MBA7106 Business Research Methods Dissertation Assignment 1
There is only one assessment for this module. The submission should be a comprehensive and detailed research work in the line of research proposal prepared in the previous module. The dissertation should reflect the quality of work appropriate for HE7 and should be an original work of the learner. The dissertation should be initiated with a chapter on introduction and the contextualization of the research must be done with necessary incorporation of relevant literature etc. Justification of the research should also be done clearly. In the review of literature, an extension of the literature review presented in assessment 2 of research module method is desirable. Research gaps or the departure points of research should be identified based on literature review and the specific research questions and objectives are to be highlighted accordingly.
The development of research instruments identified as suitable within the research methods module should be extensively used. Ordering of the data should have been done to most succinctly address the research objectives. Evaluation of the findings by utilization of the conceptual frame identified in literature review (chapter 2) and other relevant works identified therein should be comprehensively and critically done. A reflective section on the completion of MBA should also be added.(Choice and Challenge).
The dissertation should comprise of following sections, components and chapters:
1. Front Sheet
2. Scanned copy of filled in candidates Declaration form (Refer Moodle2 page)
3. Acknowledgement
4. Table of Content
5. List of Figures
6. List of diagrams
7. Abstract (not more than 300 words)
8. Chapter-1: Introduction (15% words)
9. Chapter-2: Review of Literature (30% words)
10. Chapter-3: Research Methodology (20% words)
11. Chapter-4: Results and Findings (20% words)
12. Chapter-5: Observations, Implications and Future Scope of Research (15% words)
13. References (As per Harvard Referencing Style)**
14. Annexure/Appendices (Reflection grid -see below, Sample Questionnaire, Authorisation/Permission letter if any)
** References should be substantially distributed from variety of sources like corporate/industry/organizational websites, web-repositories, e-books, printed books, journals, magazines, monographs, unpublished reports etc. based on the requirements.
1.1 Background of the Research
The word ‘Fintech’ is often used to describe financial technologies that have become rampant with the digital age's draw. Fintech also refers to the accumulation of digital payments, stock market, insurance, crowdfunding and similar financial prospects (Murinde, Rizopoulos and Zachariadis, 2022). Saudi Arabia has seen exponential economic growth in the past decade, mainly due to its oil and natural gas availability. Along with this rising economic activity, the country's fintech market has also been increased to a substantial level.
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Figure 1: Proposed GDP growth of Saudi Arabia from 1987 to 2029
Source: (O'Neill, 2025)
As per the figure presented above, the gross domestic product has risen to a high level according to the latest available data. The country's recent GDP has reached a milestone of 1136.58 billion USD in 2025, signifying its well-defined economy (O'Neill, 2025). Along with this economic growth, the country's financial operations have also increased, redefining its fintech industry. The number of available fintech companies in Saudi Arabia was just 90 in 2021, which is expected to rise to 525 by 2030 (Puri-Mirza, 2024). In addition to the growing number of fintech firms and economic activities, the number of digital payments and their variations have also increased. There are multiple reasons why this growth in Saudi Arabia's digital payments was possible. Firstly, the rapid development and the high volume of oil and gas trades of Saudi Arabia with foreign buyers required a definitive method of monetary transactions. Additionally, the rapid mobilisation of labour from countries with high populations, the rise of business with foreign buyers, the increase in tourism, and other factors may have also caused this situation for MBA assignment help. As of now, the digital payments market of Saudi Arabia is expected to reach 103.51 billion USD in the recent year, along with an annual growth projection of 16.06% (Statista, 2025a).
As per this current situation with the rise of digital payments and the fintech industry within Saudi Arabia, multiple effects on consumer behaviour are to be seen. Turning into a cashless society is one of the fundamental impacts of the introduction of digital payments to society (Zainuddin et al. 2024). This is also true of the situation in Saudi Arabia, as people are slowly shifting to the use of cards, digital payment apps and other financial measures. In addition to this, the instruction has also impacted the financial ecosystem of Saudi Arabia, changing the preferences of the common people. Various fintech startups have emerged in the Saudi markets, such as Tamara, which provides payments-related fintech solutions (Minevich, 2023). Other international companies such as PayPal and Amazon have also grown quite a foothold. Due to the changing preferences of the common people and recent market trends, the behaviour of the Saudi government has also shifted towards fostering a digital economy that is easy for the people. As a part of the plan, the government also aims to minimise cash transactions and has taken appropriate policy measures to ensure it. Multiple other behavioural patterns can be located among consumers due to the growth of digital payments and the fintech industry. People have become more accustomed to the use of smartphones and digital wallets as part of changing situations. One of the key requirements for improving the digital payments landscape is having appropriate knowledge and awareness of the functions of digital payments (Farinloye et al. 2024). Thus, high technological awareness among Saudi Arabian consumers can be seen as a part of its impact. Therefore, it has resulted in the creation of a highly sophisticated and fundamentally strong digital payment ecosystem. Along with this background of the recent situations regarding digital payments and their impact in Saudi Arabia, multiple factors and prospects are involved.
1.2 Problem Statement
The fundamental problem associated with digital payment is the shirting attitude of consumers in Saudi Arabia. There is also the problem attached to the compulsive habits of the clients. Financial transactions are complicated and many users find it difficult to use them. Consumers who are not tech-savvy find it hard to use digital payment methods. Many people from the old-age generations, due to a lack of digital literacy, are still uncomfortable in preferring digital methods over traditional transactions (Oh et al. 2021). There are many of the stakeholders whose interests conflict with each other. Expectations of the shareholders are not net and there remains a gap between the organisational objectives and shareholders’ profits.
Investors’ pressure is also there and it might force the fintech industry to change the financial regulations that consumers might find unacceptable. The regulatory guidelines have no long-term focus and thus, organisational resilience is lost. This, in consequence, generates consumers' loss of trust as well as credibility while using digital payment methods. Consumers’ lack of knowledge might make the process more critical and jeopardize the system of accomplishing digital transactions (Aldaas, 2021).The barriers to using digital payment can include consumers' lack of awareness of financial fraud and scammers. Innocent consumers might be victims of malpractice by hackers. Many organisations use consumers' data without their consent. They don't even know that the exploiters are monetizing their data. The presence of third-party mediators in fintechs unlawfully takes advantage of available data and makes fraud. Consumers' data are stolen, and these can not be retrieved in the future (Strelcenia and Prakoonwit, 2023). Therefore, the privacy of confidential information might be violated at any time if data protection laws are not conformed to.
