The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2019

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Published: February 17, 2016 Report Code: VR1087MR-ST

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Cash is still the preferred payment instrument among the Saudi population. Traditionally, Saudi residents have little awareness of the benefits of payment cards. While high value transactions are shifting to electronic platforms – raising awareness levels – low value transactions are mostly carried out with cash. However, the government’s introduction of the Wage Protection System (WPS) regulation in September 2013, which mandates companies to deposit salaries of employees into their bank account instead of paying them in cash, has enhanced the use of electronic payment systems over the forecast period.
The share of payment card transactions increased during the review period, due to a consumer shift towards electronic payments. The rising e-commerce and growing retail sales are expected to further increase the value of card-based transactions over the forecast period. The enhanced security and increased convenience of payment cards with technology (such as EMV and NFC) have also fueled growth in card-based transactions.

Scope

• A comprehensive analysis of Saudi Arabia's cards and payments industry

• Latest actual numbers for the Saudi Arabian cards and payments industry, with forecast figures up to 2019

• The competitive landscape of Saudi Arabia's cards and payments industry

• E-commerce market analysis and online payment types in the Saudi Arabian cards and payments industry

• An analysis of the different economic, infrastructural and business drivers affecting Saudi Arabia’s cards and payments industry

• An outline of the current regulatory framework in the industry

• Actionable insight from an analysis of the strategies implemented by banks and other institutions

• Profiles of the leading players in Saudi Arabia's cards and payments industry

• Detailed insights into payment instruments including: credit transfers, check payments, cash transactions, payment cards and direct debits

• Profiles of major banks in the Saudi cards and payments industry

Key Highlights

What range of initiatives have the Saudi Arabian Monetary Agency (SAMA) undertaken to encourage the use of electronic payments? What is one of the key elements of this? How is it anticipated to impact the Saudi cards and payments market?

How has the WPS been implemented to continue the expansion of electronic payment systems in Saudi Arabia?

Which bank issued Saudi Arabia’s first contactless debit card? What has been the impact of rollout of contactless cards on the Saudi payments market?

Reasons to Buy

• Implement strategic business decisions, utilizing GlobalData’s insights and forecasts in each segment of the market

• Evaluate the key market trends and growth opportunities in the Saudi cards and payments industry and align your value proposition with those that offer you commercial advantage

• Assess the competitive dynamics in the Saudi cards and payments industry

• Analyze insights into successful marketing strategies used for various card types in the Saudi industry and adopt those that may offer you the best return on investment

• Ensure cost effective compliance through analysis of the key regulations governing the Saudi cards and payments industry

Al Rajhi Bank
The National Commercial Bank
Arab National Bank
Riyad Bank
The Saudi British Bank
Samba Financial Group
American Express
Visa
MasterCard
Diners Club

