, Saudi Arabia
226 view s
Source: Photomix (Pexels)

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.”

Read more: BNPL payment option to boost Southeast Asia’s e-commerce market

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.

 

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

5 major shifts in consumer behaviour to expect in 2025
Quality, functionality, convenience, and price drive purchase decisions across all trends.
Fashion industry faces uncertainty in 2025
This is amidst economic challenges, shifting consumer preferences, and global trade disruptions.
Fashion
Nestlé and Formula 1 announce multi-year partnership
It will bring KitKat branding and fan activations to select Grand Prix events.