Consumers' sensitive information is exposed to theft and other dangerous implications. The survey on digital payment conducted by Kaspersky revealed that phishing scams are encountered by 57 % and fake websites are noticed by 46 % (Kaspersky, 2022). Payment companies, as well as banks, must conduct consumer education training on online threats. Many consumers face incidents where they share their credentials, such as mobile account, phone number, PAN card details, driving license and password, using digital wallets, and instantly, all the information is captured by unauthorised hackers. At times, no limit on spending cards tempts consumers to be extravagant thoughtlessly. Cyber attackers are also active in putting consumers’ security at risk, and their digital identity might face instability.
1.3 Research Aim
The study aims to evaluate the effects of digital payment consumption on the attitudes of consumers in the fintech industry across Saudi Arabia.
1.4 Research objective and question
Objective
● To evaluate the factors influencing customers' habit of using digital payment methods in the Saudi Arabia fintech industry.
● To find out the risks of using digital payment in the fintech industry of Saudi Arabia
● To recommend strategies for enhancing effectiveness in digital payment mechanisms to enable the use of consumers.
Questions
● What factors impact the consumerist habits of using digital payment methods across the Fintech industry in Saudi Arabia?
● What are the risks of leveraging digital payment methods in the fintech industry?
● What are the recommended strategies that might increase the efficacy of digital payment mechanisms and the flexibility of consumers' attitudes?
1.5 Research Rationale
The absence of legal regulations and inefficient economic and financial knowledge creates multiple issues with digital payments. Issues such as data breaches, payment failure, false payments for duplicate QR codes, and financial losses are connected with digital payments. These issues are generating challenges in the fintech industry in Saudi Arabia. Data breaches and payment fraud are the two issues with digital payments (Sharma and Bantan, 2025). The impact of digital payments on consumer behaviour is affected for these cyber security reasons. The concern for data breaches and false payments is increasing day by day and creating challenges for fintech companies. Consumers hesitate to pay by using digital payments and shift towards traditional payments because of the digital literacy gap. The digital literacy gap is created when a consumer is not familiar with the payment method through digital payment (Nguyen et al. 2024). Lack of digital literacy creates a barrier that reduces the trust of digital platforms. This perception creates issues for the fintech companies. However, consumers also prefer traditional payment for the increased amount of cyber threats and financial loss. For instance, online merchants from different world regions face a reduction of three per cent in their e-commerce revenue due to payment fraud (Statista, 2024). Therefore, the digital literacy gap and data breaches that lead to financial loss are holding consumers back from reducing the use of digital payment methods for their regular payments. Financial loss is an increasing concern for almost every individual and the digital literacy gap, along with that, increasingly holds the adoption of digital payments and affects fintech industries. These issues come from improper legal regulation of digital payment methods and insufficient financial knowledge, which indicates digital illiteracy. Improper compliance of regulatory bodies creates gaps in the infrastructure that fail to protect data and build consumer trust.
Cybercriminals are using those gaps to conduct crime and cause financial loss that impacts the fintech industry’s businesses. A group named “Solar Spider” in Saudi Arabia is targeting fintech companies with an infamous malware named JSOutProx (Faulk, 2024). Furthermore, the knowledge about digital payments is creating issues as older generations are not aware of new-era digital payments and prefer old cash or debit card payments. Insider threats in the fintech industry are creating cyber threats that increase data breaches and cause financial losses (Al-Shari and Lokhande, 2023). The issue of cyber attacks for using digital payments comes from insider threats. Employees of fintech companies deal with individuals' data and information for some extra money, which causes huge financial loss to that individual. Due to the increased amount of cyber attacks, most individuals prefer debit card payment or cash payment rather than digital payments. On the other hand, the legal perception is not strong enough to hold against online data breaches. Therefore, the knowledge of digital payments that allow an old citizen to use them without any hesitation is important. The absence of proper knowledge of this process also affects consumer preference (Chakraborty et al. 2022). The current scenario depicts that the fintech industry in Saudi Arabia needs effective legislation that protects financial information from cybercriminals. Furthermore, knowledge about digital payments and different apps is important. Fintech companies are failing due to a lack of knowledge and improper data protection, and this perception affects consumer behaviour.
1.6 Research Significance
This study is significant for conducting comprehensive research on the growth of the cashless economy in Saudi Arabia and digital payment processes sweeping across the corners. It is predicted that credit card penetration will stand at almost 46.83 % by 2029 (Statista, 2024). Tangible money is seen to be replaced by intangible digital wallets. The peak in use demonstrates its easy acceptance and immense popularity across the Fintech industry. The use of cash payments has plummeted and Saudi Arabia is not deviating from the contemporary trends. Consumers are inclined to purchase products online and they pick up the hassle-free process of digital methods while transacting money (Setiawati, 2023). The method is convenient, less time-consuming, cost-effective and free of chaos.
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Figure 2: Digital payment adoption
Source: (Statista, 2025)
The above illustration signifies the popularity of digital payment adoption in Saudi Arabia. 89 % of people use the emerging payment method and only 30% use cash. Credit card consumers can easily make payments after purchase and choose from the wide array of products on display. The behavioural intention of the consumers is demonstrated through the research. It is also investigated that e-commerce in Saudi Arabia in 2022 stood at 10.44 billion (USD) (Alshammari, 2024). Blueprint of Vision 2030 has posited the government's initiatives to diversify the economy. The interplay between human dynamics, innovation, and technology, which has resulted in the extensive popularity of credit cards. Digital growth in Saudi Arabia owes to considerable investment in technological infrastructure. At the same time, digital markets are growing competitive and security, along with the perceived intention of the consumers, is ensured through the use of digital cards. The intentions of the consumers are noticed and simultaneously, how many consumers actually use the process is also found. Advanced technologies such as biometric authentication and blockchain are used in user retention. Innovations across the consumerist markets also enhance the immense potential of credit cards and cashless transactions (Aldaas, 2021). What is most important is the positive attitude and spontaneous reactions of the consumers towards the widespread use of credit cards. Consumers’ habits are characterised by readiness and their desire to make changes through effective implementation of communication. The mechanisms of the digital economy lead to successful outputs of the digital economy.
1.7 Research Limitations
The research fails to provide more insights into the real-life examples or experiences of different communities making digital payments in Saudi Arabia. The study focuses only on numerical data and does not justify the issues regarding financial transactions. Moreover, the lack of depiction of payment fraud in the country's fintech companies creates limitations in the arguments.
1.8 Ethical Considerations
Ethical consideration of the survey participants is important while gathering data from them by asking questions, and their consent has been obtained before accumulating data. Securing individuals' informed consent is crucial to providing detailed information about the meaning of taking part in the data collection process and informing them about the purpose of the collected data (Atenas, Havemann and Timmermann, 2023).
1.9 Chapter Overview
In summary, this chapter sheds light on the growing prospects of the fintech industry in Saudi Arabia, particularly in the digital payments aspect. Due to an increase in economic operations in the past decades, the country has seen rapid growth in digital payment facilities and high adaptation among its consumers. Despite this, some issues still persist, such as digital literacy, data breaches, cybersecurity and lack of ethical management, which hold the country back from going beyond in terms of fintech applications. However, consumers are known to be highly tech-savvy and have a positive attitude towards digital payments, which is why further research is required to mitigate these issues.
2.1 Introduction
The digital payment vision 2030 focuses on eliminating cash dependency to build a cashless society and growing varied e-commerce platforms for better-advanced services. The topic of the present research is analysing the impact of digital payment systems on consumer behaviour parameters within operations of the Fintech Industry in Saudi Arabia. It is highly significant today as it focuses on changing the Fintech ecosystem, with 85% of consumers showing interest in digital payment platforms for wider services. The purpose and objectives of the literature review are to analyse the core focus on themes related to the topic to establish clarity, evaluate applicability and identify limitations. It's important to analyse the proper attention to consumer attitudes for integrating diverse, competitive, sustainable fintech industry operations.
2.2 Definitions
Digital payment: Digital payment systems offer new advantages for faster, safer, easier and less expensive business. Electronic payment signifies the usage of digital channels with QR codes and instruments such as credit and debit. Saudi Arabia has been promoting digital payments as part of its financial sector Vision 2030 to create change in the economy (Central Banking News Desk, 2024). Saudi Arabia has around 150 fintech companies growing widely with new initiatives such as Fintech Saudi driving innovation and SAMA sandbox under Vision 2030. Digital wallets include Apple Pay and Google Pay, users loading money into virtual wallet systems and STC Pay within growing demands. Moreover, users can transfer money directly to the receiver's bank account, which increases transparency and offers a hassle-free experience. Starlink, STC pay and Mada pay are some leading examples that offer digital payments in Saudi Arabia (Akbar, 2024). Digital payment also aids in increasing shopping experiences, enhancing security and transforming financial industry. Another example of the benefits of digital payment is that it has helped the e-commerce platforms of Saudi Arabia to grow rapidly (GOV SA, 2025).
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Figure 3: E-Commerce Market of Saudi Arabia for the period 2018-2030
Source: (Horizon, 2024)
The above image shows that the market size of the e-commerce industry in Saudi Arabia is projected to be $264.1 by 2030. This offered several new opportunities for entrepreneurs and medium-sized businesses. Concisely, the government’s support for integrating digital payments to promote digitisation can be a great example for other nations.
Fintech industry: Saudia Arabia's Fintech industry is growing with expectations to reach $63.9 billion in 2024, driven by innovation in strong government with tech-savvy new strategic initiatives (Central Banking News Desk, 2024). Digital payments have reached around 70% of retail transactions, up from 62% in 2022. Transactions by digital means have shaped new national payment systems that grew by 24% to a further 10.8 billion payments. Fintech industry payment options have a highly varied scope, bringing new consumer opportunities and larger, diverse, sustainable, constant change targets. Fintech ecosystem is huge and highly competitive, expecting to grow from 63 billion in 2024 to a benchmark of 87.14 billion by 2029. The CAGR is growing by more than 6% during the forecast period. Some major examples that are growing are online banking, crowdfunding, peer-to-peer lending and new commercial blockchain initiatives on successive new platforms. The fintech industry in Saudi Arabia aims to establish a cashless infrastructure, foster digital transformation, and support the development of skills and knowledge that generate jobs while enabling fintech entrepreneurs to create various financial solutions using cutting-edge technologies (Santosdiaz, 2025). As the fintech industry leverages technology to deliver financial services, this has led to a robust digital infrastructure including cloud services and 5G networks (FinTech Futures, 2024). Consequently, the Saudi government has introduced several initiatives, such as Vision 2030, designed to empower the fintech sector to promote high-demand financial services like asset management, investment, insurance and establish a cashless ecosystem.
2.3 Assessing Factors Impacting Customer Adoption of Digital Payment Methods
As stated by Rawat (2024), various factors impact customer adoption of digital payment methods in Fintech industry operations. Mobile payment adoption involves multiple factors affecting customer preferences for digital banking and new perceived dimensions. It's essential to check perceived ease of usage, usefulness and trust in technology so that customers adopt digital payment. The author's research has signified the core importance of assessing factors impacting customer adoption of diverse digital payment methods within the fintech sector growth targets of the nation. On the other hand, Sahi et al. (2021) commented that accepting emerging digital payment methods is important as many customers face issues getting used to them. Hence, ease of use becomes a crucial factor that influences consumer behaviour. Saudi Arabia's fintech market is growing towards productive usage of advanced technology infrastructure, new accessibility for best fast services and 5G networks for increasing demands such as insurance and asset management (Saudi Arabia’s Ambition towards a Cashless Kingdom by 2030, 2020). This is also considerable in the discussion that App experience also matters in instigating the consumers, even the older population to use digital methods while making transactions. Clear instructions regarding the app also add to transparency in the entire process. Innovative as well as creative interface also makes the designs user-friendly thus adding to consumers’ confidence.
