Saudi Arabia cross border payments market report Size, Share, Growth Drivers, Trends, Opportunities & Forecast 2025–2030
Description
Saudi Arabia Cross Border Payments Market Overview
The Saudi Arabia Cross Border Payments Market is valued at approximately USD 56 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing volume of international trade, the rise in expatriate workers sending remittances, and the growing adoption of digital payment solutions. The market has seen a significant shift towards online and mobile payment platforms, enhancing the efficiency and speed of cross-border transactions. Notably, outbound personal cross-border payments from banks reached Saudi Riyal 58.8 billion (USD 15.7 billion) in Q2 2025, while outbound worker remittances hit USD 13.5 billion in Q1 2025, reflecting robust year-on-year growth after a period of contraction in 2022 and 2023. The combined value of international transfers from digital wallets grew 20% year-on-year in fiscal year 2024 to Saudi Riyal 46.6 billion (USD 12 billion), indicating accelerating adoption of fintech solutions among users with cross-border needs.
Key players in this market include major cities such as Riyadh, Jeddah, and Dammam, which dominate due to their strategic locations, robust financial infrastructure, and high expatriate populations. These cities serve as financial hubs, facilitating a large volume of cross-border transactions and attracting international payment service providers to establish their operations.
In 2023, the Saudi Arabian Monetary Authority (SAMA) implemented the “Regulatory Framework for Payment Service Providers,” mandating compliance with international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT). This framework requires payment service providers to obtain a license from SAMA, adhere to strict customer due diligence, and report suspicious transactions, thereby fostering a safer and more transparent cross-border payments environment.
Saudi Arabia Cross Border Payments Market Segmentation
By Type:
The segmentation by type includes various forms of cross-border payments, each catering to different needs and user bases. The dominant sub-segment is Consumer-to-Consumer (C2C) Payments, driven by the high volume of remittances sent by expatriates to their families back home. Business-to-Business (B2B) Payments also hold a significant share, as companies engage in international trade and require efficient payment solutions. Consumer-to-Business (C2B) and Business-to-Consumer (B2C) Payments are growing as e-commerce expands, while Remittances remain a critical component of the market. Inbound payments from travel and tourism, including Hajj and Umrah pilgrimages, also contribute significantly to cross-border payment flows, with Q1 2025 seeing a 10% year-on-year increase to USD 13.2 billion.
By End-User:
The end-user segmentation highlights the diverse range of customers utilizing cross-border payment services. Individuals, including expatriate workers, represent the largest segment due to their frequent remittance needs. Small and Medium Enterprises (SMEs) are increasingly adopting cross-border payment solutions to facilitate international trade. Large Corporations also play a significant role, leveraging these services for global operations, while Government Entities utilize cross-border payments for various international transactions.
Saudi Arabia Cross Border Payments Market Competitive Landscape
The Saudi Arabia Cross Border Payments Market is characterized by a dynamic mix of regional and international players. Leading participants such as Saudi Payments, STC Pay, Al Rajhi Bank, SNB (Saudi National Bank), Samba Financial Group, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Alinma Bank, PayTabs, HyperPay, Tamara, PayFort (an Amazon company), Western Union, MoneyGram, Wise (formerly TransferWise), Payoneer, Stripe, Visa, Mastercard contribute to innovation, geographic expansion, and service delivery in this space.
Saudi Payments
2018
Riyadh, Saudi Arabia
STC Pay
2018
Riyadh, Saudi Arabia
Al Rajhi Bank
1957
Riyadh, Saudi Arabia
SNB (Saudi National Bank)
2021
Riyadh, Saudi Arabia
Samba Financial Group
1980
Riyadh, Saudi Arabia
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Revenue Growth Rate (YoY %)
Customer Acquisition Cost (SAR or USD per customer)
Total Transaction Volume (number of cross-border transactions per year)
Total Transaction Value (SAR or USD per year)
Market Penetration Rate (% of target market served)
Saudi Arabia Cross Border Payments Market Industry Analysis
Growth Drivers
Increasing Digitalization of Financial Services:
The digitalization of financial services in Saudi Arabia is accelerating, with over
99%
of the population using the internet in future. The Saudi Arabian Monetary Authority (SAMA) reported that digital payment transactions reached
more than 8 billion
in future, reflecting a significant increase from previous years. This trend is expected to continue, driven by the government's Vision 2030 initiative, which aims to enhance the digital economy and promote cashless transactions, thereby facilitating cross-border payments.
Rising Cross-Border Trade Activities:
Saudi Arabia's cross-border trade activities have surged, with total trade volume reaching approximately
USD 430 billion
in future. The Kingdom's strategic location as a gateway to the Middle East and its participation in various trade agreements have bolstered this growth. The increase in exports, particularly in oil and petrochemicals, has led to a higher demand for efficient cross-border payment solutions, further driving the market's expansion.
