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.
Market key highlights:
- The expanse of the Digital Wallet market in Saudi Arabia has grown owing to the increased consumption of seafood with an increasing population and disposable income levels.
- The government is supporting the sector with financial assistance as well as creating structures for the efficient growth of Digital Wallet.
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.
Saudi Arabia Digital Wallet Market Overview
| Report Metric |
Details |
| Study Period |
2021 to 2031 |
| Historical Data |
2021 to 2024 |
| Base Year |
2025 |
| Forecast Period |
2026 – 2031 |
& Scope
The Saudi Arabia Digital Wallet market is segmented by:
- By Type: The market is divided into Proximity Wallets and Remote Wallets. Proximity wallets enable transactions at physical stores via NFC or QR code technologies, while remote wallets are used for online transactions such as e-commerce and bill payments. In Saudi Arabia, remote wallets dominate due to the rapid growth of online shopping, food delivery services, and the strong push towards digitalization in line with Vision 2030.
- By Device: Digital wallet usage is supported across smartphones, PCs/laptops, tablets, and wearables. While all devices contribute, smartphones are the leading sub-segment, driven by high smartphone penetration in the Kingdom, mobile-first strategies of fintech providers, and government-backed initiatives to promote cashless payments. Wearables are emerging but remain a niche segment.
- By Application: Applications of digital wallets include money transfers, recharges, movie bookings, food ordering, and others (such as bill payments, transport, and e-commerce). Among these, money transfers dominate, fueled by both domestic peer-to-peer (P2P) transfers and cross-border remittances, given the large expatriate population in Saudi Arabia. Recharge/top-ups and food ordering are fast-growing due to strong demand for convenience services.
- By Province: Regionally, the market is segmented into Riyadh, Jeddah, and others (including Dammam and other urban centers). Riyadh dominates as the capital and financial hub, home to the majority of fintech companies, higher digital adoption, and stronger regulatory support. Jeddah follows as a commercial center, while other regions are witnessing growing adoption but still lag behind the two major cities.
Top Trends Shaping the Saudi Arabia Digital Wallet Market
1. Growth in Young Population
- 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.
2. Increased Internet Penetration
- 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.
Saudi Arabia Digital Wallet Market Growth Drivers vs. Challenges
Drivers:
- Growth in e-commerce and social commerce: 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. Saudi Arabia 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.
- Government Vision 2030 and Cashless Economy Push: Saudi Arabia’s Vision 2030 and the regulatory framework led by the Saudi Central Bank (SAMA) are key catalysts for digital wallet adoption. With the target of achieving 70% cashless transactions by 2030, the government is actively promoting digital payments across all sectors, encouraging businesses and consumers alike to move away from cash.
Saudi Arabia Digital Wallet Market Competitive Landscape
The market is fragmented, with many notable players:
- Product Launch: In February 2025, Western Union and urpay announced the launch of international money transfer services in the urpay wallet, enabling customers to seamlessly send money to friends and family globally. The move aims to contribute towards Saudi Arabia’s ongoing efforts to build an inclusive digital economy as part of its Vision 2030.
Saudi Arabia Digital Wallet Market Segmentation:
- By Type
- Proximity Wallets
- Remote Wallets
- By Device
- Smartphones
- PCs/Laptops
- Tablets
- Wearables
- By Application
- Money Transfer
- Recharge
- Movie Booking
- Food Ordering
- Others
- By Region