{"id":69184,"date":"2024-12-17T11:09:23","date_gmt":"2024-12-17T09:09:23","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=69184"},"modified":"2024-12-17T11:09:25","modified_gmt":"2024-12-17T09:09:25","slug":"saudi-arabia-payments-revenue-projected-to-reach-21-7-billion-by-2028-reflecting-strong-market-expansion","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2024\/12\/17\/saudi-arabia-payments-revenue-projected-to-reach-21-7-billion-by-2028-reflecting-strong-market-expansion\/","title":{"rendered":"Saudi Arabia Payments Revenue Projected to Reach $21.7 Billion by 2028, Reflecting Strong Market Expansion"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Saudi Arabia\u2019s payments revenue reached $16.2 billion in 2023 and is projected to grow to $21.7 billion by 2028, with a compound annual growth rate (CAGR) of 6%.<\/mark><\/strong><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Transaction volumes in Saudi Arabia are expected to increase by 68%, reaching 19 billion by 2028.<\/mark><\/strong><\/li>\n\n\n\n<li><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Global payments revenues are forecast to rise from $1.8 trillion in 2023 to $2.3 trillion by 2028, at a slower CAGR of 5%.<\/mark><\/strong><\/li>\n<\/ul>\n\n\n\n<p>Saudi Arabia\u2019s payments industry is set for substantial growth, with total revenues projected to reach $21.7 billion by 2028, according to the latest Global Payments Report 2024 from <a href=\"https:\/\/www.bcg.com\/\">Boston Consulting Group<\/a> (BCG). Amid a global slowdown, Saudi Arabia\u2019s strategic focus on digital innovation and infrastructure development positions it as a key player within the GCC.<\/p>\n\n\n\n<p>The Global Payments Report 2024 marks BCG\u2019s 22nd annual analysis of the global payments industry, emphasizing the need for decisive action in navigating a rapidly evolving landscape. <\/p>\n\n\n\n<p>The report aptly titled <a href=\"https:\/\/www.bcg.com\/publications\/2024\/fortune-favors-bold-global-payments-report\">Fortune Favors the Bold<\/a>\u00a0highlights\u00a0the importance of adapting to shifting customer expectations, heightened regulatory scrutiny, and technological disruptions. While growth is slowing globally, Saudi Arabia remains a bright spot in the region, continuing its high growth and innovation trajectory.<\/p>\n\n\n\n<p>Globally, payments revenue growth is projected to slow significantly, with CAGR halving to 5% through 2028, resulting in a global payments revenue pool of $2.3 trillion. <\/p>\n\n\n\n<p>This marks a sharp decline from the 9% CAGR observed over the previous five years, which pushed the global revenue pool to $1.8 trillion in 2023. <\/p>\n\n\n\n<p>North America and Europe are expected to experience the most significant slowdowns, with projected annual revenue increases of just 3%. In contrast, regions like the Middle East, Latin America, and Asia-Pacific are forecasted to see higher growth, with the Middle East projected to grow at a 7% CAGR, driven by accelerating digital payments in emerging markets.<\/p>\n\n\n\n<p><strong>Saudi Arabia Payments Sector Positioned for Robust Growth<\/strong><\/p>\n\n\n\n<p>Saudi Arabia\u2019s payments sector has demonstrated steady growth, with revenues increasing from $10.3 billion in 2018 to $16.2 billion in 2023, representing a CAGR of 9.4%. By 2028, Saudi Arabia\u2019s revenue pool is expected to grow by another 34%, reaching $21.7 billion. <\/p>\n\n\n\n<p>Transaction volumes in Saudi Arabia are projected to increase significantly, from 11.3 billion in 2023 to 19 billion by 2028\u2014a 68% rise. This growth is driven by the Kingdom\u2019s digital transformation efforts, enhanced fintech adoption, and initiatives to improve financial accessibility across the country.<\/p>\n\n\n\n<p>&#8220;Saudi Arabia\u2019s payments industry is moving towards a balanced model that integrates rapid growth with sustainable resilience,&#8221; said Lukasz Rey, Managing Director and Partner, and Head of Middle East Financial Institutions Practice at BCG. &#8220;To achieve this, Saudi firms must prioritize scalable, modular infrastructures that optimize operational flexibility while reducing technology overhead. <\/p>\n\n\n\n<p>Incorporating generative AI can elevate customer service, streamline fraud detection, and drive efficiency at scale, which are\u00a0essential factors as the market matures. <\/p>\n\n\n\n<p>As regulatory scrutiny intensifies, companies that proactively embed risk management and compliance into their core technology will set the standard for delivering secure, innovative services that meet the high expectations of both customers and stakeholders in an evolving sector.&#8221;<\/p>\n\n\n\n<p><strong>New Strategies Needed as Payments Industry Faces Transformation<\/strong><\/p>\n\n\n\n<p>The global payments industry is at a turning point, necessitating a shift from rapid growth to a sustainable, strategy-driven model. Digital payments are approaching maturity in established markets like the U.S. and U.K., where less than 10% of transactions are still in cash. <\/p>\n\n\n\n<p>Shareholder value creation is also evolving, with dividends and buybacks now contributing over one-third of total returns as profitability becomes a primary focus. <\/p>\n\n\n\n<p>Additionally, real-time payments are now standard in over 60 countries, while central bank digital currencies (CBDCs) are expected to further disrupt the landscape by adding efficiency and programmable capabilities. <\/p>\n\n\n\n<p>Generative AI, adopted by early movers, has already reduced costs by up to 70%, underscoring the importance of modernization to remain competitive.<\/p>\n\n\n\n<p><strong>Future-Proofing Saudi Arabia\u2019s Payments Industry for Sustainable Success<\/strong><\/p>\n\n\n\n<p>As technologies like generative AI, real-time payments, and digital currencies reshape the global payments landscape, Saudi Arabia\u2019s payments sector is well-positioned for sustained success through continued innovation and modernization.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia\u2019s payments revenue reached $16.2 billion in 2023 and is projected to grow to $21.7 billion by 2028, with a compound annual growth rate (CAGR) of 6%. Transaction volumes in Saudi Arabia are expected to increase by 68%, reaching 19 billion by 2028. Global payments revenues are forecast to rise from $1.8 trillion in &hellip;<\/p>\n","protected":false},"author":2,"featured_media":69185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[975,1194],"class_list":["post-69184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-boston-consulting-group","tag-fortune-favors-the-bold"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Arabia Payments Revenue Projected to Reach $21.7 Billion by 2028, Reflecting Strong Market Expansion - Gulf Tech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gulftech-news.com\/en\/2024\/12\/17\/saudi-arabia-payments-revenue-projected-to-reach-21-7-billion-by-2028-reflecting-strong-market-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia Payments Revenue Projected to Reach $21.7 Billion by 2028, Reflecting Strong Market Expansion - Gulf Tech News\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s payments revenue reached $16.2 billion in 2023 and is projected to grow to $21.7 billion by 2028, with a compound annual growth rate (CAGR) of 6%. 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