Saudi Arabia Mobile Wallet Market

Saudi Arabia Mobile Wallet Market Overview:

The Saudi Arabia mobile wallet market size reached USD 2.45 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 9.01 Billion by 2033, exhibiting a growth rate (CAGR) of 14.40% during 2025-2033. Due to rising smartphone adoption, government encouragement for cashless transactions, and customer preferences for digital payment methods that improve convenience and security in financial transactions, the Saudi Arabian mobile wallet market share is growing.

Saudi Arabia Mobile Wallet Market Trends:

Supportive Government Initiatives

The rising implementation of government initiatives is impelling the Saudi Arabia mobile wallet market growth. According to the Kingdom of Saudi Arabia, Vision 2030 placed a strong emphasis on digital transformation, with a central goal of reducing reliance on cash transactions. The Government set an ambitious target to achieve a 70% non-cash transaction rate by 2025. This reflects a significant shift in user behavior and the execution of supportive policies aimed at creating a cashless society. Additionally, key initiatives, such as the rollout of advanced payment technologies, the promotion of digital or mobile wallets, and increased regulatory support, have played a critical role in encouraging businesses and people to embrace digital payments. Moreover, programs like Mada, the national payment network, and the SADAD system have simplified e-payment processes across sectors. Furthermore, government incentives and partnerships with financial technology companies have accelerated the adoption of cashless solutions, with various industries equipped to handle a wide range of digital transactions.

Increasing Smartphone Penetration

Saudi Arabia has emerged as a highly connected, mobile-first society, with most of its population using smartphones. Additionally, the convenience and accessibility of smartphones have made them the primary tool for internet access and digital transactions, reflecting the country’s shift toward a digitally integrated society. Moreover, with a significant proportion of daily activities conducted on mobile devices, businesses and service providers have adapted by offering mobile-optimized platforms, apps, and responsive customer service options. According to the International Trade Administration (ITA), Saudi Arabia's digital economy is rapidly expanding due to significant government investments and widespread employment of advanced technologies. As of 2023, the country’s Information and Communications Technology (ICT) sector was the most robust and rapidly developing in the Middle East region, boasting a valuation of over USD 40.94 Billion and contributing 4.1% to the national GDP. Moreover, central to this growth was Saudi Arabia’s substantial spending on digital infrastructure, exceeding USD 24.8 Billion over the past six years, markedly enhancing internet service quality. The Kingdom enjoyed a 99% internet penetration rate, with mobile internet speeds reaching an average of 215 Mbps, nearly twice the global average, positioning it among the top 10 nations worldwide for mobile internet speed. Besides this, the introduction of 5G technology is offering a favorable Saudi Arabia mobile wallet market outlook. The Kingdom was among the first in the Middle East region to deploy 5G, achieving 77% coverage nationally, far surpassing the global average. Furthermore, in Riyadh, 94% of 5G coverage made it one of the top global cities for 5G access. This extensive high-speed internet availability is poised to drive further growth across various sectors, including e-commerce, telecommunications, and digital services.

Saudi Arabia Mobile Wallet Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on type and application.

Type Insights:

• Proximity
• Remote

The report has provided a detailed breakup and analysis of the market based on the types. This includes proximity and remote.

Application Insights:

• Retail
• Hospitality and Transportation
• Telecommunication
• Healthcare
• Others

A detailed breakup and analysis of the market based on the applications have also been provided in the report. This includes retail, hospitality and transportation, telecommunication, healthcare, 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 Wallet Market News:

• In September 2024, Tabby, a fintech company based in Riyadh, Saudi Arabia revealed its purchase of the Saudi mobile wallet firm, Tweeq. This was the initial purchase for the Dubai-based firm, which was appraised at USD 1.5 Billion in its latest funding round in 2023. This strategic decision would allow Tabby to broaden its digital banking services in Saudi Arabia, where it mainly catered to more than 80 percent of its 14 Million customers. Moreover, Tabby functioned in the UAE, Bahrain, Kuwait, and Qatar, offering its UAE clients a Visa card that allowed them to divide their purchases into four installments at any merchant that accepted Visa.
• In December 2023, Beyond ONE, a digital services provider, launched FRiENDi Pay, an innovative digital mobile wallet service aimed at simplifying remittances, reducing expenses, and improving efficiency for FRiENDi mobile users in Saudi Arabia. This service offered banking access and encouraged financial inclusion for groups that were previously overlooked. FRiENDi Pay allowed users to perform quick international money transfers effortlessly to multiple countries. The service offered choices for cash-to-account (CTA), account-to-account (A2A), and wallet-to-wallet transactions.

Saudi Arabia Mobile Wallet Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia mobile wallet market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia mobile wallet market on the basis of type?
• What is the breakup of the Saudi Arabia mobile wallet market on the basis of application?
• What are the various stages in the value chain of the Saudi Arabia mobile wallet market? 
• What are the key driving factors and challenges in the Saudi Arabia mobile wallet?
• What is the structure of the Saudi Arabia mobile wallet market and who are the key players?
• What is the degree of competition in the Saudi Arabia mobile wallet 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 wallet market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia mobile wallet 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 wallet 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.