Current Status and Development Trends of Saudi Arabia's Payment Market

As The 2022 World Cup Unfolded In Full Swing, Global Attention Refocused On The Middle East—A Region Blessed With Abundant Natural Resources. Saudi Arabia, In Particular, Made Headlines After Its National Team Defeated Argentina In The Group Stage, While The Royal Family’S Lavish Celebrations Became A Viral Sensation. 

Beyond Its Oil Wealth, Saudi Arabia’s Fintech Sector Has Been Undergoing Rapid Transformation. According To Fintech Saudi, The Number Of Fintech Companies In The Kingdom Grew By 79% In The Past 12 Months, Securing $400 Million In Investments—A Testament To Its Accelerating Growth.

In 2016, to reduce economic reliance on oil, the kingdom launched Vision 2030—a reform blueprint aiming to leverage digital innovation for diversified growth and re-establish itself as a global trade and investment hub. A core goal: achieving 70% cashless transactions by 2025.

Our in-house designers and engineers have produced countless great designs for customers from different industriesIn 2021, mobile payments surpassed cash for the first time, marking a milestone toward Vision 2030.

Mada, Saudi's national payment network (formerly SPAN), operates like China's UnionPay, connecting ATMs, POS terminals, and banks nationwide. Upgraded in 2015, Mada cards (EMV-compliant) now integrate with global networks (Visa/MasterCard), enabling domestic/international transactions, Apple Pay compatibility, and frictionless digital experiences.

Key metrics (2021):

• Transaction value: 74.32 billion SAR (+91.5% YoY)
• Transaction volume: 347 million (+100% YoY)

Mada has become the backbone of Saudi’s digital payment surge.

1. Digital Wallets

According to McKinsey research， Digital wallets are projected to dominate MENA payments in the next five years.

• STCPay: Backed by Saudi’s largest telecom operator (STC), it offers payments, transfers, and remittances, capitalizing on a massive user base.
• Urpay: Developed by neoleap, it aggregates payment methods and financial services (e.g., cross-border transfers), catering to daily needs like utility bills and payroll.

2. Buy Now, Pay Later (BNPL)

BNPL adoption is rising, with platforms like Tabby, Tamara, and Spotii expanding from fashion to essentials (e.g., insurance). BNPL helps merchants increase average order values by nearly 10x, appealing to cost-conscious consumers

3. Cross-Border Remittances

Saudi is one of the world’s largest remittance corridors, with expatriates expected to send $40 billion in 2022—a record high. Demand for low-cost, efficient cross-border solutions is surging, aligning with Vision 2030’s global trade ambitions.

By 2030, Vision 2030 aims to transform Saudi into a tech-driven, cashless society—one where digital payments empower economic diversity and global integration. As the kingdom pivots from oil to innovation, its payment landscape offers a blueprint for regional fintech leadership.