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The rapidly growing Saudi Arabian ecommerce market will drive the growth of the online payments market in the country, according to research by Timetric.
The Saudi Arabian ecommerce market is currently worth 2.6 billion US dollars, with this expected to double to 5.4 billion US dollars by 2019.
This rise is being driven by soaring smartphone penetration and rising disposable incomes in the country.
In response, several Saudi Arabian banks have released credit cards solely for online shopping, including Riyad Bank, SABB, the National Commercial Bank and Al Rajhi Bank.
The banks hope that the new online credit cards will help further encourage ecommerce and give online shoppers extra security.