Saudi Arabia

Saudi Arabia is one of the latest entrants to the real-time payments space, having launched its sarie system in April 2021. The scheme is supported by all banks operating in Saudi Arabia and enables instant fund transfers between domestic bank accounts through internet banking or mobile banking apps using the recipient’s IBAN, mobile phone number, email address, national ID, or residency number.

Still at a nascent stage, the outlook for real-time payments in Saudi Arabia looks promising, with volumes expected to record a CAGR of 24.6% from 2023 to 2028. The Saudi government’s initiatives to modernize the country’s payments infrastructure and the accelerated shift toward cashless payments will promote adoption of real-time payments. However, the reduction in cash usage in this market currently benefits other forms of electronic payments more than real-time payments; the share of other electronic payments is expected to increase from 58.1% in 2023 to 67% in 2028.