Recently published research from Timetric, "Emerging Opportunities in Saudi Arabia's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 01/25/2013 --The Saudi Arabian banking system is well capitalized and consists largely of commercial banks. In April 2012, the international monitory fund (IMF) stated that there were 23 licensed banks in operation in the country. Compared to other Gulf Co-operation Council (GCC) countries, the Saudi Arabian cards and payments industry is considered, by MasterCard's 2012 consumer confidence survey, to be extremely optimistic. It offers credit, debit, prepaid and charge cards to corporations and consumers. During the review period (2008-2012), nominal growth at a CAGR of 11.79% was experienced within the cards and payments industry. It is predicted to register a CAGR of 12.19% over the forecast period (2013-2017).
The debit and charge card categories are anticipated to post nominal growth over the forecast period. The prepaid card category is expected to post a CAGR of 19.05% while the credit card category is expected to grow at a CAGR of 16.46%. The prepaid and credit card categories are anticipated to be key industry drivers. The debit card category is expected to grow at a CAGR of 9.11% and the charge card category is projected to grow at a CAGR of 7.30% over the forecast period.

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Key Highlights

- The Saudi Arabian banking system is well capitalized and consists largely of commercial banks. In April 2012, the international monitory fund (IMF) stated that there were 23 licensed banks in operation in the country. Compared to other Gulf Co-operation Council (GCC) countries, the Saudi Arabian cards and payments industry is considered, by MasterCard's 2012 consumer confidence survey, to be extremely optimistic.
- The Saudi Arabian cards and payments industry recorded a CAGR of 11.79% during the review period. In terms of transaction value, the industry increased from SAR430.4 billion (USD114.9 billion) in 2008 to SAR820.4 billion (USD218.8 billion) in 2012. Economic growth is anticipated to benefit the industry and provide positive growth potential for banking and non-banking card issuers operating in the country.
- Saudi Arabia is ranked as having the second largest market in e-commerce sales in the Gulf Co-operation Council (GCC) countries after United Arab Emirates (UAE) and, more importantly, represents the biggest retail sector in the region, with the promise of huge growth in e-commerce. In December 2011, there were around 13 million internet users with a 49% penetration level of the entire Saudi Arabian population. Total e-commerce sales were recorded at USD3.5 billion in 2011, with 14% growth in online sales.
- Saudi Arabia has the second largest retail sector among all GCC countries and recorded SAR285.1 billion (USD76.1 billion) in 2011. The wholesale and retail sector accounts for 21.5% of overall private sector employment.
- Al Rajhi Bank was the leading bank in terms of debit card issuance volume in 2011, which accounted for 26.6% of the total volume of debit cards in 2011.

Companies Mentioned in this Report: Al Rajhi Bank, The Saudi British Bank, Samba financial group, Google, Gemalto,

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