Global Money Movement: Saudi Arabia Edition

Need for Speed: Saudi Smaller Businesses and Consumers Turn to Digital Wallets for Cross-Border Payments

Global Money Movement: Saudi Arabia Edition

In Saudi Arabia, digital wallet adoption is surging for cross-border payments, especially among younger consumers. Small and medium-sized businesses, however, face hurdles with security and cost, making addressing these concerns crucial for wider adoption. The latest data brief, “Global Money Movement: U.S. Edition,” a collaboration with TerraPay, explores the landscape of digital wallet usage in the Middle Eastern country, highlighting the generational and business-size divides in this rapidly evolving market.

Inside the May Data Brief

  • 54% of consumer cross-border payers in Saudi Arabia use digital wallets for these transactions.
  • Half of Saudi SMBs generating up to $500,000 annually use digital wallets for cross-border payments.
  • 55% of Saudi-based SMBs that do not use digital wallets cite security concerns as their reason for holding off.

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    Global Money Movement