Saudi Telecom's STC Pay wallet is expected to strengthen its domestic market position further between 2020 and 2025. Originally the digital payment segment of Saudi Arabia's largest telco operator, the business officially received a digital banking license in June 2021 - roughly 1.5 years after exiting the regulatory sandbox environment in the Kingdom meant for innovative services and products. This suggests that mobile payments are somewhat new in Saudi Arabia, although the Saudi Central Bank talks of a major increase in contactless payments: By October 2021, they said, contactless payments adoption was around 94 percent.
Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025
(in millions)
The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population
Supplementary notes
The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Statista estimates. (October 21, 2021). Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025 (in millions) [Graph]. In Statista. Retrieved December 19, 2024, from https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/
Statista estimates. "Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025 (in millions)." Chart. October 21, 2021. Statista. Accessed December 19, 2024. https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/
Statista estimates. (2021). Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025 (in millions). Statista. Statista Inc.. Accessed: December 19, 2024. https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/
Statista estimates. "Number of Users of Selected Mobile Wallets in Saudi Arabia in 2020, with Forecasts from 2021 to 2025 (in Millions)." Statista, Statista Inc., 21 Oct 2021, https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/
Statista estimates, Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025 (in millions) Statista, https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/ (last visited December 19, 2024)
Number of users of selected mobile wallets in Saudi Arabia in 2020, with forecasts from 2021 to 2025 (in millions) [Graph], Statista estimates, October 21, 2021. [Online]. Available: https://www.statista.com/statistics/1271471/mobile-wallet-user-forecast-in-saudi-arabia/