Table of Contents

1 Definitions and Methodology

1.1 Definitions

1.2 Methodology

2 Key Facts and Events

3 Executive Summary

4 Payment Instruments

4.1 Current Payment Environment

5 E-Commerce

5.1 E-Commerce Market Analysis

6 Alternative Payments

6.1 Alternative Payment Instruments

6.1.1 Boku

6.1.2 Bango

6.1.3 T-Pay

6.1.4 M-Pesa

6.1.5 PayPal

6.1.6 Payfort

7 Regulations in the Cards and Payments Industry

7.1 Regulatory Framework

7.1.1 Payment systems

7.2 The Wage Protection Law

7.3 Anti-Money Laundering (AML)

7.4 Foreign Direct Investment (FDI) Regulations

8 Analysis of Cards and Payments Industry Drivers

8.1 Demographic Drivers

8.2 Economic Drivers

8.3 Infrastructure Drivers

8.4 Business Drivers

9 Market Segmentation and New Product Launches

9.1 Market Segmentation and Targeting

9.1.1 Consumer cards

9.1.2 Commercial cards

9.2 New Product Launches

10 Payment Cards

10.1 Payment Card Analysis

10.1.1 Volume and value of payment card transactions by type

10.1.2 Personal vs commercial cards

11 Debit Cards

11.1 Debit Card Market Analysis

11.1.1 Debit card transaction volumes and values by channel

11.1.2 Debit card scheme and issuer shares in terms of transaction value

11.1.3 Debit cards comparison

12 Credit Cards

12.1 Credit Card Market Analysis

12.1.1 Credit card transaction volumes and values by channel

12.1.2 Credit card scheme and issuer shares in terms of transaction value

12.1.3 Credit cards comparison

13 Charge Cards

13.1 Charge Card Market Analysis

13.1.1 Charge card transaction volumes and values by channel

13.1.2 Charge card scheme shares in terms of transaction value

13.1.3 Charge cards comparison

14 Commercial Cards

14.1 Commercial Card Market Analysis

14.1.1 Commercial cards comparison

15 Card Issuers

15.1 Al Rajhi Bank

15.2 The National Commercial Bank

15.3 Riyad Bank

15.4 Arab National Bank

15.5 The Saudi British Bank

16 Prepaid Cards

16.1 Prepaid Card Market Analysis

16.1.1 Prepaid cards comparison

17 Appendix

17.1 Tables

17.2 Contact GlobalData

17.3 About GlobalData

17.4 GlobalData’s Services

17.5 Disclaimer

Table

Table 1: Key Definitions

Table 2: Annual Average Exchange Rate

Table 3: Saudi Arabia – Key Facts, 2014

Table 4: Regional Benchmarking of Saudi Arabia’s Payment Cards, 2014

Table 5: Saudi Arabia – Mode of Entry of Foreign Banks

Table 6: Cards for High-Income Consumers, 2015

Table 7: Co-branded Cards by Bank, 2015

Table 8: Cards for Travelers, 2015

Table 9: Cards for Shoppers, 2015

Table 10: Cards for Online Shoppers, 2015

Table 11: Cards for Unbanked Population, 2015

Table 12: Cards for Women, 2015

Table 13: Specialized Cards for Business Managers and Entrepreneurs, 2015

Table 14: Specialized Cards for SMEs, 2015

Table 15: Saudi Arabia – New Product Launches

Table 16: Saudi Arabia – Debit Cards Comparison and Key Features, 2015

Table 17: Saudi Arabia – Gold Credit Cards Comparison and Key Features, 2015

Table 18: Saudi Arabia – Premium Credit Cards Comparison and Key Features, 2015

Table 19: Saudi Arabia – Charge Cards Comparison and Key Features, 2015

Table 20: Saudi Arabia – Commercial Cards Comparison and Key Features, 2015

Table 21: Saudi Arabia – Prepaid Cards Comparison and Key Features, 2015

Table 22: Saudi Arabia – Payment Instrument Transaction Values (SAR Billion), 2010–2014

Table 23: Saudi Arabia – Payment Instrument Transaction Values (US$ Billion), 2010–2014

Table 24: Saudi Arabia – Payment Instrument Transaction Volumes (Million), 2010–2014

Table 25: Saudi Arabia – Number of Payment Cards in Circulation by Type (Million), 2010–2019

Table 26: Saudi Arabia – Volume of Payment Card Transactions by Type (Million), 2010–2019

Table 27: Saudi Arabia – Value of Payment Card Transactions by Type (SAR Billion), 2010–2019

Table 28: Saudi Arabia – Value of Payment Card Transactions by Type (US$ Billion), 2010–2019

Table 29: Saudi Arabia – Personal and Commercial Card Transaction Volumes (Million), 2010–2019

Table 30: Saudi Arabia – Personal and Commercial Card Transaction Values (SAR Billion), 2010–2019

Table 31: Saudi Arabia – Personal and Commercial Card Transaction Values (US$ Billion), 2010–2019

Table 32: Saudi Arabia – Number of Debit Cards in Circulation (Million), 2010–2019

Table 33: Saudi Arabia – Debit Card Transaction Volumes and Frequency by Channel, 2010–2019

Table 34: Saudi Arabia – Debit Card Total and Average Transaction Values by Channel, 2010–2019

Table 35: Saudi Arabia – Debit Card Total and Average Transaction Values by Channel, 2010–2019

Table 36: Saudi Arabia – Number of Debit Cards in Circulation by Scheme (Million), 2010–2014

Table 37: Saudi Arabia – Debit Card Transaction Values by Scheme (SAR Billion), 2010–2014

Table 38: Saudi Arabia – Debit Card Transaction Values by Scheme (US$ Billion), 2010–2014

Table 39: Saudi Arabia – Debit Card Transaction Values by Issuer (SAR Billion), 2010–2014

Table 40: Saudi Arabia – Debit Card Transaction Values by Issuer (US$ Billion), 2010–2014

Table 41: Saudi Arabia – Number of Credit Cards in Circulation (Million), 2010–2019

Table 42: Saudi Arabia – Credit Card Transaction Volumes and Frequency by Channel, 2010–2019

Table 43: Saudi Arabia – Credit Card Total and Average Transaction Values by Channel, 2010–2019

Table 44: Saudi Arabia – Credit Card Total and Average Transaction Values by Channel, 2010–2019

Table 45: Saudi Arabia – Number of Credit Cards in Circulation by Scheme (Thousand), 2010–2014

