Specialized financial reports have predicted the growth of the Kingdom's payments in the coming years, expecting total revenues to reach $28.3 billion by 2031. The analytical study contained in the report “Global Payments 2022: New Trends for Growth” focused on the sources of strength that will increase the compound annual growth rate to 11.2% between 2021 and 2031, such as revenues from current accounts, credit cards and electronic credit transfers.

The report, issued by BCG, identified four trends that will predict the future of the global payments sector, which are sure to have some impact on Saudi Arabia in the next five years. The report, issued by BCG, identified four trends that will shape the future of the global payments industry, which are sure to have some impact on Saudi Arabia over the next five years, and identified the following trends:

• The era of unprofitable growth is coming to an end, which will require payments players to reach high levels of profitability.
• Rising levels of demand for the adoption of electronic payments, which will lead to a continued shift toward e-commerce.
• Central bank cryptocurrencies are booming, with central banks looking to integrate their cash reserves into digital currencies to accelerate the implementation of their new monetary policies.
• Rising levels of regulatory oversight of payment processes and efforts to identify potential risks in all areas of finance, compliance, technology or cryptography to ensure optimal business growth.