Magdy Hassan, CEO of taly

The sounds of coins clinking and bills rustling are becoming increasingly rare as we shift toward a cashless future, where digital transactions take the lead. While some people still prefer the feel of physical money, the global transition to digital payments is already well underway, and there are compelling reasons for it. The advantages of going cashless are hard to ignore.

This change is not just a vision for the future—it’s already happening in many parts of the world, including Egypt. Over the past decade, initiatives by the government and the Central Bank of Egypt have spurred economic growth and expanded financial inclusion. As a result, more than 177+ fintech startups and payment service providers (PSPs) have emerged, offering innovative solutions across 14 different subsectors. Many of these companies are expanding their services beyond Egypt, reaching regional and even global markets. The recent launch of Tokenization in Egypt is another game changer that would enable consumer to make their payment directly from their mobiles without the need to use a plastic card, which will embrace the digital life style.

In line with Egypt’s Sustainable Development Strategy and the UN Sustainable Development Goals, Egyptian banks have significantly advanced financial inclusion and digital transformation. Today, around 52 million citizens actively use financial accounts across banks, post offices, mobile wallets, and prepaid cards. Financial inclusion rates soared to 74.8% by the end of 2024, up from 70.7% in 2023, representing a 204% growth since 2016. Digital transformation is further demonstrated by a 32% annual increase in mobile wallet accounts, reaching a total of 42.1 million accounts in March 2024.

With the increasing demand of non-face-to-face payment and transfer due to the significant increase of online ordering Egypt's e-commerce market projected to double from 2025 to 2030, with the increasing need of people convenience the digital payments are becoming even more crucial. Evidence of this shift is clear: 85% of mobile wallet usage is dedicated to peer-to-peer transfers, with over 18 million wallets and over 6 million Instapay users playing a vital role in the ongoing digital transformation.

While the potential benefits of digital payments are undeniable, at taly, we believe it’s important to ask: Are we truly ready to be Digital Enabler?

The clear answer that Taly born Digitally with the vision of providing comprehensive ecosystem offering unparalleled convenience. Imagine a world where you can pay for anything, anywhere, with just a few taps on your phone or a swipe of your card. No more fumbling for change or countless trips to the ATM. Whether in bustling city markets or remote rural shops, taly ecosystem connects consumers with their service providers, merchant with their suppliers, Corporates with their employees, making day-to-day transactions faster, easier, secured, trackable, and more efficient for all stakeholders. The first of its kind Corporate Portal just launched by taly is a great example of increased corporates efficiency, saves time, reduces overhead costs, ease reconciliation between the company and its employees, and promotes a smoother economic flow.

Digital transactions create traceable records, making it harder for criminals to operate, and helping to combat tax evasion and money laundering, leading to a fairer and more just economic system.

Moreover, digital payments offer easy tracking and management, giving individuals better control over their finances and supporting effective budgeting. Consumers are increasingly aware of solutions like digital cards, Buy Now Pay Later (BNPL) options, and open banking, and they are actively integrating these solutions into their daily lives. We are really proud to be on the heart of all those solutions as digital enabler not competitor.

Of course, the transition to a cashless society isn’t without challenges. Concerns around privacy, cybersecurity, and accessibility for underserved populations are critical subjects that must be addressed. Strong safeguards are necessary to protect personal data and prevent fraud. Ensuring universal access to digital tools is vital before fully embracing a cashless system. Education and support programs will be key to bridging the digital divide and promoting inclusivity.

At taly, we understand that the shift to a cashless future is not a matter of if, but when. While challenges remain, the benefits of a cashless world—convenience, security, transparency, and economic efficiency—are undeniable. By embracing innovation and inclusivity, we can unlock the full potential of this transformation, paving the way for a prosperous future in Egypt.

Building on the continuous efforts of the Central Bank of Egypt, our company plays a pivotal role in Egypt’s digital transformation by offering a full suite of services and tailored solutions. With a team of over 200 employees, comprehensive digital processing capability, local first Tokenization platform, and payment gateway those connected with all global and local payment schemes, taly ensures secure and seamless transactions having recently renewed its ISO and PCI certifications positioning it as one of the first to be certified PCI DSS V4.0, reaffirming our commitment to the highest security standards.

As a comprehensive digital payment ecosystem, taly facilitates digital transformation by providing a seamless payment experience for banks, enterprises, and merchants. We also empower startups with innovative infrastructure that enhances financial ecosystems and accelerates transactions, driven by our unwavering commitment to advancing Egypt’s fintech sector and supporting Egypt’s Vision 2030.

Our company boasts unparalleled technological infrastructure in Egypt, promoting integration with banks and collaboration with digital payment apps. taly’s mission is to support the Egyptian economy’s digital evolution by providing the necessary infrastructure. We offer a wide range of digital solutions for Egyptian banks and their customers, including tokenization, allowing customers to use their phones as alternatives to plastic cards.

The fintech sector in Egypt has a very promising future, having already witnessed rapid development thanks to the diligent efforts of the Central Bank of Egypt. As digital transformation becomes not a luxury, but a necessity, it's time to embrace this change and leave the clink of coins behind.

Mohammed Ramzy

As Egypt’s fintech sector undergoes rapid transformation, several companies are racing to establish themselves as key players in this evolving landscape. Among them is XPay, a prominent fintech company making significant strides in digital payments and financial technology.

Industry forecasts indicate that Egypt’s fintech market is expected to grow at a compound annual rate of 37% until 2029. Against this backdrop, XPay, founded in 2018 by Mohamed Abelmottaleb, focuses on developing digital transformation solutions with a strong emphasis on financial inclusion. Its suite of services covers credit and debit card payment processing, transactions via Meeza cards, smart wallet payments, mobile payments, QR code payments, and Buy Now, Pay Later (BNPL) services.

In an exclusive interview with Sharikat Mubasher, Mohamed Abelmottaleb, Founder and Managing Partner of XPay, shared the company’s expansion plans, growth ambitions for 2025, and his vision for fostering innovation in Egypt’s fintech space.

How has XPay managed to compete in Egypt’s fintech scene?

XPay is a leading fintech company that started in 2018, right at the onset of the digital transformation era in Egypt, alongside industry giants like Fawry. I firmly believe that technology could reshape Egypt’s financial landscape. With this conviction, we launched XPay to provide payment services for businesses, vendors, and individuals through our own unique approach. We believe that financial technology is a fundamental right for every individual, regardless of their needs or background.

When did XPay officially launch operations?

The first phase focused on market research and analysis, followed by testing different financial service models to determine the best fit based on our extended 20-year expertise in the field. In 2021, XPay obtained its first license from the Central Bank of Egypt and officially began offering services to individuals and businesses. Today, XPay is considered one of the most prominent fintech companies in Egypt.

What has XPay achieved so far?

XPay has achieved significant success in Egypt’s digital payments sector, recording a 75% increase in the number of merchants by the end of 2024. This led to a 250% growth in total payment volume and a 340% rise in processed transactions, with a success rate of 83%.

What are your targets for 2025?

In 2025, we are aiming to process EGP 1 billion in digital payments, while maintaining what we call “cautious growth” carefully expanding our merchant and client base in a controlled and sustainable manner.