Table 46: Saudi Arabia – Credit Card Transaction Values by Scheme (SAR Billion), 2010–2014

Table 47: Saudi Arabia – Credit Card Transaction Values by Scheme (US$ Billion), 2010–2014

Table 48: Saudi Arabia – Pay Later Card Transaction Values by Issuer (SAR Billion), 2010–2014

Table 49: Saudi Arabia – Pay Later Card Transaction Values by Issuer (US$ Billion), 2010–2014

Table 50: Saudi Arabia – Credit Card Balances Outstanding by Issuer (SAR Billion), 2010–2014

Table 51: Saudi Arabia – Credit Card Balances Outstanding by Issuer (US$ Billion), 2010–2014

Table 52: Saudi Arabia – Number of Charge Cards in Circulation (Thousand), 2010–2019

Table 53: Saudi Arabia – Charge Card Transaction Volumes and Frequency by Channel, 2010–2019

Table 54: Saudi Arabia – Charge Card Total and Average Transaction Values by Channel, 2010–2019

Table 55: Saudi Arabia – Charge Card Total and Average Transaction Values by Channel, 2010–2019

Table 56: Saudi Arabia – Number of Charge Cards in Circulation by Scheme (Thousand), 2010–2014

Table 57: Saudi Arabia – Charge Card Transaction Values by Scheme (SAR Billion), 2010–2014

Table 58: Saudi Arabia – Charge Card Transaction Values by Scheme (US$ Million), 2010–2014

Table 59: Saudi Arabia – Number of Commercial Cards in Circulation (Thousand), 2010–2019

Table 60: Saudi Arabia – Commercial Card Transaction Values (SAR Billion), 2010–2019

Table 61: Saudi Arabia – Commercial Card Transaction Values (US$ Million), 2010–2019

Table 62: Saudi Arabia – Number of Prepaid Cards in Circulation (Million), 2010–2019

Table 63: Saudi Arabia – Prepaid Cards Transaction Value (SAR Billion), 2010–2019

Table 64: Saudi Arabia – Prepaid Cards Transaction Value (US$ Million), 2010–2019

Figures

Figure 1: Saudi Arabia – Payment Instrument Shares by Transaction Value (%), 2010 and 2014

Figure 2: Saudi Arabia – Payment Instrument Shares by Transaction Volume (%), 2010 and 2014

Figure 3: Saudi Arabia – E-Commerce Value (US$ Million), 2010–2019

Figure 4: Saudi Arabia – Total Population and Structure, 2010–2019

Figure 5: Saudi Arabia – Economic Indicators, 2010–2019

Figure 6: Saudi Arabia – Number of ATMs, POS Terminals and Bank Branches, 2010–2019

Figure 7: Saudi Arabia – Retail Sales and Real Household Final Consumption Expenditure, 2010–2014

Figure 8: Saudi Arabia – Segmentation by Card Type, 2015

Figure 9: Saudi Arabia – Growth in Payment Card Transaction Values and Number of Cards in Circulation by Type, 2010–2019

Figure 10: Saudi Arabia – Volume and Value of Payment Card Transactions by Type (%), 2010–2019

Figure 11: Saudi Arabia – Personal and Commercial Card, Transaction Volumes and Values (%), 2010–2019

Figure 12: Saudi Arabia – Growth in Debit Card Transaction Values and Number of Debit Cards in Circulation, 2010–2019

Figure 13: Saudi Arabia – Debit Card Transaction Volumes and Values by Channel, 2010–2019

Figure 14: Saudi Arabia – Debit Card Scheme and Issuer Shares in Terms of Transaction Value (%), 2014

Figure 15: Saudi Arabia – Growth in Credit Card Transaction Values and Number of Credit Cards in Circulation, 2010–2019

Figure 16: Saudi Arabia – Credit Card Transaction Volumes and Values by Channel, 2010–2019

Figure 17: Saudi Arabia – Credit Card Scheme and Issuer Shares in Terms of Transaction Value (%), 2014

Figure 18: Saudi Arabia – Growth in Charge Card Transaction Values and Number of Charge Cards in Circulation, 2010–2019

Figure 19: Saudi Arabia – Charge Card Transaction Volumes and Values by Channel, 2010–2019

Figure 20: Saudi Arabia – Charge Card Scheme Shares in Terms of Transaction Value (%), 2014

Figure 21: Saudi Arabia – Number of Commercial Cards in Circulation and Transaction Value, 2010–2019

Figure 22: Saudi Arabia – Number of Prepaid Cards in Circulation and Transaction Value, 2010–2019

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