Payments/SA
Saudi Arabia
ISO SA · 3 schemes
Summary
- Mada is the national payment network (SAMA operated)
- SAQR is the QR code payment standard
- 79% electronic transactions in retail (2024)
- SAR 197.42 billion e-commerce spending (2024)
- Google Pay launched September 2025
Banking landscape
Central Bank
- Name: Saudi Central Bank (SAMA)
- Website: https://www.sama.gov.sa/
- Role: Monetary policy, Mada oversight, payment regulation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Al Rajhi Bank | Private (Islamic) | Al Rajhi Mobile |
| 2 | Saudi National Bank (SNB) | Private | SNB Mobile |
| 3 | Riyad Bank | Private | Riyad Bank App |
| 4 | Saudi British Bank (SABB) | Private | SABB Mobile |
| 5 | Banque Saudi Fransi | Private | BSF Mobile |
Market Structure
- Al Rajhi: Largest Islamic bank globally
- SNB: Formed from NCB merger
- Mada: Connects all banks and merchants
- 17,000+ ATMs: Nationwide coverage
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Mada | SAMA | National debit | Active |
| SARIE | SAMA | RTGS | Active |
| Mada Pay | SAMA | Mobile payment | Active |
| SAQR | SAMA | QR standard | Active |
Mada Network Statistics
- 17,000+ ATMs nationwide
- 225,000+ POS terminals
- SAR 197.42 billion e-commerce (2024)
- 1.12 billion e-commerce transactions (2024)
Mada Growth (2020-2024)
| Year | E-commerce Transactions |
|---|---|
| 2020 | 170 million |
| 2024 | 1.12 billion |
| Growth | 559% |
QR code standards
SAQR (Saudi QR Code Standard)
| Attribute | Value |
|---|---|
| Regulator | SAMA |
| Status | Active |
| License | SAMA-approved companies only |
| Disclosure | Specific obligations required |
Mada Pay QR Features
- Direct bank account transfers
- Mobile number identification
- QR code scanning
- Account identifiers
- P2P payments
Payment Methods
| Method | Description |
|---|---|
| NFC (Contactless) | Mada Pay, Apple Pay, Samsung Pay |
| QR Code | SAQR standard |
| Card Emulation | Traditional terminals |
| P2P | Mobile number/QR |
Cross-Border QR (2026)
| Partner | Status |
|---|---|
| Alipay+ | Launching 2026 |
- SAMA and Ant International agreement
- Cross-border QR payments
- Mada-Alipay+ connectivity
- Local merchant digitization
Mobile payment apps
| App | Provider | Mada | NFC | QR |
|---|---|---|---|---|
| Mada Pay | SAMA | Yes | Yes | Yes |
| Apple Pay | Apple | Yes | Yes | No |
| Samsung Pay | Samsung | Yes | Yes | No |
| Google Pay | Yes | Yes | No | |
| STC Pay | STC | Yes | Yes | Yes |
Mada Pay Features
- Android only (currently)
- NFC contactless payments
- QR code scanning
- P2P transfers
- SAMA regulated
Wallet Launches
- Samsung Pay: 2024
- Google Pay: September 15, 2025
- JCB Cards: 2025 integration
- Apple Pay: Already active
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| Mada | National debit | Card | Universal | mada |
| SAQR | QR standard | SAMA | Growing | saqr |
| Mada Pay | Mobile | NFC+QR | Android | mada |
Sources
- Wikipedia - Mada Network
- SAMA - Mada Page
- SAMA Rulebook - Mada Identity
- Giraffy - Mada Pay Guide
- Chambers - Fintech Saudi 2024
- MEA Finance - Alipay+ Saudi
- Mordor Intelligence - Saudi Mobile
- WhiteSight - Saudi Digital Boom
- Soul of Saudi - Google Pay
- Mubasher - Seamless KSA 2024
Full country report
Schemes
Standards
Primary · 4
Mentioned · 1