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

Timetric's 'The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2019' report provides top-level market analysis, information and insights into Saudi Arabia cards and payments industry, including:

* Current and forecast values for each market in Saudi Arabia cards and payments industry, including debit card, credit and charge cards. It also includes detailed analysis of the prepaid card market.
* Detailed insights into payment instruments including credit transfers, cash transactions, checks, direct debits and payment cards. It also, includes an overview of the country's key alternative payment instruments.
* E-commerce market analysis and online payment types.
* Analysis of various market drivers and regulations governing Saudi Arabia cards and payments industry.
* Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
* Comprehensive analysis of consumer attitudes and buying preferences for cards.
* The competitive landscape of Saudi Arabia cards and payments industry.

Full Report Details at
- http://www.fastmr.com/prod/1124653_the_cards_payments_industry.aspx?afid=301

Report Highlights

* To encourage the use of electronic payments, the Saudi Arabian Monetary Agency (SAMA) undertook a number of initiatives, including the establishment of its new electronic payment system 'mada', and mandatory wage payment into bank accounts. It launched its modified Saudi Payment Network (SPAN) as 'mada' in September 2015. SPAN links all the ATMs and point-of-sale (POS) terminals to a central payment switch across the country. The regulator expects that the new system will increase the use of POS terminals. To encourage the use of the POS terminals, the daily purchase limit was increased from US$5,333.3 (SAR20,000) to US$16,000 (SAR60,000).
* SAMA, in collaboration with the Ministry of Labor, launched the Wage Protection System (WPS) in June 2013. Under the law, employees' salaries were paid directly into bank accounts, from which they can withdraw with debit cards. WPS was implemented in phases depending on the number of employees an organization had. Initially, it was mandatory for companies with an employee base of more than 3,000, which was further reduced in phases to companies with 100 or more employees from November 2015.
* Technology adoption in the cards and payments industry achieved a new level in Saudi Arabia, when Riyad Bank issued the country's first contactless debit card - Riyad Bank Debit MasterCard - in May 2015. The card provides enhanced security and convenience, and is accepted across 35 million merchants globally. The card can be used for small value transactions of less than US$20 (SAR75) without the need to enter a PIN. With payment cards gaining in popularity among consumers, the introduction of contactless cards is likely to encourage card based payments even for low value transactions.

Report Scope

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