What do you mean by "cautious growth"?

This has been a core principle at XPay since Day One. It means every step of our expansion is thoroughly studied and carefully executed, minimizing risks for both the company and the market, especially given the sensitive nature of the sector we’re operating within.

What are XPay’s funding plans? Are you seeking new investment?

The company still relies primarily on investment from existing partners, but we plan to launch a new funding round next year to support our ambitious growth and expansion goals.

Are there any upcoming partnerships? What’s their purpose?

We are planning several partnerships with various entities this year to enhance the integration of our digital solutions and boost financial inclusion in Egypt. Currently, about 30% of Egyptians remain outside the formal financial system according to recent statistics, which is a significant gap given the population size. We need to develop more innovative services and solutions, and the best way to do this is by forming strategic partnerships with key players.

How do you see the future of fintech in Egypt?

Egypt is steadily moving toward becoming a cashless society — that’s inevitable. To achieve this, Egypt will need massive investments in digital infrastructure over the coming years. Alongside that, continuous development of technology platforms and systems will be essential. This creates a huge demand for new startups focused on innovation and advanced technology, particularly in AI-powered financial solutions. With the sector expected to grow by 37% annually until 2029, the future looks bright for fintech in Egypt.

Are there plans to expand to other markets?

Egypt remains our primary focus, and we are concentrating on expanding our services domestically. However, we definitely have plans to expand into regional markets, with Saudi Arabia being a top priority. We see tremendous potential in Saudi Arabia’s fintech landscape, and it fits well with our regional growth strategy.

Translated by: Ghada Ismail

Noha Gad 

The payment landscape in the Middle East and Africa (MEA) is undergoing rapid transformation, fueled by growing internet access and a young, tech-savvy population. This diverse region is characterized by a complex mix of local payment methods and varying regulatory frameworks. Consequently, merchants often face significant challenges, including high transaction costs, low conversion rates, and operational inefficiencies, as they navigate this environment.

Payment orchestration platforms offer a solution to these challenges. Acting as central hubs, they streamline payment processes, optimize transaction routing, and enable merchants to seamlessly integrate with multiple payment gateways and local payment methods.

In this regard, Sharikat Mubasher held an interview with Nader Abdelrazik, CEO of MoneyHash, the first and leading payment orchestration platform in MEA, to learn more about the company’s pivotal role in supporting merchants across the region, its offerings, and future expansions in the region and beyond.

Can you provide an overview of MoneyHash’s services that set the company apart in the payment orchestration space?   

MoneyHash offers a full suite of products to help medium and large merchants boost the performance of their payment infrastructure, improving transaction success rate, conversion, and revenue generation. What sets MoneyHash apart is its specialization in emerging markets with the largest network of integrations across over 50 countries in the Middle East and Africa. Additionally, our products cater to merchant needs from integration and checkout solutions to transaction routing and advanced reporting. 

MoneyHash recently raised a $5.2 million pre-series A round. How this investment will help the company accelerate its penetration in the MEA region?

The newly acquired funds are mainly dedicated to expanding team capacities to serve a larger customer pool and exploring new emerging markets like SEA and LATAM. 

The MEA region has diverse regulatory frameworks. How does MoneyHash navigate compliance across different markets?

Building a robust software product is key as we have to make sure we are compliant with data regulation and security in all markets we operate in. We follow a product-driven approach that helps us navigate compliance, and support our merchants in compliance questions as well.

How do you see payment behaviors evolving in the MEA region, and how is MoneyHash adapting to those changes?

The ecosystem is thriving when it comes to new local payment methods whether existing ones growing market share or new ones adding to the mix. This makes it harder for merchants to adapt. This is where MoneyHash comes in and supports merchants in future-proofing their infrastructure. 

What are the key emerging markets that the company plans to enter within the upcoming period? 

Our main focus is on the Middle East and Africa, and we are exploring SEA and LATAM.

MoneyHash actively collaborated with various fintech companies and banks in the region. What are the company’s future expansion plans, notably in the GCC and Saudi Arabia?

Saudi Arabia and the GCC are our top markets and account for the majority of our customer base. This is due to our deep understanding of the market, but also a testament to the amazing growth the region is witnessing.

How do you see the future of payment orchestration in the region, and what role will MoneyHash play in shaping it?

We are building the first orchestrator in the region, and we see this sector to be the next generation of payment services globally. We hope to make the region proud with the quality of our software and talent and establish this new product category successfully as a first mover.

Finally, MoneyHash’s commitment to innovation, particularly in emerging markets, positions it as a key player in shaping the future of payments in the MEA region. Its focus on building the first true orchestrator in the region and its vision for the payments future show that MoneyHash is not just adapting to the changing landscape, they're actively building it.

Kholoud Hussein 

As Saudi Arabia’s financial sector undergoes rapid digital transformation, the need for robust cybersecurity has never been greater. The increased reliance on online banking, digital payments, and wealth management platforms has created new opportunities for innovation and new vulnerabilities. Fraud, identity theft, and cyberattacks pose significant threats to the financial ecosystem, demanding advanced solutions to safeguard institutions and customers alike.

This is where artificial intelligence (AI) comes into play. By leveraging machine learning, pattern recognition, and real-time analytics, AI is revolutionizing fraud detection and cybersecurity in Saudi Arabia’s financial services industry. This fifth blog in our series explores how AI enhances security, paving the way for the next discussion on AI’s transformative role in the insurance sector.

1. The Growing Need for AI in Fraud Detection

The financial sector in Saudi Arabia has seen a surge in digital transactions, driven by Vision 2030’s emphasis on financial inclusion and innovation. However, this growth has also expanded the attack surface for cybercriminals.

Key Challenges:

• Sophisticated Cyber Threats: Cybercriminals are using advanced techniques like phishing, ransomware, and social engineering to exploit vulnerabilities.
• Volume of Transactions: The sheer number of digital transactions makes manual monitoring impractical.
• Evolving Fraud Tactics: Traditional rule-based systems struggle to keep up with new and complex fraud methods.

AI addresses these challenges by enabling proactive, scalable, and adaptive fraud detection mechanisms.

2. How AI Detects and Prevents Fraud

AI enhances fraud detection by analyzing massive datasets in real-time, identifying anomalies, and predicting potential threats.

Applications of AI in Fraud Detection:

• Anomaly Detection: Machine learning algorithms monitor transaction patterns and flag deviations that may indicate fraud, such as unusual spending behaviors or location changes.
• Behavioral Biometrics: AI tracks user behavior, such as typing speed or navigation patterns, to detect unauthorized access attempts.
• Real-Time Alerts: AI systems provide instant alerts to financial institutions when suspicious activities occur, enabling swift responses.
• Deep Learning for Pattern Recognition: Advanced AI models identify patterns across large datasets to detect coordinated fraud schemes.

3. Strengthening Cybersecurity with AI

AI not only detects fraud but also enhances overall cybersecurity by identifying vulnerabilities and fortifying defenses.

