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.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 24.74 Billion |
Market Forecast in 2033 | USD 97.04 Billion |
Market Growth Rate 2025-2033 | 16.40% |
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.
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:
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:
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:
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:
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.
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.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Technologies Covered | USSD, Mobile Wallets, Others |
Business Models Covered | Mobile Led Model, Bank Led Model |
Transaction Types Covered | Peer to Peer, Bill Payments, Airtime Top-ups, Others |
Regions Covered | Northern and Central Region, Western Region, Eastern Region, Southern Region |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: