Nearly 68% of Saudi users prefer mobile phones for online payment

About 68% Saudi consumers choose to make payments using their mobile phones, according to MasterCard Impact of Innovation Study.

Nearly 68% of Saudi users prefer mobile phones for online payment

The study highlights that tablets and ID cards follow at 35% and 26%, respectively; which indicates a growing shift towards latest payment methods among consumers in Saudi Arabia.

Codes received through SMS are the most common form of authentication for Saudi consumers, which is ahead of PIN codes and fingerprint scan.

Surveyed at 23,000 consumers in 23 different countries across the Middle East, Africa and Europe, the MasterCard impact of innovation study was released on the sidelines of the MasterCard Innovation Forum 2016 in Budapest, Hungary.

Furthermore, the survey revealed that 51% of consumers using online banking via web browser, while 44% rely on their smartphone app for their banking needs.

MasterCard division president for Middle East and North Africa Khalid Elgibali said: “The MasterCard Impact of Innovation Study provides a clear indication that consumers in Saudi Arabia are ready to embrace digital innovations and are increasingly seeking better ways to pay.

“Mobile phones are becoming the go-to device for consumers for online activities, and this trend will gather further momentum as smartphone penetration and Internet usage rates in the Kingdom keep climbing and new technologies and innovations emerge at a rapid pace.”