AI-Powered Cybersecurity Measures:

• Threat Intelligence: AI tools analyze global cyber threat data to predict and prevent attacks before they happen.
• Adaptive Authentication: AI systems dynamically adjust authentication requirements based on risk levels, such as requesting additional verification for high-risk transactions.
• Incident Response Automation: AI accelerates responses to cyber incidents, minimizing damage and recovery time.

4. Challenges in Implementing AI for Cybersecurity

While AI offers immense potential, its implementation is not without challenges:

• Data Privacy: Ensuring AI systems comply with Saudi regulations, such as the Personal Data Protection Law (PDPL), is critical.
• Cost of Implementation: Advanced AI systems require significant investment in technology and expertise.
• Adversarial AI: Cybercriminals are also leveraging AI to develop more sophisticated attacks, creating an ongoing arms race.

5. The Future of Fraud Detection in Saudi Arabia

• AI and Blockchain Integration

Combining AI with blockchain technology can further enhance fraud detection by creating transparent, tamper-proof transaction records.

• Predictive Analytics for Proactive Security

AI will increasingly shift from reactive measures to predictive analytics, anticipating fraud before it occurs.

• Collaboration Across Sectors

Financial institutions, government bodies, and tech providers will need to collaborate to build a unified defense against cyber threats.

AI’s Role in Vision 2030’s Cybersecurity Goals

AI’s contribution to fraud detection aligns with Vision 2030’s objectives of creating a resilient and secure financial ecosystem. By fostering trust in digital financial services, AI supports the Kingdom’s broader goals of innovation, inclusion, and global competitiveness.

Looking Ahead: AI in Insurance

As AI strengthens cybersecurity and fraud detection in financial services, its transformative potential extends to the insurance sector. From personalized policies to automated claims processing, AI is redefining how insurers operate and serve their customers. In the next blog, we will explore AI in insurance and its role in shaping a new paradigm for the industry.

In conclusion, AI is revolutionizing fraud detection and cybersecurity in Saudi Arabia’s financial sector, creating a safer and more trustworthy environment for customers and institutions alike. By detecting threats in real-time, enhancing security measures, and staying ahead of evolving fraud tactics, AI is a critical enabler of financial resilience.

Stay tuned for our next blog, where we explore how AI is driving innovation and efficiency in the insurance industry, creating a smarter, more personalized future for policyholders.

Kholoud Hussein

Embedded finance is rapidly reshaping how financial services are delivered, integrating them directly into non-financial platforms and everyday business operations. At Seamless KSA 2024, this trend is a focal point, showcasing how fintech, retail, and e-commerce are using embedded finance to revolutionize business interactions, driving new growth opportunities and enhanced customer experiences.

Embedded finance enables businesses to offer payments, lending, insurance, and other financial services within their platforms without relying on third-party financial institutions. For example, e-commerce platforms are now providing Buy Now, Pay Later (BNPL) options, giving customers the ability to finance purchases seamlessly. Saudi companies like Tamara are leading the way, streamlining the customer experience and driving higher sales conversions.

This transformation is not just improving user experiences; it’s also boosting business outcomes. According to industry reports, embedded finance is expected to grow by 25% annually in Saudi Arabia, with small and medium-sized enterprises (SMEs) and retailers benefiting the most. By embedding financial services into their platforms, businesses can unlock new revenue streams, improve customer retention, and make transactions more efficient.

Embedded finance is particularly impactful for SMEs, which often struggle to access traditional financial services. Companies like Lendo and Funding Souq are integrating lending solutions directly into business platforms, allowing small businesses to quickly access working capital, helping them grow and compete in a digital economy.

As Saudi Arabia’s digital economy continues to expand, embedded finance is set to play an even larger role in sectors like insurance, wealth management, and B2B transactions. The innovations showcased at Seamless KSA 2024 highlight the potential of embedded finance to become a core part of the Kingdom’s financial ecosystem, benefiting businesses and consumers alike through seamless, integrated financial services.

Ghada Ismail

As Saudi Arabia delves into its digital transformation trajectory toward a cashless community, the Kingdom’s payment sector has experienced tremendous growth in digital payments and financial technologies (fintech). 

However, this growth, by default, might have also attracted the attention of cybercriminals, making cybersecurity a critical issue for the financial sector. 

Recognizing the potential threats to its digital economy, Saudi Arabia’s government has implemented a series of regulatory measures to safeguard the integrity and security of the country’s rapidly expanding payment systems.

So, what is the current state of cybersecurity in Saudi Arabia’s payment sector? And what are the key cybersecurity challenges facing the industry, and the government’s regulatory efforts to protect the financial ecosystem from cyber threats? Let’s unfold the whole thing in the coming segments.

The Growth of Digital Payments in Saudi Arabia

Over the past few years, Saudi Arabia has seen a rapid shift toward cashless payments, a natural output of many advances in digital technology and a strong governmental push to reduce cash dependency. 

With digital payment platforms becoming mainstream, more consumers and businesses are conducting transactions online, which has made the payment ecosystem a prime target for cyberattacks. 

Cybercriminals are increasingly sophisticated, using methods like phishing, identity theft, and malware to exploit vulnerabilities in payment systems. Consequently, ensuring the security of these transactions is paramount to fostering trust and protecting the Kingdom's financial infrastructure.

Cybersecurity Challenges in Saudi Arabia’s Payment Sector

As digital payments become the norm for almost the majority of the population in  Saudi Arabia, so too do the risks associated with cybercrime. Some of the major cybersecurity challenges facing the payment sector include:

1. Increasing Fraud and Cyberattacks

With more consumers shifting to online payments, incidents of fraud and cyberattacks have also surged. Cybercriminals target digital transactions, seeking to steal sensitive financial information, such as credit card details and personal identification numbers (PINs). Techniques such as phishing (where attackers deceive users into revealing confidential information) and account takeover attacks have become more common.

Saudi Arabia’s financial institutions are on high alert for these threats. However, the sheer volume of transactions and the increasing sophistication of cybercriminals make it difficult to detect and prevent every potential attack.

2. Data Breaches and Privacy Risks

Data breaches, in which cybercriminals gain unauthorized access to sensitive personal and financial data, pose a significant risk to both consumers and businesses. In the payment sector, a breach can result in the exposure of sensitive information such as bank account numbers, credit card details, and personal identification. This not only causes financial loss but also erodes trust in the digital payments infrastructure.

Given the growing reliance on data in financial services, ensuring that digital payment platforms can securely handle and protect this information is crucial to preventing privacy violations.

3. New Attack Vectors from Emerging Technologies

The integration of emerging technologies such as Internet of Things (IoT) devices and blockchain in payment systems introduces new attack vectors for cybercriminals. As IoT-connected devices are increasingly used for payments, such as smartwatches and other wearables, they can also become entry points for hackers if not properly secured.

At the same time, new fintech solutions must ensure they comply with existing regulations while addressing potential security flaws in their applications.

Government Regulations to Enhance Cybersecurity

The Saudi Arabian government has recognized the importance of robust cybersecurity measures to support the growth of the digital payments sector. Over the last few years, various regulatory frameworks have been introduced to protect consumers, businesses, and financial institutions from cyber threats.

