Saudi National Day: Celebrating Progress & the Evolving Payments Landscape

Saudi National Day is right around the corner and the patriotic fervor associated with it is already palpable everywhere in the country. Just like the previous years, this time too, green and white national flags, parades, happy people in traditional outfits, fireworks, and music will liven up the special day. And it will give everyone a chance to appreciate the significant strides made by the KSA towards achieving the ambitious Vision 2030 goal of increased economic, social, and cultural diversification.

Besides opening up to tourists from far and wide and investing in sports, the nation has been empowering women, fighting climate crisis, and promoting sustainability initiatives. To diversify the economy and reduce dependence on oil, Saudi Arabia has been investing in entertainment, technology, and renewable energy sectors too. In 2022, the nation was also recognized as the G20 economy with the fastest growth rate (8.7%). Hence, Saudi Arabian financial progress will be under laser focus this year.

So, this Saudi Arabia National Day, let’s delve into the milestones achieved recently in the financial sector and understand how the payments landscape is changing to drive success for businesses of all sizes.

Quick Look at Saudi Financial Sector Developments

As the Saudi National Day approaches, it is important to note that the country is investing in innovative technology as well as talent to build a resilient and dynamic financial environment. Advanced technologies like big data and artificial intelligence are being leveraged to help businesses of all kinds and sizes (especially small and medium enterprises and startups) to thrive.

Currently, 216 Fintech companies are active in KSA and there are over 6500 direct jobs in the sector. Moreover, venture capital investment in Fintech has exceeded SAR 6.9 billion. SAR 10 billion has been allocated to support SMEs across the country.

This Saudi National Day, payments-related innovations will be in the spotlight too as regulations and supervisory frameworks are being put in place to match international standards and trends. The country is also taking effective measures against financial frauds.

So, as a merchant, this Saudi Arabia National Day, it can help you to understand how the kingdom’s payments landscape is evolving.

KSA’s Digital Payments Landscape is Getting Smarter

One of the key Saudi financial sector developments in recent times is the advent of payment gateways. These help you to accept online payments safely, quickly, and efficiently. Payment gateway providers like PayTabs also offer orchestration services if you need to manage multiple processors, gateways, banks, and acquirers on a single platform and automate your payment ecosystem further. Since the transaction value in Saudi’s digital payments market is set to grow at a 8.06% annual rate by 2028, you need to be aware of what advanced payment gateways bring to the table and how you can capitalize on the same:

• Secure: This National Day, Saudi Arabia will spend enthusiastically for sure but only on those ecommerce sites that are secure against cyberattacks. Luckily, top payment gateways are PCI DSS compliant and come with avant-garde authentication and encryption measures to protect sensitive data. And when customers trust your site, they order more and keep coming back for repeat purchases. Your brand image improves as well.
• Easy to Integrate: You can integrate payment gateways easily with your online store and other applications or software solutions. And this can be done across different devices. You don’t need any technical knowledge or coding skills for the same.
• Simplify Invoicing: Payment gateways in KSA have evolved to make invoice generation and sharing hassle-free. You can send digital invoices and reminders now via WhatsApp, email, SMS, social media channels, and even QR codes.
• Offer Multiple Payment Modes: The best gateways allow you to offer various payment methods to shoppers, so they can choose easily and go through with the transaction instead of abandoning their carts. This means you can accept National Day Saudi payments via multiple channels and earn more than ever.
• Support Multiple Currencies: Since leading payment gateways support a variety of currencies from around the world, you can conduct business with foreign customers or nationals located in foreign geographies easily. They can pay in their local currencies while you will be able to accept the payment in the home currency. This Saudi National Day, this gateway feature can help you sell and earn more.
• Facilitate Repeat Billing: In case you offer subscription-based services, you can set up a recurrent payment process with modern gateways. This way, repeat billings and payments will be handled automatically.
• Provide Data Analytics: Gateways in Saudi help you to analyze your entire payment ecosystem and derive actionable insights on consumer behavior, order volume, transaction frequency, payment mode, and other performance parameters. These data-backed insights allow you to make more informed decisions in the future.
• Offer Technical Support: Accepting Saudi National Day payments or handling transactions on any other day for that matter is a breeze with the right gateway. In case of any technical glitch, you can reach out to the provider’s customer support team easily and solve the problem quickly. This way, you won’t have to worry about losing out on potential customers or sales due to downtime.

Gear Up for a Promising Saudi Arabia National Day

Now that you have a fair idea about the recent Saudi Arabian financial progress made, it is time to make the most of the various government initiatives, digital innovations, and investments available. As a business owner in KSA, the upcoming Saudi National Day is the perfect opportunity for you to join hands with a payment gateway provider like PayTabs and enjoy myriad services at attractive fees. A top payments infrastructure company in MENA, PayTabs is driven by the vision to power every digital transaction in the region and offer simple, secure, and scalable solutions for local commerce growth and financial inclusion. So, your time to shine is now!