Buy now, Paylater and blockchain and contactless payments are some major new innovative platforms used by consumers. This signifies increased customer demands and adoption of new digital payment methods, diverse factors and a more considerable successive pace in the Fintech industry. It also analysed changing market parameters and constant aspects for changing parameters in new digital payment methods. However, Świecka, Terefenko and Paprotny (2021) mentioned that the traditional payment methods still hold a strong position as numerous customers prefer paying with cash to avoid technical issues. Hence, it can be depicted that customers' personal preference decides their payment choices. In addition to this, financial knowledge determines the payment mode that the individual is going to use. Moreover, many people are still not accustomed to the modern payment methods that are made online and they have little or no insight into the privacy issues associated with digital payments. As per the views of Yadav et al. (2024), facilitating conditions, speed of transactions, compatibility, and performance expectancy are vital factors that determine the consumers’ behaviour towards using digital payment options such as UPI payments. In contrast, Chaveesuk, Khalid and Chaiyasoonthorn (2021) explained that the intention to use digital payment options is a major factor among many customers and behavioural intention, along with the actual use of online payment methods, creates a direct impact on the application of technology in firms. In light of this, the Saudi government has introduced its own payment service, Mada Atheer, to boost digital payments (Hassan, 2025). In addition, many employees are not accustomed to handling online transaction processes due to their lack of knowledge. Financial literacy among consumers is an important aspect that needs to be strengthened to drive consumer focus and total orientation. The accumulation of knowledge in terms of security measures should be strong and can add to measures against fraud. Consumers must be trained on the authentication process, password system, face ID, fingerprint security and many other measures.
Perceived usefulness focuses on government-endorsed platforms and enhancing digital payment convenience for consumers, economic inclusivity, and vitally focusing on driving the adoption of various new technologies. Digital infrastructure and user-friendly designs reduce barriers to adopting digital payment technologies within the country. According to Wang et al. (2023), it is perceived that subjective norms have a positive influence on the perceived ease of use. Along with this, trust in a brand tends to develop loyalty towards it and customers automatically prefer a useful and high-quality product or service. Hence, digital payment methods are accepted by consumers when they perceive the usefulness and better quality of digital payment methods. As an example, it has been seen that Mada Pay is a preferred payment option and numerous people tend to use Mada cards to make digital transactions for convenience (Arab News, 2025). This, in turn, has increased Mada’s popularity among consumers and impacts their behaviour on a positive note by providing top-quality payment services. On the other hand, Almaqtari (2024) argued that fintech firms focus on revolutionising sustainability by addressing challenges regarding distribution inefficiencies along with security concerns. In addition to this, it becomes important for the mentioned industry to address the security concerns along with regulatory obstacles.
The new analysis also personifies authors' views and specific changed economic patterns due to consumer demands and new Fintech industry domains specifically. As opined by Shree et al. (2021) argued that among relevant factors, perceptions of digital payment instruments often directly impact consumer behaviour, eventually influencing the increasing use of digital payment methods in the market. In addition to this, social influence is a vital factor that often influences individuals in both positive and negative ways towards using digital payment methods. As per the views of Febrianto et al. (2023), a study shows trust in perceived risk and security and satisfaction profoundly impact consumers' perception of digital payment methods. It affirms various factors for surveying new demands in digital payment goals and increased importance within digitised mechanisms in the business landscape. The author signifies the importance of technological innovation in customer adoption of new digital payment methods in the fintech industry. The present study signifies a more accurate analysis of the changing demands of consumers for the adoption of digital payments and new trends within the Fintech business. Trust is the positive factor that accentuates the service's credibility and consumers’ preference for the app's use. A strong connection with the service providers enhances confidence. Resistance of the consumers might get low and trust has the effective implication for developing community-oriented services. As stated by Norbu et al. (2024), adopting blockchain technology in digital payment mechanisms is important for various factors, such as privacy and adopting new transparent decisions. The most important factors identified in the paper are the unified theory of acceptance, wider use of the technology model, including usage of performance expectancy and new demands for digital payments. Incorporating new models with viable approaches tackles obstacles and ensures integration of advanced systems, bringing wider scale constant changes in the Fintech business (Thunes, 2024). Integrating user perspective research within dimensions of blockchain adoption in digital payment systems is sufficient, focusing on productive users' perspectives for new potentialities. The review sheds light on trust factors and new acceptance of technology changes related to potential blockchain technology integration. However, as stated by BCI (2024), some risk factors in adopting customers’ new digital payment methods are there, impacting the Fintech industry's growth. Some major risks and challenges customers feel are security and privacy risks of digital transactions, technical issues and transaction fees. It can also be stated that these profoundly impact customers’ choices and overall preferences for choosing digital payment methods. Acceptance of the merchants is also significant in enhancing the availability of the options. In this way, digital payments are becoming influential in affecting strategic growth. Lack of acceptance might increase the likelihood of apps getting rejected by consumers.
As per the opinion of Hasan, Ashfaq and Shao (2024), it is seen that mobile devices or smartphones connect customers, merchants and payment providers to complete online transactions via utilising software applications. At the same time, the use of Quick Response (QR) codes and authorisation services is increasing globally with time. On the other hand, Świecka, Terefenko and Paprotny (2021) explained that transaction expenses, loss aversion and sunk costs tend to influence users’ intention to choose mobile payment options. Thus, it can be justified that the use of mobile payment options decreases due to the mentioned issues and the fintech companies’ businesses suffer due to the negative impact on customer engagement.
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Figure 4: Mobile Wallet Market Size Internationally (2020-2025)
Source: (Statista, 2025)
The above graph portrays the market size of mobile wallets from 2020 from a global perspective. Google Pay and Apple Pay have emerged in the market since 2020, while Google Wallet enables consumers to access credit or debit card information when they make online payments (Statista, 2025). Dimitrova, Öhman and Yazdanfar (2022) state that various online payment options for customers involve electronic money, cashless payments and different payment instruments. Adding to this, it has been perceived in many firms that they tend to exclude cash as a mode of payment due to the rise of emerging digital transaction options. For example, Saudi Arabia has seen that the country’s online payment option, STC pay, is popular there, and it helps people control their finances while making safe payments (Giraud, 2024). On the other hand, Yamin and Abdalatif (2024) depicted that the fintech industry is concentrating more on using QR codes and paying attention to increasing mobile payments among consumers. The said industry uses the quick response code as it is an apt storage system consisting of a dot matrix barcode printable on a screen and is more advanced than the traditional barcodes. Infrastructural support by the government can make prominent regulatory measures as well as social influence. Real-world application, as well as usage, is ensured through regulatory practices and brand effectiveness. Partnerships with the ornaments and merchants make the process of using digital payment more acceptable and trustworthy.