1. Saudi Central Bank (SAMA) Cybersecurity Framework

One of the most significant initiatives has been the development of the SAMA Cybersecurity Framework, introduced in 2017. The framework provides a comprehensive set of standards and guidelines for financial institutions to strengthen their cybersecurity defenses and manage the risks associated with digital payments. It requires banks, fintech companies, and other financial institutions to implement best practices in areas such as risk management, incident response, and continuous monitoring of cybersecurity threats.

2. National Cybersecurity Authority (NCA)

In 2017, Saudi Arabia established the National Cybersecurity Authority (NCA), which plays a central role in overseeing the country’s cybersecurity posture. The NCA collaborates with SAMA and other regulatory bodies to set national standards for cybersecurity across various sectors, including the financial sector.

The NCA is responsible for developing national policies to protect critical infrastructure, including payment systems, from cyberattacks. It also provides guidelines for financial institutions on safeguarding digital assets, detecting potential threats, and responding to cybersecurity incidents.

The NCA’s involvement ensures that cybersecurity regulations are standardized across the country, creating a cohesive defense against cybercriminals targeting digital payment systems.

3. Personal Data Protection Law (PDPL)

The introduction of the Personal Data Protection Law (PDPL) in 2022 marked a significant step toward strengthening data privacy and security in Saudi Arabia. This law governs how personal data, including financial information, is collected, processed, and stored. 

Under the PDPL, businesses, including financial institutions, must obtain user consent before processing personal data and ensure that appropriate security measures are in place to protect this data from breaches.

The PDPL requires payment providers to comply with strict rules regarding data protection and imposes penalties for non-compliance. This law aligns with global data protection standards such as GDPR (General Data Protection Regulation), ensuring that Saudi consumers’ data is protected while using digital payment services.

Technological Measures to Bolster Cybersecurity

In addition to regulatory frameworks, Saudi Arabia’s financial institutions are investing heavily in cutting-edge cybersecurity technologies to protect their payment systems. Some of the key technologies being deployed include:

1. Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML are becoming increasingly essential in the fight against cybercrime. In the payment sector, these technologies enable real-time monitoring of transactions and help detect unusual patterns that may indicate fraud. AI-driven systems can automatically flag suspicious transactions, preventing cyberattacks before they can cause significant harm.

2. Blockchain Technology

Blockchain technology, known for its decentralized and immutable nature, is gaining traction as a means of enhancing the security of digital payments. Blockchain can provide an extra layer of protection by encrypting transaction data and ensuring that payment records are tamper-proof.

3. Biometric Authentication

Biometric authentication methods such as fingerprint scans, facial recognition, and voice recognition are increasingly being used to secure digital payments. These technologies provide an additional layer of security by verifying users' identities based on their unique physical traits, reducing the risk of unauthorized access to payment systems.

Looking Ahead: A Secure Future for Digital Payments in Saudi Arabia

As Saudi Arabia continues to progress toward becoming a cashless society, the importance of cybersecurity in the payment sector cannot be overlooked. With the combination of government regulations, technological advancements, and industry collaboration, Saudi Arabia is well-positioned to create a resilient, secure, and efficient digital payments ecosystem.

By adopting global best practices in cybersecurity and continuously enhancing its regulatory frameworks, the Kingdom is ensuring that consumers and businesses alike can put their confidence in the safety and security of digital transactions. As Saudi Arabia forges ahead with its Vision 2030 objectives, a secure digital payments infrastructure will be essential to building a thriving, modern, and competitive financial sector.

Noha Gad

One of the key objectives of the Saudi Vision 2030 is to reduce the reliance on cash and promote a cashless society, transforming the way individuals manage their money and make transactions. Driven by this objective, e-wallets emerged as a revolutionary financial tool in Saudi Arabia that brought significant changes to consumer behavior.

E-wallets are rapidly becoming the preferred payment method as they offer users a seamless way to store funds, pay for goods and services, and transfer money, all through their smartphones.

Digital wallets, such as STC Pay, Mada Pay, Apple Pay, and Sadad Wallet, drive the Kingdom’s shift towards a cashless society thanks to their convenience, security, and flexibility.

The rapid increase in smartphone usage and internet penetration has been a key factor in accelerating the shift toward digital payments and e-wallets in Saudi Arabia. Additionally, the adoption of digital financial services surged as more citizens gained access to mobile devices and high-speed internet.

Impacts of e-wallet on consumer behavior in Saudi Arabia

The shift towards digital payments is not just a matter of convenience; it is fundamentally changing purchasing habits, financial management, and preferences for payment methods. 

E-wallets play a crucial role in increasing spending, driving the shift to online shopping, fueling the adoption of contactless payments, raising financial awareness and control, reducing cash dependency, and enhancing financial inclusion in Saudi Arabia.

Many e-wallet providers in Saudi Arabia offer loyalty programs, cashback, and rewards for using their services. This incentivized consumers to choose e-wallets over other payment methods, further embedding these digital tools in their daily routines.

Finally, e-wallets also impact consumer behavior by providing financial services to the unbanked or underbanked populations, contributing to achieving the Kingdom’s financial inclusion goals by enabling individuals who previously lacked access to traditional banking to participate in the digital economy, expand their financial capabilities, and improve their quality of life.

Kholoud Hussein 

Saudi Arabia is at the forefront of a digital banking revolution, driven by the rapid adoption of mobile wallets and an ambitious push toward a cashless economy. As part of Vision 2030, the Kingdom is accelerating its transition to digital payments, with mobile wallets playing a pivotal role in reshaping the financial ecosystem. With mobile wallets offering seamless payment solutions, enhanced convenience, and greater financial inclusion, Saudi Arabia is moving closer to its goal of becoming a cashless society by 2025. This article explores the rise of mobile wallets, their impact on the digital banking sector, and their future in transforming the financial landscape of Saudi Arabia.

Saudi Arabia’s Cashless Vision: The Role of Mobile Wallets

In recent years, Saudi Arabia has made significant strides in moving towards a cashless economy, a key pillar of the Vision 2030 strategy aimed at diversifying the Kingdom’s economy. The government, in partnership with financial institutions and fintech companies, has launched several initiatives to reduce reliance on cash and encourage the use of digital payment methods. One of the most significant developments in this journey has been the rise of mobile wallets, which offer consumers a convenient, secure, and efficient payment method.

According to the Saudi Central Bank (SAMA), the percentage of non-cash transactions reached 57% in 2024, up from 36% in 2019. The rapid growth of mobile wallets is a key driver behind this increase. Speaking at the 2024 Financial Sector Conference, SAMA Governor Ayman Al-Sayari highlighted the role of digital wallets, stating, “The adoption of mobile wallets is accelerating our journey towards a cashless economy, providing consumers with seamless access to financial services while enhancing financial inclusion.”

The success of mobile wallets in Saudi Arabia is also evident in the rising number of transactions made through digital platforms. A 2024 report by PwC noted that mobile wallet transactions in the Kingdom increased by 45% year-on-year, with more consumers opting for cashless solutions in their daily financial activities.