Government Initiatives for Financial Inclusion:
The Saudi government has prioritized financial inclusion, aiming to increase the percentage of adults with bank accounts to
80%
in future. As of now, around
74%
of adults are already banked. Initiatives such as the Financial Sector Development Program are enhancing access to financial services, particularly for underserved populations. This increased access is expected to drive demand for cross-border payment solutions, facilitating international transactions for a
oader demographic.
Market Challenges
Regulatory Compliance Issues:
The regulatory landscape for cross-border payments in Saudi Arabia is complex, with stringent compliance requirements. Financial institutions must adhere to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations, which can be costly and time-consuming. Compliance costs for banks were estimated at
USD 1.2 billion
, impacting their ability to innovate and offer competitive cross-border payment solutions.
High Transaction Costs:
Transaction costs for cross-border payments in Saudi Arabia remain high, averaging around
USD 25
per transaction in future. These costs are primarily driven by intermediary fees and currency conversion charges. High costs deter small and medium-sized enterprises (SMEs) from engaging in international trade, limiting the overall growth potential of the cross-border payments market in the region.
Saudi Arabia Cross Border Payments Market Future Outlook
The future of the cross-border payments market in Saudi Arabia looks promising, driven by technological advancements and increasing consumer demand for seamless payment solutions. The adoption of real-time payment systems and mobile payment platforms is expected to enhance transaction efficiency. Additionally, the emergence of open banking will facilitate better integration of services, allowing for more innovative payment solutions. As the market evolves, stakeholders must focus on addressing regulatory challenges and enhancing security measures to build consumer trust and drive growth.
Market Opportunities
Expansion of E-commerce Platforms:
The e-commerce sector in Saudi Arabia is projected to reach
USD 20 billion
in future, creating significant opportunities for cross-border payment solutions. As online shopping becomes more prevalent, businesses will require efficient payment systems to cater to international customers, driving demand for innovative payment solutions.
Growth in Remittance Flows:
Remittance flows to Saudi Arabia are expected to exceed
USD 39 billion
in future, presenting a lucrative opportunity for cross-border payment providers. The increasing number of expatriates and the need for efficient remittance services will drive demand for competitive and cost-effective payment solutions, enhancing market growth.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
The Saudi Arabia Cross Border Payments Market is valued at approximately USD 56 billion, based on a five-year historical analysis. This growth is primarily driven by the increasing volume of international trade, the rise in expatriate workers sending remittances, and the growing adoption of digital payment solutions. The market has seen a significant shift towards online and mobile payment platforms, enhancing the efficiency and speed of cross-border transactions. Notably, outbound personal cross-border payments from banks reached Saudi Riyal 58.8 billion (USD 15.7 billion) in Q2 2025, while outbound worker remittances hit USD 13.5 billion in Q1 2025, reflecting robust year-on-year growth after a period of contraction in 2022 and 2023. The combined value of international transfers from digital wallets grew 20% year-on-year in fiscal year 2024 to Saudi Riyal 46.6 billion (USD 12 billion), indicating accelerating adoption of fintech solutions among users with cross-border needs.
Key players in this market include major cities such as Riyadh, Jeddah, and Dammam, which dominate due to their strategic locations, robust financial infrastructure, and high expatriate populations. These cities serve as financial hubs, facilitating a large volume of cross-border transactions and attracting international payment service providers to establish their operations.
In 2023, the Saudi Arabian Monetary Authority (SAMA) implemented the “Regulatory Framework for Payment Service Providers,” mandating compliance with international standards for anti-money laundering (AML) and combating the financing of terrorism (CFT). This framework requires payment service providers to obtain a license from SAMA, adhere to strict customer due diligence, and report suspicious transactions, thereby fostering a safer and more transparent cross-border payments environment.
Saudi Arabia Cross Border Payments Market Segmentation
By Type:
The segmentation by type includes various forms of cross-border payments, each catering to different needs and user bases. The dominant sub-segment is Consumer-to-Consumer (C2C) Payments, driven by the high volume of remittances sent by expatriates to their families back home. Business-to-Business (B2B) Payments also hold a significant share, as companies engage in international trade and require efficient payment solutions. Consumer-to-Business (C2B) and Business-to-Consumer (B2C) Payments are growing as e-commerce expands, while Remittances remain a critical component of the market. Inbound payments from travel and tourism, including Hajj and Umrah pilgrimages, also contribute significantly to cross-border payment flows, with Q1 2025 seeing a 10% year-on-year increase to USD 13.2 billion.