According to Nigam, Khan and Mazhar (2024), it is perceived in customers' behaviour that they have trust issues and issues regarding accessibility using e-payment methods. As an example, in order to increase consumer trust, security texts are used in Saudi Arabia to prevent scams and improve efficiency. In light of this, the Saudi government has introduced its own payment service, Mada Atheer, to boost digital payments (Ranjan, 2025). Contrarily, Yamin and Abdalatif (2024) justified that the TAM framework’s two main exogenous phases, including the ease of use and usefulness and the perceived usefulness, investigate whether the individual's technology adoption improves their task performance with time. People are more prone to use QR codes for convenience and quick transactions. According to Nigam, Khan and Mazhar (2024), awareness campaigns regarding privacy, security, and utility concerns need to be executed by fintech firms to notify the consumers and allow more growth for the digital economy. In contrast, Almaqtari (2024) mentioned that the emergence of financial technology has been focusing on technological advancements to address sustainability issues and create harmony between sustainable practices and technology. Also, Hasan, Ashfaq and Shao (2024) state that customers prefer cashless payments due to different social circumstances. As an example, Geidea, a Saudi-based company, has used this common preference to boost its usage amid the nation's Vision 2030 goals (Ribes, 2025). In contrast, Yamin and Abdalatif (2024) argued that there are different issues regarding common method variance that tend to negatively impact customers in choosing online payment options. However, the number of customers accepting online payment options such as QR codes is increasing with time due to their availability in most places.
2.4 Risks Associated with Digital Payments Affecting Consumers
As stated by Idayani et al. (2024), some major risks of adopting new online payment systems impacting consumer behaviour in the fintech industry are the risk of fraud and technical issues related to cyber security. Identity theft, loss of cards and online data unfamiliarity with technology are some major risks associated with changing consumer behaviour. This research provides authentic data based on facts on how cyber risk affects the usage of fintech businesses, which signifies better development. Contrary to the above statement, Seldal and Nyhus (2022) have commented that the financial service landscape is transforming through financial innovations. This is true because consumers are taking full control of their likes and dislikes. Risks are intensifying daily and the digital payment system is being affected. As per the views of Chatterjee et al. (2024), some new informative, in-depth analyses have been done on exploring credit fraud risk factors and current fraud detection techniques. The author has focused on using digital twin technologies to overcome identified risks among fintech risks. Due to that, Blockchain enables new federation and usage of models, with sensitive data improved fraud detection. Surely, the decentralised characteristics of blockchain ensure a transparent, secure approach to preventing fraud in pursuing financial business goals. Risman et al. (2021) opined that financial inclusion is important to determining personal finances. Accumulation of the risks affects business goals and concepts, and consumers face serious complications when transacting the amount. Researchers expressed concern about the payment electrification programme and the non-cash system. There are inadequate collateral values that engender the financial prospects of consumers.
Identity theft is the major concern of the consumers and the process of data breach can be dangerous for the users. Many of them unknowingly become victims of unauthorised transaction that brings chaos to login credentials. Failure in the network as well as the system also compounds the risks and increases data challenges. According to Alnemer (2022), fintech encompasses new, innovative technical aspects to improve new technical solutions in business and has a wider, determined role in changing consumer demands. In order to remain innovative and consumer-focused, the financial services and banking sector in the fintech business has a new scope to expand on digital advertising, digital insurance, and crowdfunding goals. Conversely, Tang et al. (2021) stated that third-party payment is evolving, thus complicating the scenario for the general population. This has changed consumers' intentions towards the internalisation pattern of digital payment. Payment options, such as mobile systems and PayPal, cater to multi-purpose agendas. Functional needs of digital transactions require the application of convenient and fast payments, thus motivating consumers. The author of the present research has stated the core importance of these aspects based on changing preferences, risks and challenges in digital payment that impact consumer behaviour standards in fintech. In the opinion of Seldal and Nyhus (2022), the emergence of fintech services in recent times has substantially grown within new business parameters, providing inventive solutions for improving accessibility transformation. Peer-to-peer lending platforms have also shaped new sustainable financial practices and stimulated new economic growth goals. On the other hand, Tummala, Roch and Tan (2021) have argued that asset tokenisation is the transformative aspect of the Fintech industry. Regulatory development presents changes to consumers, thus making the commercial future more prone to risks. A vision of change needs to be applied to herald the changes across the FinTech industry. High manual control of operations needs to be substituted through checks of compliance.
There is a vulnerability in the process that can make the users pay extreme charges including transaction fees, on withdrawal limits and there are also the changes of conversion. The complex issues might make the users incapable of accessing money during the emergency period. The users also get accustomed to the weakened security practices that enhance the possibilities of hacking as well as unnecessary intervention.
As Kumar (2024) discussed, technological developments have created a competitive environment, and businesses are adapting to new changes and trends related to digital payment systems. Consumers in developing regions face major obstacles in developing systems, such as privacy concerns and fear of data breaches when embracing online payment mechanisms. Argumentatively, Javaid et al. (2024) have demonstrated that online transactions conducted through various technology mediums affect business consistently. The digital economy has changed over the years and communication technologies must evolve. Systematic risks are increased to disrupt business communications and the organisational matrix. The paper explains the diffusion of innovations theory, offering a perspective on adopting new methods focused on the diffusion process that helps businesses and policymakers design new strategies among consumer segments. The authors' views analysed in the paper signify new technological innovation and specific initiatives in digital payments. The effective strategies include strategic partnerships and advanced analytics to innovate the regulatory oversights. The infrastructure is scalable and aligns with the recent digital development strategies for development implementation. The increase hinders the promotion of trust in cyber attacks.
According to Ramayanti et al. (2024), innovations in the fintech business have created a shift in digital payment systems focusing on new one-click payment mechanisms. There is growth seen in digital payments as a successful innovation, with components of saving time efforts and a rise in online transaction techniques. In 2020, 2.4 billion people used digital banking, with the expectation of 3.6 billion in four years, based on the significant expansion of Internet transactions. On the contrary, Khando, Islam and Gao (2022) implied the challenges payment transactions. There can be economic, legal, and social challenges, thus putting obstacles in the way of emboldening the economy. There are serious issues related to consumer awareness and rate of utilisation. Market research is inadequate to enhance the presence of the risks. The gap between consumer satisfaction and the use of credit card consumption is increasing. As Williams (2021) commented, the digital economy's economic output is enriched by the inclusion of IoT and blockchain. There are new scopes of fintech business goals and dynamic business change, which is overcoming risks associated with customers. Major innovation and new trends are shaping the Fintech industry to curb the risks consumers face and lower the challenges for consumers specifically. It brings new market changes and expands and raises the scope among consumers to gain confidence in using online payment systems digitally, leading to competent values. Reversely, Surya et al. (2023) posited the arguments that cybersecurity threats entail malware, third-party services, spoofing, encrypted data and many more.
