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Consumer appetite for digital payments increases in KSA – Mastercard

Consumer appetite for digital payments increases in KSA – Mastercard
92% of shoppers in Saudi Arabia have access to more ways of payment

Riyadh – Mubasher: About 94% of consumers in Saudi Arabia will rely on digital payments by 2022, including biometrics; digital wallets, transfers, and currencies; QR code; and contactless cards, according to Mastercard New Payments Index.

In addition, 92% of shoppers in Saudi Arabia have access to more ways of payment compared to 2020.

Three out of four consumers in the Kingdom said digital payment methods helped them save money, while the same number of people remained more loyal to retailers who offer multiple payment options, and would shop at small businesses that offer more diverse ways to pay.

Chief Product Officer at Mastercard, Craig Vosburg, said: “The pandemic made us think differently, partly out of necessity.”

The index showed that 59% of people in Saudi Arabia expect to use more payment technologies like QR codes in 2022.

Around 70% of shoppers in Saudi Arabia would avoid businesses that do not accept electronic payments of any kind.

During the period between the first quarter (Q1) of 2020 and the same period in 2021, over 100 markets saw contactless as a share of total in-person transactions grow by at least 50%.

The index showed that “56% of consumers in Saudi Arabia say they plan to use cryptocurrency in the next year, with more than half (69%) noting they are more open to using it than they were a year ago.”

Five out of 10 consumers in the Kingdom plan to use biometric verification methods like gait or walk assessments and fingerprint authorisation. In addition, 69% of the people in Saudi Arabia feel safer using biometrics to verify a purchase than entering a pin.

About 66% of Saudi consumers would use digital wallets in 2022, while 68% intend to use digital money transfer services.