(MENAFN- GlobeNewsWire - Nasdaq) Saudi Arabia's prepaid card and digital wallet market is set for growth, driven by government initiatives for a cashless society, booming e-commerce, and corporate adoption. The rise of fintech and digital-only banks accelerates this shift, supported by regulatory backing. This presents significant opportunities in enhancing security, usability, and integration into digital payment systems.

Dublin, Oct. 17, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Prepaid Card and Digital Wallet Market Intelligence and Future Growth Dynamics Databook - Q2 2025 Update" report has been added to ResearchAndMarkets's offering.
The prepaid card and digital wallet market in Saudi Arabia is expected to grow by 9.1% on annual basis to reach US$ 9.65 billion in 2025. The prepaid card and digital wallet market in the country has experienced robust growth during 2020-2024, achieving a CAGR of 15.1%. This upward trajectory is expected to continue, with the market forecast to grow at a CAGR of 7.5% during 2025-2029. By the end of 2029, the prepaid card and digital wallet market is projected to expand from its 2024 value of US$ 8.85 billion to approximately US$ 12.88 billion.

This report provides a detailed data-centric analysis of the prepaid card and digital wallet industry in Saudi Arabia, covering market opportunities and analysis across a range of prepaid card and digital wallet domains. With over 80+ KPIs at the country level, this report provides a comprehensive understanding of prepaid card and digital wallet market dynamics, market size and forecast, and market share statistics.
Saudi Arabia's prepaid card market is evolving rapidly, fueled by the government's push for a cashless society, the growing e-commerce sector, and increasing corporate adoption of prepaid solutions. These factors drive a steady shift from cash transactions towards digital payment methods, supported by technological advancements and fintech-driven innovations. The prepaid card market is expected to grow significantly over the next few years, with financial institutions and service providers continuously adapting to consumer and business needs.
As prepaid cards become more ingrained in the country's financial ecosystem, market participants must focus on enhancing security, expanding usability, and catering to diverse user segments. The corporate sector's rising adoption of prepaid cards for expense management and employee incentives further indicates sustained market demand. With regulatory backing and consumer acceptance increasing, prepaid card solutions will continue to gain traction, shaping the future of digital payments in Saudi Arabia.
Accelerated Adoption of Digital Payment Solutions

• Saudi Arabia's push toward digital payments is reshaping consumer financial habits, with prepaid cards playing an essential role in this transition. The government's Vision 2030 initiative is a key driver, aiming to reduce cash reliance and enhance financial inclusion. This shift is evident in the increasing adoption of prepaid cards facilitated by traditional banks and emerging fintech firms.
• The rise of digital-only banks and fintech companies has further accelerated prepaid card adoption as these institutions introduce user-friendly, technology-driven payment solutions. Consumers are progressively moving away from cash, seeking secure and efficient digital alternatives.
• Over the next two to four years, prepaid cards are expected to become an even more prominent part of Saudi Arabia's payment ecosystem. Financial institutions and fintech firms will likely expand their prepaid offerings, integrating them with digital wallets and contactless payment solutions. As the regulatory framework continues supporting digital payments, prepaid card usage will likely increase across retail and corporate sectors.

Growth of E-commerce Driving Prepaid Card Usage

• Saudi Arabia's expanding e-commerce sector is driving the adoption of prepaid cards as consumers seek secure and convenient payment methods. The rise of online shopping platforms has made prepaid cards attractive, particularly for individuals wary of linking their primary bank accounts to digital transactions. As prepaid cards provide a controlled spending mechanism, they appeal to consumers looking to manage online purchases while minimizing the risk of fraud.
• The country's young and tech-savvy population is fueling this trend. With a large segment of consumers actively engaging in digital transactions, prepaid cards offer flexibility without the need for traditional credit lines. Additionally, many retailers and online marketplaces in Saudi Arabia encourage prepaid card usage by integrating them into their payment options, further boosting demand.
• Over the next two to four years, the prevalence of prepaid cards in e-commerce transactions is expected to grow significantly. Payment service providers and fintech companies will likely introduce enhanced prepaid card solutions tailored to frequent online shoppers. This expansion will increase prepaid card penetration and contribute to Saudi Arabia's broader shift toward a cashless economy.

Corporate Adoption of Prepaid Solutions

• Corporate entities in Saudi Arabia are increasingly adopting prepaid card solutions to streamline financial operations, particularly in areas such as employee incentives, business expense management, and corporate gifting. Companies leverage prepaid cards to distribute funds efficiently, reducing reliance on traditional reimbursement processes. This approach minimizes administrative overhead and enhances operational efficiency, making prepaid cards a preferred tool for businesses handling multiple financial transactions.
• Financial control is another key driver behind the corporate adoption of prepaid cards. Organizations can allocate specific amounts to prepaid cards for employees or business activities, ensuring better budget oversight and reducing unauthorized expenditures. Prepaid cards also provide businesses with transaction tracking capabilities, helping finance teams monitor spending patterns and improve financial planning.
• Over the next two to four years, the adoption of prepaid cards in corporate settings is expected to rise significantly. Businesses will likely demand more tailored prepaid card solutions that offer advanced financial management features, such as automated spending limits and category-specific spending restrictions. This anticipated growth will expand the prepaid card market, with financial service providers developing specialized products to cater to corporate needs.

Key Players and Market Share

• The competitive landscape in Saudi Arabia includes a mix of established financial institutions, fintech firms, and international payment service providers. Prominent players in the prepaid card market include STC Pay, Riyad Bank, Al Rajhi Bank, Saudi National Bank (SNB), and Alinma Bank. These banks offer prepaid card solutions catering to retail and corporate segments. These banks leverage extensive networks to promote prepaid card adoption through digital banking channels.
• New entrants in the market include fintech firms and digital-only banks such as STC Bank and D360, both of which launched pilot phases of their digital banking services in 2023. These digital banks are expected to introduce prepaid card products as part of their financial services, targeting younger, tech-savvy consumers who prefer digital payment solutions. The rise of these new players is intensifying competition and accelerating product innovation in the prepaid card market.

Recent Launches and Partnerships

• Similarly, Al Rajhi Bank collaborated with Mastercard in 2023 to enhance its prepaid card offerings by integrating advanced security features and expanding merchant acceptance. Additionally, international payment firms such as PayTabs and Stripe are entering partnerships with local fintech players to facilitate prepaid payment processing in Saudi Arabia. These developments strengthen the prepaid card ecosystem, offering consumers more secure and convenient digital payment solutions.

Regulatory Changes

• Saudi Arabia has implemented key regulatory measures in the past year to promote financial inclusion and enhance digital payment security. The Saudi Central Bank (SAMA) introduced new prepaid card regulations in 2023, focusing on fraud prevention, compliance requirements, and transparency in prepaid card fees. These regulations protect consumers and ensure fair competition among prepaid card issuers.
• SAMA also mandated all prepaid card providers to integrate their services with Saudi Payments' national Mada network, enhancing interoperability across different payment channels. This regulatory change ensures that prepaid card users can access a broader range of payment options, increasing overall adoption. Regulatory measures such as these are expected to create a more structured and transparent prepaid card market in Saudi Arabia.

Key Attributes:

Report Attribute	Details
No. of Pages	159
Forecast Period	2025 - 2029
Estimated Market Value (USD) in 2025	$9.65 Billion
Forecasted Market Value (USD) by 2029	$12.88 Billion
Compound Annual Growth Rate	7.5%
Regions Covered	Saudi Arabia

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• Saudi Arabian Prepaid Card and Digital Wallet Market

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