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Figure 5: Challenges of cybersecurity
Source: (Surya et al. 2023)
The above picture demonstrates the various aspects of determining the threats, thus making the users' future insecure. Data items get exposed on cloud platforms, which is critical to saving data from external intruders. As monetary transactions are paperless, there is a decrease in transaction costs as well as labour costs. Javaid et al. (2024) believe the transaction rate needs to be robust to maintain transparency and data integrity. Concern for frauds and security systems that put impediments towards a reliable as well as secure process of transaction. This prevents organisations from expanding their markets across diverse areas. Cyber threats are also getting mofernised that triggers panick amidst the comsumers. Phising emails are also generted by the AI and tactics of ransomware also deceives the consumers. Awareness of cybersecty might be enhanced and therse should e the experts who can make the consumer ware of the external as well as the internal threats.
Reversely, Thunes (2024) has opinionated that the Fintech industry surely has a highly competitive work scope to bring on the best data technologies for curbing down risks associated with digital payment systems. Therefore, the review has been authentic regarding risks faced by consumers for adopting digital payment systems in the fintech industry. Improved user satisfaction and trust within a user-centric approach fosters positive emotions and a new trust in payment systems, which is significant for user retention in the FinTech sector. As Ameerbakhsh et al. (2021) advocate, applying user-centred designs in payment systems applies UCD principles for new payment systems tailoring new designs and functionality. It signifies that user-centred design systems in payment offer several benefits, curbing down risks in online data management among consumers. This signifies the new adoption of user-centred design principles for developing digital pay mechanisms, as per the country's changing diverse fintech business goals. On the other hand, Risman et al. (2021) posited that financial stability is the priority in the Fintech sector. Therefore, payment systems must be interoperable to prevent chaos and unrest. Identification of suspicious activities destroys the resilience of cyber security. Transactions need the integration of various platforms that might increase the challenges inherent in the payment system. The standardisation procedure is not effective in making the operation innovative and fertile. Paul et al. (2023) have, on the contrary, stated that Digital Entrepreneurship has preeminence in making the system effective in consolidating the data network. Entrepreneurship has connotations with the perspectives that maintain coherence and structural transparency.
2.5 Conceptual Framework
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Figure 6: Conceptual framework
Source: (Self-developed)
The conceptual framework reviews the focus on themes and objectives of research, various parameters, and wider-scale dimensions in research. It has also reviewed core attention on the latest parameters in the use of digital payment on consumer behaviour in the Fintech industry of Saudi Arabia. Pictorial representations add creative and informative aspects to the themes analysed and the research topic. The conceptual framework focuses on two objectives discussed in the literature review study: factors of adopting digital payment and risks in digital payments affecting consumers.
2.6 Theoretical Framework
Technology acceptance model
The Technology acceptance model (TAM) aids in understanding individuals’ behaviour towards using a type of technology.
.png)
Figure 7: Technology Acceptance Model
Source: (Wang et al. 2023)
The above image showcases the TAM model and its phases, including external variables, perceived usefulness, and perceived ease of use. As opined by Wang et al. (2023), it has been seen that the perceived usefulness creates impacts on the behavioural intention of individuals in utilising technologies. Moreover, trust positively influences the pursuit of ease of use as per the TAM framework. People are more prone to use digital technologies that offer them ease and fewer or zero issues when making payments. Research by Hasan et al. (2024) signifies that the Technology acceptance model signifies that consumers accept and use new technologies, including advanced online payment systems. Cultural and economic factors are crucial in correlation to TAM theory. Some economic aspects are the vision for a cashless economy, digital payment acceptance and subsidies., QR code systems are growing. TAM constructs signify external variables, perceived usefulness and new behavioural intention-based aspects efficiently explored. It highly correlates with digital payment methods, as consumers perceive risk, trust, security, and privacy before acceptance. Social norms also play a significant role in shaping electronic payment behaviour diversely, and modern technologies, such as social networks, affect consumer preferences. Recent data has shown informative aspects regarding the changing marketplace and competitive change standards towards the cashless fintech market (Saudi Arabia’s Ambition Towards a Cashless Kingdom by 2030, 2020). Therefore, research has specified important factors investigating user acceptance of mobile payments among consumers.
Diffusion of Innovation Theory
The Diffusion of innovation theory can also be applied to understand how technology adoption spreads through a population over a given time.
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Figure 8: Diffusion of Innovation theory
Source: (Reiling, 2022)
The above picture depicts the different stages a new technological innovation requires to be integrated within human society. As Asiri, Al-Somali and Maghrabi (2024) opined, the technology adoption rate within the diffusion innovation theory is measured by two external factors, relative advantage and organisational intent. Digital payments in this regard have qualified both of the basic criteria, especially for business persons and the younger generation, which may explain the high adaptation rates. In contrast, FakhrHosseini et al. (2024) stated that technology adaptation also depends on other factors such as perceived compatibility, trialability, observability and more, per the DOI framework. These factors not only decide the usefulness of the technology for the masses but also help to influence society towards mass integration. As Shahid (2022) mentioned, the DOI theory can also be used to understand the diffusion of innovations as it includes a timeframe-oriented population analysis. In accordance with this framework, due to the changing economic activity of Saudi Arabia, the integration of Digital payment methods has been widely accepted within the region. Conversely, Singh, Singh and Singh (2023) have stated that the S-curve of DOI theory completely describes, estimates and predicts the growth, maturity, transformation and diffusion of innovation. Chen and Filieri (2024) have stated that the DOI theory follows a normal distribution of the adopters of any new technology, including multiple consumer segments. These segments have been described as the innovators, early adopters, early majority, late majority and laggards. Contrary to the above, Spinelli et al. (2024) have stated that societies with higher numbers of innovators and adopters have low technological resistance. In the case of the digital payment adaptation of Saudi Arabia, business persons and innovators were eager to adopt digital payments, which led to the current situation.
2.7 Research/knowledge Gap
The literature review on the present topic has focused on analysing the impact of using digital payment systems on consumers within growing Fintech industry operations in Saudi Arabia. It is limited to analysing the impact of digital payments in Fintech operations in the country and only limits the authenticity and new facts related to changing mechanisms. The study is also limited to finding new facts regarding changing other domains of the Fintech industry in the market scenario. The knowledge gap is present as it only researches the impact of digital payments on consumer behaviour; many other factors also impact demands among consumer behaviour standards specifically. The literature lacks depth within areas of the role of emerging fintech technologies beyond digital payments, creating wider consumer awareness among new financial entrants. There are also new rapid advances in digital technologies that are competently shaping financial landscapes within Saudi's fintech ecosystem.
