Saudi Arabia E-Wallet Market Size, Share and Trends 2025-2033
Last updated
Last updated
Saudi Arabia E-Wallet Market Overview
Base Year: 2024
Historical Years: 2019–2024
Forecast Years: 2025–2033
Market Growth Rate: 19.80% (2025–2033)
Saudi Arabia E-Wallet Industry Trends and Drivers:
Digital transformation and Vision 2030 support the Saudi Arabia E-Wallet Market, which is led by mobile app providers, like STC Pay and Moyasar, that enable cashless transactions. The demand for e-wallets is driven by urban youth populations and expatriates, who prefer e-wallets for retail, remittances and bill payments, aided by smartphone penetration. The Saudi Arabia E-Wallet Market benefitted from regulatory reforms undertaken by SAMA, allowing consumers to engage in secure transactions and benefitting the financial technology segment. AI-driven capabilities, such as personalized offers match user preferences and blockchain technology adds security to transactions. E-commerce growth drives demand, and e-wallet payments are widely accepted on online marketplaces. Digital literacy is supported with social media campaigns and fintech expos, but rural areas still work to catch-up on connectivity.
Transformational changes in culture, such as convenience and financial inclusion are shaping the Saudi Arabia E-Wallet Market; e-wallets are being used to put payments into the hands of more small businesses and informal economies. The fees and transaction offerings for e-wallets help support government initiatives that promote the use of cashless payments within smart cities, like Riyadh, as part of Saudi Arabia's economic diversification and development strategy. The Saudi Arabia E-Wallet Market has seen growing demand for cross-border payment solutions, as many expatriate workers utilize remittances. Regulatory compliance is important, especially in terms with anti-money laundering legislation, although complex licensing procedures can slow new entrants. Consumer adoption in rural areas is slow, but e-wallets are increasingly accepted in urban retail environments and cafes, especially if QR codes are available as a for of payment. Collaborative mechanisms, and new innovations in fintech, will enhance the e-wallet experience, such as instant loan features. The primary barriers to growth in the Saudi Arabia E-Wallet Market are systems of consumer trust in payments, agent status and comfort in usage.
Saudi Arabia E-Wallet Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
Open
Semi-Closed
Closed
Ownership Insights:
Banks
Telecom Companies
Device Manufacturers
Tech Companies
Technology Insights:
Near Field Communication
Optical/QR Code
Digital Only
Text-Based
Vertical Insights:
Retail
Transportation
Media and Entertainment
Energy and Utilities
Telecommunication
Others
Regional Insights:
Northern and Central Region
Western Region
Eastern Region
Southern Region
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
Market Performance (2019–2024)
Market Outlook (2025–2033)
COVID-19 Impact on the Market
Porter's Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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The Saudi Arabia e-wallet market is experiencing significant growth due to increased smartphone penetration, government support for digital payments, and evolving consumer behavior. The size reached USD 1.12 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.80 Billion by 2033, exhibiting a growth rate (CAGR) of 19.80% during 2025-2033.
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