Banking, Financial Services & Insurance

The Cards and Payments Industry in Saudi Arabia - Emerging trends and opportunities to 2020

  • GLO1264853
  • 53 Pages
  • August 2017
  • Banking, Financial Services & Insurance
The Cards and Payments Industry in Saudi Arabia: Emerging trends and opportunities to 2020

Summary

GlobalDatas "The Cards and Payments Industry in Saudi Arabia: Emerging trends and opportunities to 2020", report provides detailed analysis of market trends in the Saudi cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cash, direct debit, payment cards, and cheques during the review period (2012-2016).

The report also analyzes various payment card markets operating in the industry, and provides detailed information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers information on the country's competitive landscape, including the market shares of issuers and schemes.

The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers details of regulatory policy and recent changes in the regulatory structure.

The report provides top-level market analysis, information and insights into the Saudi cards and payments industry, including -
- Current and forecast values for each market in the Saudi cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including credit transfers, cheques, cash, direct debit, and payment cards. It also, includes an overview of the country's key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the Saudi cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

- To encourage electronic payments, SAMA has taken a number of initiatives, including establishing a new electronic payment system called Mada and introducing mandatory wage payments into bank accounts. It launched a modified payments network in September 2015 linking all ATMs and point-of-sale (POS) terminals across the country to a central payment switch, with the aim of boosting electronic payments. To encourage the use of POS terminals, the daily purchase limit per card was increased from $5,333 (SAR20,000) to $15,998 (SAR60,000). Moreover, Mada card users can receive a maximum of $106.70 (SAR400) cashback from merchants per day on each card.
- To drive contactless payments, SAMA launched a contactless payment service called Mada Atheer in November 2016. The service permits Mada card holders to conduct low-value transactions by waving the card at POS terminals. During the trial conducted from January 2016 750,000 Mada Atheer-enabled Mada cards were issued and more than 50,000 Atheer-supporting POS terminals were launched in Saudi Arabia.
- To provide convenient payments for online transactions, in April 2016 SAMA introduced an e-payment service called the SADAD Account, providing a direct link between banks and online merchants. The service enables consumers to facilitate online payments by directly debiting their SADAD Account and transferring the amount to the merchants account. Upon opening a SADAD Account with a participating bank, consumers are provided with a username and password that can be used when shopping at member stores. At the time of writing NCB, Samba Financial Group, Riyad Bank, Saudi British Bank (SABB), AlJazira Bank, Al Rajhi Bank, Arab National Bank (ANB), and Saudi Investment Bank (SAIB) are offering the service.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Saudi cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Saudi cards and payments industry.
- Assess the competitive dynamics in the Saudi cards and payments industry.
- Gain insights into marketing strategies used for various card types in Saudi Arabia.
- Gain insights into key regulations governing the Saudi cards and payments industry.
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