 44 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 45 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 46 Personal Credit Cards Transactions 2019-2024
Table 47 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 48 Personal Credit Cards Transactions: % Growth 2019-2024
Table 49 Credit Cards: Number of Cards by Issuer 2019-2023
Table 50 Credit Cards: Number of Cards by Operator 2019-2023
Table 51 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 52 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 53 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 54 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 55 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 56 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 57 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 58 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 59 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 60 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 61 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 62 Forecast Credit Cards Transactions 2024-2029
Table 63 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 64 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 65 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 66 Forecast Commercial Credit Cards Transactions 2024-2029
Table 67 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 68 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 69 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 70 Forecast Personal Credit Cards Transactions 2024-2029
Table 71 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 72 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
Debit Cards in Saudi Arabia - Category analysis
Debit Cards in Saudi Arabia - Company Profile
KEY DATA FINDINGS
Debit cards continue to dominate, in context of high cost of living
Saudization initiative and rise in female employment bolsters demand for debit cards
Mada at the forefront of debit cards
Economic optimism will drive growth of debit cards
Mada alliances will fuel demand for debit cards
Growth of digital payments will boost debit card usage and financial inclusion
Table 73 Debit Cards: Number of Cards in Circulation 2019-2024
Table 74 Debit Cards Transactions 2019-2024
Table 75 Debit Cards in Circulation: % Growth 2019-2024
Table 76 Debit Cards Transactions: % Growth 2019-2024
Table 77 Debit Cards: Number of Cards by Issuer 2019-2023
Table 78 Debit Cards: Number of Cards by Operator 2019-2023
Table 79 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 80 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 81 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 82 Forecast Debit Cards Transactions 2024-2029
Table 83 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 84 Forecast Debit Cards Transactions: % Growth 2024-2029
Pre-Paid Cards in Saudi Arabia - Category analysis
Pre-Paid Cards in Saudi Arabia - Company Profile
KEY DATA FINDINGS
Pre-paid cards gain popularity in Saudi Arabia’s increasingly cashless society
Gifting culture presents opportunities for pre-paid cards
Mastercard expands partnerships to drive innovative digital payment solutions
Payroll and gifting pre-paid cards to drive continued growth
SAIB introduces EduPay Student Card to promote financial inclusion
Pre-paid fuel cards will contribute to growth
Table 85 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 86 Pre-paid Cards Transactions 2019-2024
Table 87 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 88 Pre-paid Cards Transactions: % Growth 2019-2024
Table 89 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 90 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 91 Open Loop Pre-paid Cards Transactions 2019-2024
Table 92 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 93 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 94 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 95 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 96 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 97 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 98 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 99 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 100 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 101 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 102 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 103 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 104 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 105 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 106 Forecast Pre-paid Cards Transactions 2024-2029
Table 107 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 108 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 109 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 110 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 111 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 112 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
Financial Cards and Payments in Saudi Arabia - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Competitive landscape
What next for financial cards and payments?
Table 113 Number of POS Terminals: Units 2019-2024
Table 114 Number of ATMs: Units 2019-2024
Table 115 Value Lost to Fraud 2019-2024
Table 116 Card Expenditure by Location 2024
Table 117 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 118 Domestic versus Foreign Spend 2024
Table 119 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 120 Financial Cards by Category: Number of Accounts 2019-2024
Table 121 Financial Cards Transactions by Category: Value 2019-2024
Table 122 Financial Cards by Category: Number of Transactions 2019-2024
Table 123 Consumer Payments by Category: Value 2019-2024
Table 124 Consumer Payments by Category: Number of Transactions 2019-2024
Table 125 M-Commerce by Category: Value 2019-2024
Table 126 M-Commerce by Category: % Value Growth 2019-2024
Table 127 Financial Cards: Number of Cards by Issuer 2019-2023
Table 128 Financial Cards: Number of Cards by Operator 2019-2023
Table 129 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 130 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 131 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 132 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 133 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 134 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 135 Forecast Consumer Payments by Category: Value 2024-2029
Table 136 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 137 Forecast M-Commerce by Category: Value 2024-2029
Table 138 Forecast M-Commerce by Category: % Value Growth 2024-2029
DISCLAIMER
Summary 1 Research Sources
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitions
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This report originates from Passport, our Credit Card Transactions research and analysis database.
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