Payment cards account for nearly 35% of e-commerce sales in Saudi Arabia
Saudi Arabia’s e-commerce market grew 18%.
Payment cards accounted for 34.9% of the e-commerce sales in Saudi Arabia in 2022, Globaldata reported.
E-commerce sales in the market grew by 17.9% to US$15.6b by 2022. This is expected to increase at a compound annual growth rate of 12.1% from 2022 to reach US$24.7b in 2026.
“The Saudi e-commerce market growth is being driven by increasing consumer confidence in online shopping, and the availability of alternative payment tools,” Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, said.
“Currently, payment cards are the leading payment method for online purchases, accounting for 34.9% overall ecommerce transaction value in 2022.”
Alternative payment tools have also gained ground as it accounted for 29% share of total ecommerce transaction value in 2022 from 23.2% in 2021.
Amongst these include Apple Pay, PayPal, and stc pay are popular brands among online shoppers.