Cards and payment landscape continues to evolve as opportunities for collaboration, modernization and innovation help clients adapt to the changing environment in Saudi Arabia. Prevalent payment solutions have redefined the financial ecosystem, thereby expanding footprints in the region. Nevertheless, Saudi Arabia surpasses other regions in terms of mobile payment usage. This has brought a paradigm shift in the country where cash on delivery payment ruled the roost and payment via credit cards exhibited gloomy picture. These insights are according to the intelligence report, titled, "Saudi Arabia Cards & Payments: Opportunities and Risks to 2022," which has been freshly added to Market Research Hub’s (MRH) overarching repository. Albeit trend of smartphones, in-store remains the shopping channel of choice in Saudi Arabia. Meanwhile, smartphones have been preferred over PC as a channel. Meanwhile, consumers in Saudi Arabia do not hesitate paying a premium for purchases related to health and wellness products, technology and fashion.
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In a bid to bolster the financial sector, International payment systems provider Vocalink and Saudi Payments rolled out real-time payments through cutting-edge Mastercard technology in April 2019. The deal is expected to propel instant payments between business, financial institutions and consumers. Further, the milestone partnership will underscore digital commerce that will have a positive impact on the Saudi economy. The introduction of real time payments to Saudi Arabia will leverage financial institutions and newer FinTechs to reap reward from the digital economy.
Online merchants are vying to dissipate consumer security concerns and intrigue more shoppers to use their sites. As such, players in e-commerce platforms are warding off promotion of unrealistic discounts and providing strong customer service.
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Saudi Arabia Cards & Payments: Report Synopsis
Quantitative and qualitative assessment exhort intelligence and overarching report on the Saudi Arabia cards & payments market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Saudi Arabia cards & payments market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on Saudi Arabia cards & payments.
An insightful and deep-dive assessment of the competitive assessment of the Saudi Arabia cards & payments market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the Saudi Arabia cards & payments market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.
Saudi Arabia Cards & Payments: Research Methodology
Primary sources and secondary sources propel intelligence report on Saudi Arabia cards & payments market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst. Report on Saudi Arabia cards & payments market further acknowledges secondary sources—namely—Factiva, EC filing, press release, trade journals, resourceful database and governmental websites.
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