Saudi Arabia Digital Wallet Market Size, Share, Opportunities, And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food ordering, Others) - Forecasts From 2025 To 2030

The Saudi Arabian digital wallet industry is expected to grow at a CAGR of 30.84%, reaching an industry size of US$71,844.799 million in 2030 from US$18,743.843 million in 2025.

The value of transactions within the Saudi Arabia digital wallet industry is expected to grow owing to the growing adoption and usage of digital wallet services within the country. A digital wallet, also known as an e-wallet, is a virtual platform that allows users to store and manage their financial information. These wallets enable users to make various transactions, including online payments, peer-to-peer transfers, bill payments, and more, without the need for physical cash or traditional banking methods.

Further, the growing smartphone penetration, with a large portion of the population owning smartphones in Saudi Arabia, is driving the growth of the market. This widespread smartphone usage provides a solid foundation for the adoption of digital wallets as they can be easily accessed and used through mobile apps.

Moreover, Saudi Arabia has a young population with a strong inclination toward technology and digital services. This tech-savvy demographic is more likely to embrace digital payment solutions, including digital wallets, due to their convenience, ease of use, and alignment with their digital lifestyles. Moreover, the Saudi Arabian government has been actively promoting digital transformation and financial technology (fintech) initiatives as part of its Vision 2030 program. These initiatives aim to modernize the country's economy and reduce its dependence on cash transactions. As a result, the government has supported the development of digital payment systems, including digital wallets, through regulatory reforms and financial incentives.

Furthermore, the market growth is also due to the increased internet penetration, for instance, the Communications, Space and Technology Commission (CST) published the "Saudi Internet Report 2023," which showed that 99% of people in the Kingdom now utilize the internet. With 99.3% of men and 98.5% of women accessing internet services, domain use was split about evenly between the sexes.

What are the Saudi Arabia Digital Wallet Market drivers?

• Growth of e-commerce and social commerce is expected to drive the overall industry growth

Saudi Arabia has been witnessing growth in the expansion of its e-commerce industry which has resulted in the creation of seamless and secure payment solutions. As digital wallets offer a convenient payment option for online shopping, allowing users to make quick and hassle-free transactions, the e-commerce market continues to expand, resulting in the demand for digital wallets. The Saudi Arabia Kingdom is one of the most advanced and fastest-growing economies in the Middle East. The market growth in this country is majorly driven by the rapid growth of e-commerce with a contribution of more than 15% to the country’s GDP. The growth of the e-commerce sector can also be supported by the high penetration of smartphones in this country and access to a good internet connection among people which is also favouring the increase in digital transactions in this country. According to data from the World Bank Group, more than 93% of people in this country have access to a good internet connection.

Saudi Arabia Digital Wallet Market is analyzed into the following segments.

• By device, smartphone is anticipated to grow during the forecast period

Smartphone in comparison to laptops and computers provides greater convenience and flexibility to customers as well as business owners in conducting and managing their transactions. Rapid urbanization coupled with the improvement in disposable income has increased the demand for major consumer electronics products such as smartphones in Saudi Arabia.

For instance, in December 2023, there were 52,500,000.000 mobile subscribers in Saudi Arabia. Compared to the prior figure of 48,200,000.000 persons for December 2022, this is an increase. Such an increase in smartphone penetration coupled with growing internet usage and 5G adoption are expected to boost the usage of digital wallets in smartphone devices thereby propelling the overall market growth.

Key launches in the Saudi Arabia Digital Wallet Market:

• In November 2024, the final version of the "E-Wallet Rules" was released by the Saudi Central Bank (SAMA), which is responsible for overseeing and regulating Electronic Money Institutions (EMIs). According to a news release issued by SAMA, the regulations covered topics such as opening electronic wallets, confirming the identity of clients, and handling inactive wallets. To safeguard market participants and assist EMIs in offering services that improve the safety and stability of the industry, the regulations establish the necessary regulatory requirements that licensed EMIs must adhere to. The SAMA's decision is a reflection of its ongoing efforts to empower EMIs and advance the financial sector.
• In August 2024.  Barq, a prominent digital wallet for businesses and consumers in the Kingdom of Saudi Arabia, recently announced the release of both its mobile application and its new digital wallet. According to a press statement from the company, the new barq application was created by Saudis and is being released to meet the demands of the Saudi market in adopting the idea of digital wallets, which is in line with customer needs.

Saudi Arabia Digital Wallet Market Scope:

Report Metric	Details
Saudi Arabia Digital Wallet Market Size in 2025	US$18,743.843 million
Saudi Arabia Digital Wallet Market Size in 2030	US$71,844.799 million
Growth Rate	CAGR of 30.84%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Million
Segmentation	Device Application
List of Major Companies in Saudi Arabia Digital Wallet Market	BayanPay Hala Careem PayPal Apple Inc.
Customization Scope	Free report customization with purchase

 

The Saudi Arabia digital wallet industry is segmented and analyzed as follows:

• By Device
  • PCs/Laptops
  • Smartphones
• By Application
  • Money Transfer
  • Recharge
  • Movie Booking
  • Food Ordering
  • Others

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1. INTRODUCTION

1.1. Industry Overview

1.2. Industry Definition

1.3. Scope of the Study

1.4. Industry Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. INDUSTRY DYNAMICS

4.1. Industry Drivers

4.2. Industry Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View 

5. SAUDI ARABIA DIGITAL WALLET INDUSTRY ANALYSIS, BY DEVICE

5.1. Introduction

5.2. PCs/Laptops

5.3. Smartphones

6. SAUDI ARABIA DIGITAL WALLET INDUSTRY ANALYSIS, BY APPLICATION

6.1. Introduction

6.2. Money Transfer

6.3. Recharge

6.4. Movie Booking

6.5. Food Ordering

6.6. Others

7. COMPETITIVE ENVIRONMENT AND ANALYSIS

7.1. Major Players and Strategy Analysis

7.2. Industry Share Analysis

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Competitive Dashboard

8. COMPANY PROFILES

8.1. Saudi Digital Payment Company (STC Pay)

8.2. BayanPay

8.3. Hala

8.4. Careem

8.5. PayPal

8.6. Apple Inc.

8.7. Alinma Pay

8.8. Tweeq

8.9. Geidea Solutions

8.10. UrPay

8.11. Mobily Pay

8.12. Friendi Pay

8.13. Liv KSA

8.14. Meem

8.15. Mada Pay

8.16. Quick Pay

8.17. HyperPay.

Saudi Digital Payment Company (STC Pay)

BayanPay

Hala

Careem

PayPal

Apple Inc.

Alinma Pay

Tweeq

Geidea Solutions

UrPay

Mobily Pay

Friendi Pay

Liv KSA

Meem

Mada Pay

Quick Pay

 

HyperPay.