Top Mobile Wallets in Saudi Arabia: Leading the Digital Banking Revolution

Several mobile wallet apps spearhead Saudi Arabia’s transition to digital banking, offering a range of services catering to consumers and businesses. Here’s a closer look at some of the top mobile wallets in Saudi Arabia and how they are reshaping the financial landscape:

1. STC Pay: The mobile wallet app launched by Saudi Telecom Company (STC), is one of the most prominent players in Saudi Arabia’s digital banking ecosystem. Since its launch, STC Pay has grown rapidly, becoming the first Saudi fintech unicorn with over 8 million users as of 2024. The platform offers a wide range of services, including peer-to-peer transfers, bill payments, and online shopping, making it a comprehensive solution for digital payments.

In 2024, STC Pay announced a major expansion of its services, introducing international remittances in partnership with Western Union, allowing users to send money abroad seamlessly. Speaking about the company’s vision, Ahmed Al-Enizi, CEO of STC Pay, remarked, “We aim to provide a one-stop solution for all financial needs, from local payments to cross-border transfers. Our goal is to continue expanding our services and reach, making financial services more accessible to everyone.”

STC Pay’s success reflects the broader trend of consumers shifting towards mobile-first banking, where financial transactions can be completed with just a few taps on a smartphone. As more features are integrated into the platform, such as loyalty programs and savings tools, STC Pay is positioned to play a significant role in the future of digital banking in Saudi Arabia.

2. Apple Pay: The wallet has quickly become a popular payment method in Saudi Arabia, offering a secure and easy-to-use platform for making purchases. With its integration into Mada, Saudi Arabia’s national payment network, Apple Pay has gained widespread acceptance at retail outlets, restaurants, and online platforms across the Kingdom.

Apple Pay’s emphasis on security through its use of biometric authentication (Face ID and Touch ID) and tokenization has made it a trusted choice for consumers. A 2024 survey by YouGov revealed that 76% of Saudi users consider Apple Pay one of the most secure mobile payment options available. The ability to store multiple cards and use Apple Pay across various devices—iPhones, Apple Watches, and iPads—has contributed to its popularity.

In terms of expansion, Apple Pay is expected to introduce additional features such as Apple Card, a digital credit card service that could provide users with cashback incentives and better financial management tools. By offering a seamless user experience and integrating additional services, Apple Pay will likely continue to capture a significant share of the mobile wallet market in Saudi Arabia.

3. Mada Pay: The wallet, operated by Saudi Payments, is a homegrown mobile wallet solution that allows users to make contactless payments directly from their smartphones. It is fully integrated with Mada, the Kingdom’s domestic payment network, and supports payments across millions of point-of-sale (POS) terminals in Saudi Arabia.

Since its launch, Mada Pay has become an essential tool for small and medium-sized enterprises (SMEs) and retailers, facilitating quick and secure transactions without the need for physical cards. Fahad Al-Abdulkarim, CEO of Saudi Payments, spoke at Seamless KSA 2024, stating, “Mada Pay’s growth reflects the increasing demand for local, secure, and efficient payment solutions. We are committed to enhancing the platform’s functionality to support more advanced services like micro-loans and SME financing.”

Mada Pay is set to expand its services in the coming years, with plans to integrate financial management tools and budgeting features. This will allow users to track their spending, receive insights into their financial habits, and set savings goals—all within the app. By offering a comprehensive financial solution, Mada Pay aims to become a cornerstone of Saudi Arabia’s digital banking ecosystem.

4. Al Rajhi Wallet: It is one of the largest Islamic banks in the world, and has also made significant strides in digital banking through its Al Rajhi Wallet. The mobile app allows users to conduct a wide range of banking activities, including bill payments, peer-to-peer transfers, and e-commerce transactions.

In 2024, Al Rajhi Wallet introduced new features such as contactless payments through QR codes and e-vouchers, allowing customers to make payments with greater convenience. The wallet also supports Zakat and Sadaqah payments, enabling users to fulfill religious obligations seamlessly. Waleed Al-Mogbel, CEO of Al Rajhi Bank, noted, “Our focus is on providing customers with a comprehensive, Shariah-compliant digital banking experience that meets their financial needs and promotes financial inclusion.”

Looking ahead, Al Rajhi Wallet is expected to expand its offerings to include investment services and personal finance management tools, allowing users to manage their wealth directly from the app.

5. Tamara: While primarily known as a Buy Now, Pay Later (BNPL) platform, Tamara is evolving into a broader digital payments solution for e-commerce transactions. Launched in 2020, Tamara has quickly gained popularity by offering consumers the ability to split payments into interest-free installments, with over 4 million users as of 2024.

At Seamless KSA 2024, Tamara will announce its plans to integrate mobile wallet functionality into its platform, allowing users to store funds, make direct payments, and manage their finances more effectively. Abdulmajeed Alsukhan, CEO of Tamara, emphasized the company’s vision, stating, “We are committed to providing consumers with flexible and innovative payment solutions. Expanding into digital banking services will allow us to offer even greater value to our users, enhancing their shopping and financial experience.”

The Future of Mobile Wallets in Saudi Arabia

The future of mobile wallets in Saudi Arabia looks promising, with these platforms set to expand their offerings and play an even greater role in the Kingdom’s financial ecosystem. As mobile wallets continue to evolve, several trends are expected to shape their development:

1. Integration of Financial Services: Mobile wallets are expected to integrate a wider range of financial services, from loans and credit products to investment options and insurance. This will transform mobile wallets from simple payment tools into comprehensive financial management platforms, allowing users to handle all aspects of their financial lives in one place.

For instance, STC Pay has already begun offering micro-loans to users, and other platforms are expected to follow suit by introducing similar products. By providing access to credit, savings, and investment tools, mobile wallets will empower consumers with greater financial flexibility and security.

2. Expansion of Cross-Border Payments: As Saudi Arabia’s economy becomes more interconnected with the global market, mobile wallets are likely to expand their cross-border payment capabilities. Platforms like STC Pay and Tamara are already offering international remittance services, but the scope of cross-border payments is expected to grow further, providing users with faster, cheaper, and more secure ways to send money abroad.

3. Enhanced Security and Blockchain Integration: With cybersecurity being a growing concern, mobile wallet providers are expected to invest heavily in advanced security features such as blockchain technology, biometric authentication, and AI-driven fraud detection. These measures will enhance the trust and safety of mobile wallets, encouraging more users to adopt digital payment solutions.

Finally, the rise of mobile wallets in Saudi Arabia is not just transforming how people pay for goods and services; it is fundamentally reshaping the country’s entire financial ecosystem. As mobile wallets continue to expand their services, integrating financial products and offering seamless cross-border transactions, they will play an even more significant role in the digital banking landscape. With Vision 2030 as a guiding force, Saudi Arabia’s journey towards becoming a cashless society is well underway, and mobile wallets are at the heart of this transformation.

Ghada Ismail

Imagine managing your finances entirely from your smartphone, with instant access to banking services at your fingertips. This is the promise of neobanking, a fresh wave of digital-only banks that are reshaping the traditional banking experience. In a world increasingly driven by technology, neobanks leverage cutting-edge innovations to offer streamlined services that prioritize convenience and accessibility.

