Accept payments in Saudi Arabia
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Saudi Arabia Payment Market Overview
Saudi Arabia, with its 33.6 million inhabitants, has the third largest population in the Middle East after Iran and Iraq. It also has the second largest internet user population that reaches 24.1 million (Internet World Stats), with a penetration rate well above the regional average at 72% (as opposed to 57.8%). Moreover, Saudi internet users account for 16.4% of total digitally connected populations in the Middle East.
The Saudi e-commerce market has enjoyed steady growth in recent years, with turnover increasing by 11% on average, according to the Ecommerce Foundation. Total e-commerce revenue across all product categories was US$ 7.26 billion last year, and is expected to grow to US$ 9.41 billion by 2021. Overall, 19% of male and 27% female Internet users are considered 'heavy buyers', purchasing online at least once every two weeks. That rate is particularly significant among those under 30, as 29% of all internet users in that age group shop online at least once every two weeks.
Payment Methods in Saudi Arabia
Key Market Indicators in Saudi Arabia
Banks in Saudi Arabia
Mobile Carriers in Saudi Arabia
Integrate Saudi Arabian Payment Methods
Debit cards is the dominant payment method when shopping online in Saudi Arabia, used for 64 percent of online transactions. The use of credit cards remains low in Saudi Arabia for religious reasons, as Islam forbids the receipt or payment of interest. To combat this and infuse credit card penetration in the country, banks have started to offer a wider range of Sharia-compliant credit cards. Almost all leading credit card issuers in the country now offer Sharia-compliant credit cards.
Although the use of payment cards is on rise, they are mostly used for cash withdrawals at ATMs rather than making payments at merchant outlets. Contactless technology is slowly being adopted in Saudi Arabia, aided by government initiatives. In September 2015 Riyad Bank launched the country’s first contactless cards, and took the initiative to transform its entire card portfolio to contactless technology.
|E-commerce market size||$9,41 billion|
|Internet penetration rate||72%|
|Mobile penetration rate||59.42%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||41.71%|
|Popular mobile OS||Android|
|Big Mac Index||2.40|
|Average annual income||$54,100|