Saudi Arabia Mobile Money Market

Saudi Arabia Mobile Money Market Overview:

The Saudi Arabia mobile money market size reached USD 24.74 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 97.04 Billion by 2033, exhibiting a growth rate (CAGR) of 16.40% during 2025-2033. The robust government-led digital transformation initiatives, widespread adoption of the Mada payment network with advanced contactless and mobile payment features, integration of international platforms like Apple Pay and Google Pay, and strategic participation in cross-border digital currency projects are among the key factors driving the market growth.

Saudi Arabia Mobile Money Market Trends:

Government and Regulatory Initiatives

Saudi Arabia’s drive toward a cashless economy, as outlined in Vision 2030, is bolstering the growth of its mobile money market through targeted regulatory reforms and robust digital infrastructure. The Saudi Central Bank (SAMA) has implemented several foundational initiatives, including fintech licensing programs, digital ID frameworks, QR-code standards, and instant payment systems, all of which support the widespread adoption of mobile wallets. These measures are bolstered by the country’s advanced digital infrastructure, with Saudi Arabia ranking among global leaders in 5G speed. As of early 2025, there were 48.1 million active cellular mobile connections, equivalent to 140% of the population, enabling broad access to digital services. Additionally, government payments, such as taxes, utilities, and social welfare, have largely moved online, reinforcing the normalization of mobile transactions. A key regulatory milestone is SAMA’s Payment Service Provider framework (2022–2023), which facilitated the issuance of multiple e-wallet licenses, fostering innovation and competition. These concerted efforts have significantly increased digital transaction volumes and user adoption across the Kingdom.

Consumer and Technology Adoption

Saudi Arabia’s mobile money market is witnessing rapid growth, fueled by a digitally adept, youthful population and a booming e-commerce ecosystem. Over 63% of Saudis are under the age of 30, and smartphone penetration was about 92% in 2024, making Saudi Arabia one of the most mobile-connected countries globally. This demographic is highly engaged with digital services. For instance, the country’s e-commerce market reached USD 222.9 billion in 2024, indicating robust online spending behavior that naturally extends to mobile wallets. The shift toward contactless and in-app payments, accelerated during the pandemic, has become permanent for many users. Fintech players like STC Pay and bank-backed mobile apps have capitalized on this momentum, onboarding millions of users since 2022. Additionally, international platforms such as Apple Pay, Samsung Pay, and Google Pay have expanded into the Saudi market, while emerging services like buy-now-pay-later (BNPL) and peer-to-peer transfers continue to attract tech-savvy consumers. With 100% internet penetration and a thriving fintech ecosystem, consumer readiness stands out as a key driver of mobile money’s mainstream adoption in the Kingdom.

Saudi Arabia Mobile Money Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on technology, business model, and transaction type.

Technology Insights:

• USSD
• Mobile Wallets
• Others

The report has provided a detailed breakup and analysis of the market based on the technology. This includes USSD, mobile wallets, and others.

Business Model Insights:

• Mobile Led Model
• Bank Led Model

A detailed breakup and analysis of the market based on the business model have also been provided in the report. This includes mobile led model and bank led model.

Transaction Type Insights:

• Peer to Peer
• Bill Payments
• Airtime Top-ups
• Others

The report has provided a detailed breakup and analysis of the market based on the transaction type. This includes peer to peer, bill payments, airtime top-ups, and others.

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Mobile Money Market News:

• January 2025: The Saudi Central Bank (SAMA) and Google signed an agreement to launch Google Pay in Saudi Arabia, advancing the country's mobile money ecosystem. This collaboration aims to enhance digital payment options, aligning with Saudi Arabia's Vision 2030 goals of financial inclusion and a cashless society. Integrating Google Pay will provide consumers with secure, convenient mobile payment solutions.
• December 2024: Samsung Pay debuted in Saudi Arabia, integrating with the national Mada system to support secure, contactless payments. The move aligns with SAMA’s goal of fostering a cashless society under Vision 2030.
• September 2024: Tabby, a shopping and financial services app, announced its acquisition of Saudi digital wallet Tweeq, licensed by SAMA. This move enhances Tabby's mobile money offerings by integrating Tweeq's mobile-first spending accounts, enabling users to spend, send, and manage funds digitally.

Saudi Arabia Mobile Money Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia mobile money market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia mobile money market on the basis of technology?
• What is the breakup of the Saudi Arabia mobile money market on the basis of business model?
• What is the breakup of the Saudi Arabia mobile money market on the basis of transaction type?
• What is the breakup of the Saudi Arabia mobile money market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia mobile money market?
• What are the key driving factors and challenges in the Saudi Arabia mobile money market?
• What is the structure of the Saudi Arabia mobile money market and who are the key players?
• What is the degree of competition in the Saudi Arabia mobile money market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia mobile money market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia mobile money market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia mobile money industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.