By End-User:
The end-user segmentation highlights the diverse range of customers utilizing cross-border payment services. Individuals, including expatriate workers, represent the largest segment due to their frequent remittance needs. Small and Medium Enterprises (SMEs) are increasingly adopting cross-border payment solutions to facilitate international trade. Large Corporations also play a significant role, leveraging these services for global operations, while Government Entities utilize cross-border payments for various international transactions.
Saudi Arabia Cross Border Payments Market Competitive Landscape
The Saudi Arabia Cross Border Payments Market is characterized by a dynamic mix of regional and international players. Leading participants such as Saudi Payments, STC Pay, Al Rajhi Bank, SNB (Saudi National Bank), Samba Financial Group, Arab National Bank, Banque Saudi Fransi, Riyad Bank, Alinma Bank, PayTabs, HyperPay, Tamara, PayFort (an Amazon company), Western Union, MoneyGram, Wise (formerly TransferWise), Payoneer, Stripe, Visa, Mastercard contribute to innovation, geographic expansion, and service delivery in this space.
Saudi Payments
2018
Riyadh, Saudi Arabia
STC Pay
2018
Riyadh, Saudi Arabia
Al Rajhi Bank
1957
Riyadh, Saudi Arabia
SNB (Saudi National Bank)
2021
Riyadh, Saudi Arabia
Samba Financial Group
1980
Riyadh, Saudi Arabia
Company
Establishment Year
Headquarters
Group Size (Large, Medium, or Small as per industry convention)
Revenue Growth Rate (YoY %)
Customer Acquisition Cost (SAR or USD per customer)
Total Transaction Volume (number of cross-border transactions per year)
Total Transaction Value (SAR or USD per year)
Market Penetration Rate (% of target market served)
Saudi Arabia Cross Border Payments Market Industry Analysis
Growth Drivers
Increasing Digitalization of Financial Services:
The digitalization of financial services in Saudi Arabia is accelerating, with over
99%
of the population using the internet in future. The Saudi Arabian Monetary Authority (SAMA) reported that digital payment transactions reached
more than 8 billion
in future, reflecting a significant increase from previous years. This trend is expected to continue, driven by the government's Vision 2030 initiative, which aims to enhance the digital economy and promote cashless transactions, thereby facilitating cross-border payments.
Rising Cross-Border Trade Activities:
Saudi Arabia's cross-border trade activities have surged, with total trade volume reaching approximately
USD 430 billion
in future. The Kingdom's strategic location as a gateway to the Middle East and its participation in various trade agreements have bolstered this growth. The increase in exports, particularly in oil and petrochemicals, has led to a higher demand for efficient cross-border payment solutions, further driving the market's expansion.
Government Initiatives for Financial Inclusion:
The Saudi government has prioritized financial inclusion, aiming to increase the percentage of adults with bank accounts to
80%
in future. As of now, around
74%
of adults are already banked. Initiatives such as the Financial Sector Development Program are enhancing access to financial services, particularly for underserved populations. This increased access is expected to drive demand for cross-border payment solutions, facilitating international transactions for a
oader demographic.
Market Challenges
Regulatory Compliance Issues:
The regulatory landscape for cross-border payments in Saudi Arabia is complex, with stringent compliance requirements. Financial institutions must adhere to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations, which can be costly and time-consuming. Compliance costs for banks were estimated at
USD 1.2 billion
, impacting their ability to innovate and offer competitive cross-border payment solutions.
High Transaction Costs:
Transaction costs for cross-border payments in Saudi Arabia remain high, averaging around
USD 25
per transaction in future. These costs are primarily driven by intermediary fees and currency conversion charges. High costs deter small and medium-sized enterprises (SMEs) from engaging in international trade, limiting the overall growth potential of the cross-border payments market in the region.
Saudi Arabia Cross Border Payments Market Future Outlook
The future of the cross-border payments market in Saudi Arabia looks promising, driven by technological advancements and increasing consumer demand for seamless payment solutions. The adoption of real-time payment systems and mobile payment platforms is expected to enhance transaction efficiency. Additionally, the emergence of open banking will facilitate better integration of services, allowing for more innovative payment solutions. As the market evolves, stakeholders must focus on addressing regulatory challenges and enhancing security measures to build consumer trust and drive growth.
Market Opportunities
Expansion of E-commerce Platforms:
The e-commerce sector in Saudi Arabia is projected to reach
USD 20 billion
in future, creating significant opportunities for cross-border payment solutions. As online shopping becomes more prevalent, businesses will require efficient payment systems to cater to international customers, driving demand for innovative payment solutions.
Growth in Remittance Flows:
Remittance flows to Saudi Arabia are expected to exceed
USD 39 billion
in future, presenting a lucrative opportunity for cross-border payment providers. The increasing number of expatriates and the need for efficient remittance services will drive demand for competitive and cost-effective payment solutions, enhancing market growth.