Further, new research standards need to be evolved to review the wider dimensions of fintech industry operations within the nation. Various specific domains are emerging in fintech standards, and new technologies are shaping online payment systems among consumers specifically. This signifies a knowledge gap in present literature findings, which are not in-depth based on the topic. New research in this area will further enable readers to gain insightful new insights into changing demands for digital payments among consumer behaviour.
2.8 Chapters Overview
In conclusion, it can be depicted that there are still strong positions regarding traditional payment methods in many companies as they pay heed to customers’ preference for using them instead of cashless payment options. This creates issues in the growth of the digital economy. The TAM framework showed that convenience makes people more prone to accept online payment modes such as QR codes. As per the diffusion of innovation theory, technology exports and ease of doing business aid in measuring the adoption rate of emerging technologies. Security and privacy issues are major challenges that affect fintech companies in increasing online payment rates among consumers.
3.1 Introduction
Methodologies showcase how a study is conducted and the techniques used for conducting the research have been delineated. The research will use a proper research philosophy, approach and method to accumulate relevant data. In addition, the design used to justify each study concept will be showcased in the third chapter. The sampling size, technique, data analysis and ethical considerations will be depicted here to provide an understandable idea. Moreover, the questionnaire design used for collecting data will also be featured here.
3.2 Research Philosophies
Among various research philosophies, positivism has been chosen as the research philosophy for conducting the research work. Positivist research philosophy is known for concentrating on factual knowledge. Factual knowledge is obtained by making objective observations. This research philosophy mainly focuses on settings where the different variables can be manipulated. Moreover, positivist research philosophy is known to be the dominant scientific philosophy and promotes methodological monism (Drakopoulos, 2024). Methodological monism is the idea or doctrine that indicates that all scientific disciplines must use the same methods or techniques and stress the unity of epistemology. Thus, the mentioned research philosophy has been utilised to gather factual information or knowledge regarding consumer behaviour towards digital payments in Saudi Arabia’s fintech companies. In addition to this, the way the different firms operate in the country's fintech industry, its emerging issues regarding digital payment methods and consumers’ perceptions have been reflected using objective observations.
It has been perceived that positivism originates from the empiricist philosophy that stresses the fact of the verification of truth in an empirical manner (Junjie and Yingxin, 2022). As positivism emphasises that the truth is objectively experienced, it focuses on the observable events and measures them to collect relevant data. That is why this research philosophy has been utilised to focus on the objective observations of the consumers of different communities in Saudi Arabia: to know the issues they face along with the benefits they get from making digital payments. Moreover, this research philosophy used a systematic approach to gather information. It can cover different observable events in the fintech companies operating in the mentioned country and stress their shortcomings. Contrary to this, interpretivism pays attention to comprehending the meaning that individuals attach to their experiences, whereas positivism focuses on applying the methods of natural sciences (Ylönen and Aven, 2023). Hence, interpretivism differs from positivism as it focuses on reality being subjective. Moreover, positivism allows for conducting large-scale research and provides a greater opportunity or certainty for prediction. Other than this, the mentioned research philosophy allows a proper opportunity to study a particular phenomenon objectively, such as the risks of using digital payment options.
3.3 Research Approach
Different research designs are utilised to conduct a study, and here, the descriptive design is selected. The descriptive research design describes a particular group or population by accumulating relevant information (Stalmeijer, Brown and O'Brien, 2024). The mentioned research design is mainly used in observational studies, market research and surveys. The reason for selecting the descriptive approach is because it is comprehensive, credible, and valid, and it helps the researcher in the decision-making process. In addition, the mentioned research design is efficient in quickly gathering data from large populations and being cost-effective. Moreover, the research design aims to describe a population systematically or accurately. Here, it is helpful to depict how digital payment methods have influenced the behaviour of customers in Saudi Arabia. Apart from this, it has been seen that the descriptive approach is used in qualitative and quantitative studies to provide a detailed or in-depth depiction of objectives (Casula, Rangarajan and Shields, 2021). Other than this, the descriptive design helps the researcher recognise the characteristics, trends, and frequencies of an incident rather than focus on why something has happened. In addition, it has been perceived that the descriptive research design is more concerned with the question “what” and not primarily with the cause or reason behind its occurrence. Thus, the mentioned approach is beneficial for bestowing a comprehensive subject matter regarding the influence of digital payment modes on the customer’s behaviour in Saudi Arabia’s fintech organisations.
The descriptive research design tends to pay attention to answering the questions “what”, “when”, and “where” rather than focusing on “why” an incident has taken place (Ghanad, 2023). Here, the mentioned research design has been utilised to answer why people choose digital payment methods and the issues they face in making online payments in the said country. The different factors regarding digital payment processes, security issues that affect customer behaviour in the country's financial technology companies and the strategies the firms use to mitigate emerging issues have been explained well with the application of the descriptive approach. The descriptive design uses a variety of research methods to investigate different variables.
3.4 Deduction
An approach of deductive research has been narrowed down here to proceed with the research. It has been seen that the mentioned approach pays attention to justifying the way concepts, along with variables, are interconnected to one another’s causes and effects. In addition, the mentioned approach is beneficial as it aids in applying the findings to a broader context. It has been perceived that a top-down approach is utilised in a deductive approach, whereas the inductive approach concentrates on a bottom-up one. Both research approaches use different techniques. The deductive approach begins with a common theory and then gradually moves on to testing or examining the hypotheses to reach appropriate conclusions (Fife and Gossner, 2024). Here, the TAM framework has been chosen and used to examine different objectives in the research work and justify the way consumers of Saudi Arabia are comfortable with using emerging digital technologies to make payments online. The deductive approach pays heed to using a top-down method and provides structured information analysis and a well-established framework (Proudfoot, 2023). Here, the deductive approach has helped compare the findings regarding different payment methods and stressing payment and the use of digital payment modes currently used in the country’s fintech industry.