 As Saudi Arabia embraces its Vision 2030 initiative, the Kingdom is witnessing a financial metamorphosis, with neobanks emerging as key players in this digital revolution. By blending technology with finance, these banks are not just changing how people bank—they are redefining what banking means in a rapidly evolving landscape.

While many people can easily mix up between neobanks and digital banks, there’s actually a difference between the two things. Neobanks operate entirely online without physical branches, focusing on mobile-first experiences and innovative features, while digital banks may offer online services but can also have physical branches.

Neobanking refers to the emergence of digital-only banks that operate without traditional physical branches. These banks leverage technology to offer a wide range of financial services, including account management, payments, lending, and investment options, all through mobile apps or websites. Unlike conventional banks, neobanks focus on providing streamlined, user-friendly experiences, often with lower fees and enhanced accessibility. They cater to tech-savvy consumers who prefer managing their finances online, reflecting a broader shift towards digitalization in the financial sector.

The Rise of Neobanking in Saudi Arabia

In recent years, Saudi Arabia has witnessed a significant shift in its banking landscape, driven by rapid technological advancements and a growing preference for digital financial solutions. The government’s Vision 2030 initiative aims to diversify the economy and foster innovation, creating a favorable environment for neobanks to flourish. As part of this vision, the Saudi Arabian Monetary Authority (SAMA) has introduced regulatory frameworks to support the establishment of digital banks, encouraging competition and enhancing consumer choice.

Key Players in the neobanking & digital banking space

Several neobanks and digital banks have emerged in Saudi Arabia since then, aiming to disrupt traditional banking models. Notable players include:

STC Pay: Originally a digital wallet, STC Pay has evolved into a comprehensive digital banking platform, offering users a range of services such as money transfers, payments, and investment options.

Alinma Bank: While primarily a traditional bank, Alinma has launched a digital-only platform to cater to tech-savvy customers, providing services that are quick, convenient, and accessible.

Saudi Digital Bank: This new entrant focuses solely on digital banking services, emphasizing user-friendly interfaces and innovative features tailored to the needs of a younger demographic.

Riyad Bank's Digital Services: Riyad Bank offers a range of digital banking services that cater to modern banking needs, enhancing customer experience. The bank targets a diverse customer base looking for a blend of traditional and modern banking services.

Benefits of Neobanking

Neobanks in Saudi Arabia are gaining traction for several reasons:

• Cost Efficiency: With lower operational costs than traditional banks, neobanks can offer competitive pricing, including lower fees and higher interest rates on deposits.
• Accessibility: Neobanks provide services that are easily accessible via smartphones, enabling users to manage their finances anytime, anywhere.
• Innovative Features: Many neobanks incorporate advanced technologies such as AI and data analytics to provide personalized financial insights, budgeting tools, and smart spending alerts.

Challenges Ahead

Despite the promising growth of neobanking in Saudi Arabia, several challenges remain. Regulatory compliance is a significant hurdle, as neobanks must navigate evolving regulations set by SAMA. Additionally, establishing trust among consumers accustomed to traditional banking methods is crucial. Building brand recognition and demonstrating reliability will be key factors in attracting a loyal customer base.

The Future of Neobanking in Saudi Arabia

The future of neobanking in Saudi Arabia looks promising, with continued investment in technology and innovation. As the country’s young population embraces digital solutions, neobanks are well-positioned to capitalize on this trend. Collaboration between neobanks and fintech companies can also drive further innovation, creating a dynamic ecosystem that enhances financial services.

As Saudi Arabia stands on the brink of a financial transformation, neobanks are not just a passing trend but a key force in shaping the future of banking in the Kingdom. With their focus on technology, user experience, and innovation, these digital-only institutions are meeting the demands of a modern, tech-savvy population. 

By fostering competition and enhancing consumer choice, neobanks are paving the way for a more inclusive financial ecosystem. As the landscape continues to evolve, embracing these changes will be essential for both consumers and traditional banks alike. The journey towards a fully digital banking experience is just beginning, and Saudi Arabia is poised to lead the charge into this exciting new era.

Kholoud Hussein 

As Saudi Arabia pursues its Vision 2030 goals of diversifying the economy and promoting sustainability, the intersection of e-commerce and sustainability is becoming increasingly important. The Seamless KSA 2024 event brings together retailers, e-commerce leaders, fintech innovators, and government officials to discuss the latest trends and innovations in digital commerce, with sustainability emerging as a key theme. This article explores how Saudi Arabia’s e-commerce sector embraces sustainable practices, technology's role in this transformation, and the insights shared at Seamless KSA 2024.

Sustainability in E-commerce: A Growing Priority

E-commerce has seen explosive growth in Saudi Arabia, particularly in recent years. The sector is expected to reach $30 billion by 2026, according to a 2024 report by Saudi Arabian General Investment Authority (SAGIA). However, with this rapid expansion comes increased pressure on logistics, packaging, and energy consumption, all of which have environmental implications. As a result, sustainability is becoming a priority for the Kingdom’s e-commerce industry, driven by both government initiatives and changing consumer expectations.

Minister of Commerce Majid Al-Qasabi emphasized at Seamless KSA 2024, “Sustainability is no longer an option, but a necessity. The future of e-commerce in Saudi Arabia will be shaped by how businesses integrate sustainable practices into their operations, from packaging and delivery to energy consumption and waste management.”

In line with Vision 2030, which includes ambitious environmental goals such as reducing the Kingdom’s carbon footprint, the e-commerce sector is under increasing scrutiny to adopt sustainable practices. Seamless KSA 2024 provided valuable insights into how these practices are being implemented and the technologies driving this transformation.

1. Sustainable Packaging and Waste Reduction

One of the key areas of focus in the sustainability discussion at Seamless KSA 2024 was sustainable packaging. As e-commerce orders continue to rise, so does the use of packaging materials, much of which is plastic or non-recyclable. Saudi Arabia’s e-commerce giants, including Noon and Jarir, are beginning to recognize the environmental impact of excessive packaging and are adopting eco-friendly alternatives.

During a panel discussion at Seamless KSA, Noon’s COO, Ali Kothari, remarked, “As we scale our e-commerce operations, the need for sustainable packaging becomes critical. We are actively investing in biodegradable and recyclable materials, reducing our reliance on plastic, and working with suppliers to minimize packaging waste.”

Companies are also exploring innovations such as minimalist packaging, which reduces the size and volume of materials used, and reusable packaging solutions, allowing consumers to return packaging for reuse. These efforts are aligned with Saudi Arabia’s broader environmental goals, including the Saudi Green Initiative, which aims to promote circular economy practices and reduce waste.

In a 2024 report by McKinsey & Company, it was highlighted that e-commerce businesses can reduce their carbon footprint by up to 15% through sustainable packaging solutions alone. This not only addresses environmental concerns but also meets the growing demand from eco-conscious consumers who are increasingly factoring sustainability into their purchasing decisions.

2. Optimizing Logistics and Reducing Emissions

Another critical element of sustainability in e-commerce is the optimization of logistics and delivery processes. The rise of same-day delivery and on-demand logistics has led to an increase in the number of delivery vehicles on the road, contributing to carbon emissions and traffic congestion. Seamless KSA 2024 highlighted the role of AI and big data in optimizing delivery routes, reducing fuel consumption, and minimizing the environmental impact of logistics.

