Saudi Arabia

A rapidly modernizing payments market driven by Vision 2030 and digital transformation

Overview

Saudi Arabia’s payments industry is undergoing rapid modernization as part of the country’s Vision 2030 initiative to build a cashless society

The Saudi Central Bank (SAMA) and national infrastructure players are driving innovation in contactless, instant, and digital payments

Rising e-commerce adoption and widespread mobile penetration are accelerating the shift from cash to electronic transactions across sectors

Key Characteristics

Strong government and regulatory push toward digital payments

Widespread card usage and fast growth in mobile wallets

Adoption of instant payments through Sarie, the national real-time payment system

Rising e-commerce volumes driven by digital-first consumers

Supported Payment Methods

Debit and credit cards through local and global networks including Mada, Visa, and Mastercard

Mobile wallets such as STC Pay, Apple Pay, and Mada Pay

Bank transfers and real-time payments via Sarie

Payment links and QR-based methods for small businesses and online merchants

Key Providers

Mada serves as Saudi Arabia’s domestic card network connecting banks and merchants

STC Pay and urpay are leading wallet providers expanding regional reach

Global PSPs such as Checkout.com, PayTabs, and Adyen support cross-border payments and merchant acquiring

Regulation and Compliance

Supervised by the Saudi Central Bank (SAMA), regulations emphasize financial inclusion, cybersecurity, and interoperability

Programs under Vision 2030 target 70% non-cash transactions by 2030 supported by frameworks that encourage fintech participation and foreign investment

Strengths / Differentiators

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