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Wearable prepaid instruments are capturing market share in Saudi Arabia

Wearable prepaid instruments are capturing market share in Saudi Arabia

Wearable prepaid instruments are capturing market share in Saudi Arabia

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In December 2021, Saudi Arabia-based General Entertainment Authority proposed the development of a prepaid card and bracelet for the use of visitors during Riyadh Season events. As one of the sponsor’s of the program and in collaboration with events management company Sela, the General Entertainment Authority announced the launch of this innovative prepaid digital payment bracelet and card, which would help to create a convenient experience for the visitors to attend the events such as Winter Wonderland, Boulevard City, and the Combat Field.

Further, this innovative, prepaid wearable technology bracelet and a card will be linked with the homegrown fintech, stc pay app, for recharging. Moreover, it can also be used for ticketing and other purchases on the website by the user. stc, pay, which enables secured transactions including tap-to-pay option, wallet-to-wallet transfers, bill payments facility, and instant money transfers are the first trial of prepaid, wearable technology at a mega-entertainment event such as Riyadh Season. The digital wallet will allow the user with easier payment solutions, reduce queuing times for rides, and will also heighten the overall experience of the user. 

The Saudi Arabian government is actively taking various initiatives to inject digitization into the payment system. This has resulted in creating an increased interest in contactless payments among consumers in Saudi Arabia. Consequently, this prepaid, wearable technology attributes to Saudi Vision 2030 as one of the major growth drivers for the digital transformation goals in Saudi Arabia. Also, there have been strategic initiatives adopted by the companies which are further pushing the country toward a cashless society. For instance, 

  • In December 2021, stc pay entered into a partnership with an innovative technological solution provider, Moven to help customers track what they are spending. Most importantly, this partnership will allow the customers to build a digital banking experience through the digital wallet stc pay. 
  • The "spending analytics" tab will help the user track the total spending for the current month, spending for each day, and average spending on the app's main page. Moreover, this new enhancement will also include the spending history that can be filtered based on the date, the transaction type, and the account.

Saudi Arabia is dominated by a less than 35 age population. Saudi millennials and Generation Z have grown up in a digital age where they expect to have easily accessible technology to make payments, and therefore these innovative payment methods will continue evolving, pushing the country to achieve a cashless society.

To know more and gain a deeper understanding of the prepaid card market in Saudi Arabia, click here.

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