According to a 2024 study by PwC, optimizing last-mile delivery operations through AI-powered route planning and electric vehicle (EV) adoption could reduce carbon emissions from e-commerce logistics by 25% in the Kingdom. Several e-commerce companies are already experimenting with electric delivery vehicles and alternative energy solutions to power their logistics networks.

STC Pay CEO Ahmed Al-Enizi spoke at the event, stating, “The future of e-commerce logistics is sustainable. By adopting electric delivery vehicles and leveraging AI to optimize delivery routes, we can not only reduce our operational costs but also significantly lower our environmental impact.”

Additionally, drone delivery is emerging as a futuristic solution for reducing emissions in last-mile delivery. Though still in the testing phase, drone delivery has the potential to revolutionize logistics in Saudi Arabia by cutting delivery times and emissions. Seamless KSA 2024 showcased several drone technology demonstrations, highlighting the potential of this technology to make e-commerce more environmentally friendly.

3. Renewable Energy Integration in E-commerce Operations

A major theme at Seamless KSA 2024 was the integration of renewable energy into e-commerce operations. As warehouses and fulfillment centers grow in size and scale, so do their energy consumption needs. To meet the demands of high-volume operations while adhering to Saudi Arabia’s environmental goals, many e-commerce companies are investing in solar power and other renewable energy sources to power their facilities.

Amazon Saudi Arabia, for example, announced at Seamless KSA 2024 that it plans to power its new fulfillment centers in Riyadh entirely with solar energy by 2026. Ronaldo Mouchawar, Vice President of Amazon MENA, said, “Sustainability is central to our operations. By integrating renewable energy into our facilities, we are not only reducing our carbon footprint but also supporting Saudi Arabia’s commitment to increasing renewable energy adoption.”

The Saudi Green Initiative, launched as part of Vision 2030, aims to increase the share of renewable energy in the Kingdom’s energy mix to 50% by 2030. E-commerce companies are aligning with this target by incorporating solar panels, energy-efficient lighting, and smart building technologies in their logistics centers, warehouses, and office spaces. These energy-efficient solutions not only reduce the environmental impact of e-commerce but also offer cost savings in the long run.

4. Promoting Circular Economy and Sustainable Consumer Behavior

Beyond operational changes, Seamless KSA 2024 also addressed the role of circular economy principles and promoting sustainable consumer behavior in the e-commerce space. A growing number of companies are introducing recycling programs, product refurbishment, and second-hand marketplaces to extend the life cycle of products and reduce waste.

For example, Mumzworld, a leading e-commerce platform for mothers and children, launched a recycling initiative that allows customers to return used baby products such as strollers and toys, which are then refurbished and resold at a discount. This not only reduces waste but also encourages consumers to participate in sustainable practices.

Hala Al-Tuwaijri, CEO of the Center for Sustainability and Waste Management, emphasized at the event, “E-commerce businesses have a responsibility to promote sustainable consumption. By adopting circular economy models and engaging consumers in recycling and reuse initiatives, we can reduce the environmental footprint of online shopping.”

Seamless KSA 2024 also highlighted the importance of educating consumers about the environmental impact of their purchasing decisions. Many companies now offer carbon-neutral or carbon-offset options at checkout, allowing customers to compensate for the carbon emissions generated by their purchases. This growing trend aligns with consumer demand for greater transparency and accountability from businesses regarding their sustainability efforts.

5. The Role of Government and Policy in Driving Sustainability

The Saudi government’s active role in promoting sustainability was a key topic at Seamless KSA 2024. Through various initiatives and regulatory frameworks, the government is encouraging e-commerce businesses to adopt sustainable practices. The Saudi Central Bank (SAMA), for instance, is working closely with fintech companies to integrate sustainable finance solutions that support environmentally conscious business practices.

In his opening remarks at Seamless KSA 2024, Mohammed Al-Jadaan, Minister of Finance, said, “The government is committed to creating a regulatory environment that encourages sustainability across all sectors, including e-commerce. By incentivizing companies to adopt green technologies and sustainable practices, we are ensuring that economic growth goes hand in hand with environmental stewardship.”

The National Renewable Energy Program (NREP), launched as part of Vision 2030, also plays a key role in the e-commerce sector’s transition to sustainability. The program encourages private companies to invest in renewable energy solutions and provides financial incentives for businesses that adopt sustainable energy practices.

Looking Ahead: The Future of Sustainability in Saudi E-commerce

The discussions and innovations showcased at Seamless KSA 2024 indicate that sustainability is no longer a peripheral concern for Saudi Arabia’s e-commerce sector. It is becoming a core component of business strategy, driven by both government initiatives and consumer demand. As Saudi Arabia continues to lead the MENA region in e-commerce growth, the integration of sustainable practices will be essential in ensuring the long-term success and resilience of the industry.

Technology as a Catalyst for Sustainable E-commerce

The role of technology, particularly AI, IoT, and blockchain, will be critical in accelerating the transition to sustainable e-commerce. These technologies are already being used to optimize supply chains, reduce emissions, and provide greater transparency in product sourcing and delivery. As these technologies continue to evolve, they will offer even more opportunities for e-commerce businesses to reduce their environmental impact and improve efficiency.

Consumer Demand for Sustainability

As eco-conscious consumers become a larger share of the market, businesses will need to meet their expectations by offering sustainable products, transparent supply chains, and environmentally friendly options. Companies that fail to address sustainability may face increasing pressure from both consumers and regulators, making it

Kholoud Hussein 

FinTech is playing a transformative role in revolutionizing SME banking in Saudi Arabia, providing small and medium enterprises (SMEs) with innovative solutions that enhance their access to capital, streamline banking services, and promote financial inclusivity. 

As the Kingdom pushes forward with its Vision 2030 initiative to diversify the economy and reduce dependency on oil, fintech innovations are enabling SMEs to grow faster and access financial resources that were once difficult to obtain.

A report by Fintech Saudi in 2024 noted that SMEs account for over 99% of all businesses in Saudi Arabia and contribute significantly to employment and economic growth. However, many SMEs have historically faced challenges in accessing traditional banking services, such as loans and credit. Fintech companies are bridging this gap by providing digital financial solutions that cater specifically to the unique needs of SMEs.

One primary way fintech is transforming SME banking is through digital lending platforms. These platforms utilize AI and big data to assess creditworthiness, enabling SMEs to secure loans with minimal paperwork and faster approval times than traditional banks. Companies like Lendo and Funding Souq are leading the charge in offering invoice financing and peer-to-peer lending, making it easier for businesses to obtain the capital they need to grow.

In addition, payment gateways and digital wallets simplify SMEs' financial transactions. Platforms like STC Pay and HyperPay provide secure and efficient payment solutions, allowing businesses to accept digital payments seamlessly. This is especially important as Saudi Arabia moves closer to becoming a cashless society.

Government-backed initiatives, such as the Saudi Central Bank's (SAMA) Regulatory Sandbox, are also helping fintech companies develop innovative SME banking solutions in a controlled environment. 

