Trends & Opportunities in Saudi Arabia Cards & Payments Market Discussed in New Report by Timetric Recently Published at MarketPublishers.com
03 Mar 2016 • by Natalie Aster
LONDON – The Saudi Arabian Monetary Agency has recently undertaken a range of initiatives in order to encourage the use of electronic payments. New electronic payment system ‘mada’ was established in the country and mandatory wage payment into bank accounts was introduced. It is expected that the new system will increase the use of point-of-sale (POS) terminals; for this the daily purchase limit in the country was raised to USD 16,000 (from USD 5,333).
Technology adoption in the Saudi Arabian cards and payments industry came to a new level in May 2015, when Riyad Bank issued the first contactless debit card in the country. This innovation offers enhanced security and convenience. Moreover, such card is accepted across around 35 million merchants worldwide. Now, the contactless card can be used without entering a PIN for transactions that do not exceed USD 20; this will likely encourage card based payments even for low-value transactions.
Topical report “The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2019” drawn up by Timetric offers a deep analysis of the cards and payments market in Saudi Arabia, discusses the current values of the market and examines emerging trends and opportunities up till 2019. Major factors shaping the Saudi Arabian market for cards and payments are canvassed in this report along with the detailed coverage of regulatory policies, marketing strategies, recent changes and competitive scenario. The study contains profiles of the major players in Saudi Arabian cards and payments market. Market forecasts are also provided.
The Cards and Payments Industry in Saudi Arabia: Emerging Trends and Opportunities to 2019
Published: February, 2016
Price: US$ 3,995.00
For other new research studies by Timetric follow to its page.