Please Note: It will take 5-7 business days to complete the report upon order confirmation.
Table of Contents
95 Pages
- 1. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Overview
- 1.1. Definition and Scope
- 1.2. Market Taxonomy
- 1.3. Market Growth Rate
- 1.4. Market Segmentation Overview
- 2. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Size (in USD Bn), 2019–2024
- 2.1. Historical Market Size
- 2.2. Year-on-Year Growth Analysis
- 2.3. Key Market Developments and Milestones
- 3. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Analysis
- 3.1. Growth Drivers
- 3.1.1. Increasing Digitalization of Financial Services
- 3.1.2. Rising Cross-Border Trade Activities
- 3.1.3. Government Initiatives for Financial Inclusion
- 3.1.4. Adoption of Fintech Solutions
- 3.2. Restraints
- 3.2.1. Regulatory Compliance Issues
- 3.2.2. High Transaction Costs
- 3.2.3. Security Concerns
- 3.2.4. Limited Consumer Awareness
- 3.3. Opportunities
- 3.3.1. Expansion of E-commerce Platforms
- 3.3.2. Growth in Remittance Flows
- 3.3.3. Partnerships with Local Banks
- 3.3.4. Development of Blockchain Solutions
- 3.4. Trends
- 3.4.1. Shift Towards Real-Time Payments
- 3.4.2. Increased Use of Mobile Payment Solutions
- 3.4.3. Emergence of Open Banking
- 3.4.4. Focus on Customer Experience Enhancement
- 3.5. Government Regulation
- 3.5.1. Anti-Money Laundering (AML) Regulations
- 3.5.2. Payment Services Directive Compliance
- 3.5.3. Data Protection Laws
- 3.5.4. Licensing Requirements for Payment Providers
- 3.6. SWOT Analysis
- 3.7. Stakeholder Ecosystem
- 3.8. Competition Ecosystem
- 4. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Segmentation, 2024
- 4.1. By Payment Method (in Value %)
- 4.1.1. Bank Transfers
- 4.1.2. Credit/Debit Cards
- 4.1.3. E-Wallets / Digital Wallets
- 4.1.4. Money Transfer Operators (MTOs)
- 4.1.5. Others
- 4.2. By Transaction Size (in Value %)
- 4.2.1. Low-Value Transactions (e.g.,<$500)
- 4.2.2. Mid-Value Transactions (e.g., $500–$10,000)
- 4.2.3. High-Value Transactions (e.g., >$10,000)
- 4.3. By End-User (in Value %)
- 4.3.1. Individuals (including expatriate workers)
- 4.3.2. Small and Medium Enterprises (SMEs)
- 4.3.3. Large Corporations
- 4.4. By Industry (in Value %)
- 4.4.1. Retail & E-commerce
- 4.4.2. Travel, Tourism & Hospitality
- 4.4.3. Financial Services
- 4.5. By Geographic Focus (in Value %)
- 4.5.1. Middle East & North Africa (MENA)
- 4.5.2. Asia-Pacific
- 4.5.3. Europe
- 4.6. By Policy Support (in Value %)
- 4.6.1. Government Subsidies
- 4.6.2. Tax Incentives
- 4.6.3. Regulatory Support
- 5. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Cross Comparison
- 5.1. Detailed Profiles of Major Companies
- 5.1.1. Saudi Payments
- 5.1.2. STC Pay
- 5.1.3. Al Rajhi Bank
- 5.1.4. SNB (Saudi National Bank)
- 5.1.5. Samba Financial Group
- 5.2. Cross Comparison Parameters
- 5.2.1. Revenue Growth Rate (YoY %)
- 5.2.2. Customer Acquisition Cost (SAR or USD per customer)
- 5.2.3. Total Transaction Volume (number of cross-border transactions per year)
- 5.2.4. Total Transaction Value (SAR or USD per year)
- 5.2.5. Market Penetration Rate (% of target market served)
- 6. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Regulatory Framework
- 6.1. Compliance Requirements and Audits
- 6.2. Certification Processes
- 7. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Size (in USD Bn), 2025–2030
- 7.1. Future Market Size Projections
- 7.2. Key Factors Driving Future Market Growth
- 8. Saudi Arabia cross border payments Size, Share, Growth Drivers, Trends, Opportunities & – Market Future Segmentation, 2030
- 8.1. By Payment Method (in Value %)
- 8.2. By Transaction Size (in Value %)
- 8.3. By End-User (in Value %)
- 8.4. By Industry (in Value %)
- 8.5. By Geographic Focus (in Value %)
- Disclaimer
- Contact Us
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