In conclusion, fintech is empowering SMEs in Saudi Arabia by offering accessible, tech-driven financial services, positioning them as a key driver of the country’s economic diversification efforts under Vision 2030.

Kholoud Hussein 

Seamless KSA 2024 is poised to be a groundbreaking event that will shape the future of digital payments in Saudi Arabia, marking a critical point in the Kingdom’s journey toward a cashless economy. Aligned with Vision 2030, the event will bring together global leaders in payments, fintech, banking, and e-commerce, offering insights into the digital transformation that is revolutionizing the financial landscape. 

This article explores how Seamless KSA 2024 will catalyze Saudi Arabia’s cashless ambitions, showcasing the latest in fintech innovation, regulatory advancements, and technological breakthroughs.

Saudi Arabia’s Cashless Vision: An Overview

Saudi Arabia’s Vision 2030 is a bold initiative to transform the Kingdom into a digitally driven economy. A significant component of this transformation is the move towards a cashless society, intending to have 70% of all transactions in the Kingdom conducted via digital platforms by 2025. The government’s focus on digital payments is part of a broader strategy to foster financial inclusion, enhance convenience, and modernize financial infrastructure.

At the Financial Sector Conference 2023, Saudi Central Bank (SAMA) Governor Ayman Al-Sayari emphasized the role of digital payments in achieving economic diversification, stating, “The future of finance is digital, and our push towards a cashless society is not only about convenience but about driving innovation and ensuring that the Kingdom stays competitive in the global economy.” According to a recent report by Saudi Payments, the adoption of digital transactions increased by 40% in 2023 alone, driven by the rise of mobile wallets, contactless payments, and fintech innovations.

The Role of Seamless KSA 2024 in Shaping the Payment Ecosystem

Seamless KSA 2024 will serve as a vital platform for discussions on the future of digital payments in Saudi Arabia. The event will bring together key players from across the ecosystem, including fintech startups, global payment providers, banks, and government regulators to explore the latest trends and opportunities in digital finance.

Key Themes at Seamless KSA 2024

• Mobile Wallets and Contactless Payments: Seamless KSA 2024 will showcase the rapid growth of mobile wallets like Mada Pay, STC Pay, and Apple Pay, which have become central to the digital payment ecosystem in Saudi Arabia. According to a 2024 report by Mada, over 57% of all retail transactions in Saudi Arabia are now conducted through contactless payments, reflecting the country’s shift away from cash. Ammar Al Sulaiman, CEO of Saudi Payments, stated: “Mobile wallets have transformed the way consumers and businesses interact. Seamless payment options are now the standard, and this trend will only grow as we further integrate AI and fintech into our systems.”

• Buy Now, Pay Later (BNPL): The BNPL model has seen rapid adoption in Saudi Arabia, with platforms like Tamara and Tabby leading the charge. At Seamless KSA 2024, industry leaders will discuss how BNPL is changing consumer behavior, offering more flexibility and boosting e-commerce sales. A 2024 report by Fitch Solutions revealed that the BNPL market in Saudi Arabia grew by 67% in 2023, highlighting the increasing demand for alternative payment methods among younger, tech-savvy consumers.

• AI and Blockchain in Payment Systems: Artificial intelligence (AI) and blockchain technologies are at the forefront of payment system innovation, with Saudi fintech companies using these technologies to enhance security, speed, and transparency. Seamless KSA 2024 will delve into how AI improves fraud detection and personalized banking, while blockchain streamlines cross-border payments. At a fintech summit in early 2024, Minister of Finance Mohammed Al-Jadaan stated, “Blockchain and AI are not just buzzwords; they are reshaping the very fabric of our financial systems, offering more efficient, secure, and cost-effective ways of transacting.”

• Cross-border Payments and Financial Inclusion: With Saudi Arabia serving as a hub for international business, cross-border payments are a critical aspect of the country’s cashless vision. Seamless KSA 2024 will highlight innovations in cross-border fintech solutions, particularly those focused on reducing transaction costs and improving payment speeds. A recent report by PwC indicated that cross-border payments in Saudi Arabia increased by 30% in 2023, with fintech startups playing a key role in this growth.

Government Initiatives Driving the Cashless Vision

Saudi Arabia’s shift to a cashless society has been strongly supported by various government initiatives and regulatory frameworks. Saudi Payments, a subsidiary of SAMA, has been instrumental in rolling out digital payment systems and promoting the use of Mada, the Kingdom’s domestic payment network. As of 2024, Mada processes over 3.7 billion transactions annually, a 50% increase from the previous year.

1. The Growth of Mada and Saudi Payments

The Mada network is at the heart of Saudi Arabia’s cashless vision. With the adoption of Mada Pay and the integration of Mada with Apple Pay and Samsung Pay, the network has expanded its reach, making digital payments accessible across all retail sectors. Osama Bedaiwi, CEO of Saudi Payments, highlighted the network’s impact at a press conference in March 2024, stating, “The scalability of Mada is central to our goal of achieving 70% non-cash transactions by 2025. Our infrastructure is designed to handle the future of payments, from mobile wallets to blockchain-powered solutions.”

2. Regulatory Sandbox and Fintech Saudi

To encourage innovation, SAMA introduced the Regulatory Sandbox, allowing fintech startups to test their solutions in a controlled environment. This initiative has accelerated the growth of fintechs, particularly in the payments space, with over 30 startups participating as of 2024. Fintech Saudi, a government-backed initiative, has been instrumental in fostering a collaborative ecosystem between startups, investors, and financial institutions. Nezar Alhaidar, Managing Director of Fintech Saudi, noted, “Our goal is to create a vibrant fintech ecosystem where innovation thrives and where digital payments are the norm, not the exception.”

The Future of Saudi Arabia’s Cashless Vision

Looking ahead, Saudi Arabia is well on its way to becoming a leading hub for digital payments in the MENA region. Seamless KSA 2024 will be a pivotal event in this journey, as it brings together global and regional experts to explore the next frontier of payment technology.

Expanding Digital Infrastructure

One of the key focuses for the Kingdom is expanding its digital infrastructure to ensure that digital payments are accessible to all segments of the population, including rural areas and underserved communities. A 2024 study by McKinsey revealed that the widespread adoption of digital payments could add $15 billion to Saudi Arabia’s GDP over the next decade by increasing financial inclusion and reducing the cost of handling cash.

AI & IoT Integration

As Saudi Arabia continues to develop smart cities such as NEOM and The Red Sea Project, the integration of AI and IoT into payment systems will play a crucial role. These technologies will enable seamless payments through connected devices, further reducing the need for cash in everyday transactions.

Finally, Seamless KSA 2024 will be a defining moment for Saudi Arabia’s cashless vision, bringing together the most influential players in the digital payments and fintech ecosystems. As the Kingdom moves closer to its goal of becoming a cashless society, innovations in mobile payments, blockchain, and AI will continue to reshape the financial landscape. 

Supported by robust government initiatives and a forward-thinking regulatory framework, Saudi Arabia is poised to lead the region in digital payments and create a more inclusive, efficient, and technology-driven economy.