3.5 Mono Method
A mono-method has been utilised in this research work to gather a sufficient amount of quantitative data sets. Over time, the mono-method has been seen as a specific data collection approach to foster a single quantitative data collection technique within a research (Hossain and Hakobyan, 2022). Therefore, implicating this data collection method has ensured clarity within this research to elaborate on consumers' behaviours towards digital payment methods in Saudi Arabia. At the same time, selecting a specific quantitative data collection technique has made mono-methods more reliable regarding time management. This attribute has promised suitable data collection regarding consumers’ perceptions towards digital payments and adoptions over time in Saudi Arabia. As for a different perception, integrating a mono-method within a research work has been seen to foster evidence-based data explanation from the targeted participants (Schoonenboom, 2022). This trait has indicated efficient access to real-life examples and incidents that digital payment methods have offered to Saudi Arabian customers and the market simultaneously.
The direct explanation from the participants ensured the recognition of opposing views as well. This aspect has led the research to identify the role of the ‘Technology of Acceptance Model’ in cases of accepting digital payment methods. Therefore, implicating the mono-method has been effective for this research work in establishing justification regarding the quantitative data gathered from different individuals with experience in real-world digital payment methods. The Mono-method has also been identified as the approach that fosters fundamentally appropriate data resources (Wellman et al. 2023). That is why a mono-method in academic research work refers to the possibility of conducting data analysis or interpretation based on a sufficient volume of numerical data sets. At the same time, due to this specific trait, a mono-method has been seen to rely on data collection methods such as surveys, questionnaires and standardised tests. This attribute has been effective for this research in pursuing survey-based data to understand the motivators for Saudi Arabian consumers to determine their habits regarding digital payment methods. At the same time, this implication has ensured the reliability of consumers' behaviours and acceptance of digital payment methods based on bias-free numerical values.
3.6 Primary
Primary data sources have been prioritised as the mono-method, which has been considered fruitful for shaping this research's quantitative data collection method. Over time, primary data collection sources have indicated the involvement of a specific sampling size (Coker, 2022). This sampling has further ensured the right individuals' involvement in the research work to collect data. Therefore, the primary data collection involvement has ensured the inclusion of knowledgeable individuals from Saudi Arabia to explain the effectiveness of digital payment methods. Furthermore, data collection sources have indicated the reliability of researchers to conduct a thorough analysis (Bingham, 2023). In this context, primary data collection sources refer to individuals' access to direct and real-life experiences. Therefore, the reliability has been identified to be greater than any other data collection source. Therefore, primary data collection sources have been incorporated in this research to specifically foster the knowledge of dimensions of digital payments in Saudi Arabia and how it has shaped consumers’ preferences.
3.7 Data Collection Methods
The survey has been selected as this research's preferred data collection technique. Over time, the survey technique for quantitative data collection has indicated descriptive data collection further to foster frequent usage (Ghanad, 2023). In this research work, this attribute of the survey method has indicated the access to descriptive data regarding consumers’ behaviours, trends in Saudi Arabia regarding digital payment methods, advantages and issues regarding digital payments. Additionally, the descriptive nature of a survey method has ensured justification regarding the acceptance, motivation, or even refusals towards digital payment methods. Furthermore, the frequency, ensured through the survey-based data sets, has promised further usage of graphical images and charts to project the trajectory of gathered responses. Therefore, the researcher has understood that this survey-based data collection method has the potential to lead the research towards projecting real-world dimensions of digital payments and their relation to consumers’ preferences in Saudi Arabia.
As for a different perception, the survey method has been identified to be less time-consuming than other data collection methods such as interviews or article reviews (DeFranzo, 2023). It also has been the key aspect of the survey method to encourage cost-effectiveness for the researcher to manage. Therefore, in the case of this research work, implementation of the survey method ensured the completion of the data collection within the time to spare for thorough analysis and establishing the discussion. At the same time, it has also promised better budgetary guidance for the research to be maintained. Furthermore, the survey method through the Survey Monkey tool has effectively allowed remote access to the researcher to utilise insightful data sets. This attribute has promised easier data access, as data has been collected from different consumers in Saudi Arabia. Therefore, selecting the survey method was effective for the researcher, who passed on the questionnaire through email to receive consecutive responses. As for the survey questionnaire, the questions have been developed based on the sub-questions derived from the research objectives [Referred to Appendix 3]. This has allowed the research work to implicate and foster relevance to justify impactful factors for customer adoptions and risks associated with digital payment methods in the fintech industry of Saudi Arabia.
3.8 Sampling Method and Sampling Size
Simple random sampling, which has also gained recognition as random sampling, has been incorporated into this research as a suitable form of probability sampling method. Over time, simple random sampling techniques have been identified as the process to ensure equal opportunities for survey respondents to share their perceptions (Rahman et al. 2022). This specific attribute of the chosen sampling technique has been fruitful in allowing a bias-free data collection regarding the required investigation within the research. Therefore, simple random sampling has ensured the collection of data from 95 participants from the Saudi Arabian market to demonstrate their behavioural patterns towards digital payment methods. As for the consent, a detailed consent form will be provided to the targeted survey participants via email.
Furthermore, this simple random sampling technique has been identified to be adequate for generating generalised data from an entire population. In the case of this research, this specific attribute has promised an understanding of consumers’ acceptance of digital payment methods in the fintech industry of Saudi Arabia. Furthermore, the simple random sampling technique has been well profound in fostering a single sample size that demonstrates the characteristics of precise variables (Iliyasu and Etikan, 2021). This attribute has encouraged the collection of data only from the most suitable individuals from the Saudi Arabian population in this research work. This has also guaranteed to address the behavioural aspects of Saudi Arabian fintech service users, considering them to be the key variable for the research. The sampling for this research was also accomplished by developing a total of 15 questions for the survey questionnaire. Simple random sampling refers to the process of logic implementation for generating the sampling, which also fosters representative samples (Research Methodology, 2025). In this research work, the logic implementation has been accomplished based on the behavioural pattern of Saudi Arabian participants in accepting and using digital payment methods, which has been evaluated through their online purchasing and payment patterns.
3.9 Questionnaire Design
The questionnaire has been developed based on the demands of the research objectives of this research work. A certain number of demographic questions have also been included in the questionnaire apart from the objective-based questions as well. Therefore, the final questionnaire for this research has been formed as,
Demographic
Q1. What is your age?
Q2. What is your gender?
Q3. What is your employment status?
Q4. What is your annual income level?
Objective 1
Q5. How often do you engage with digital payment methods?
Q6. Which digital payment methods do you prefer to make your payment?
Q7. Are you aware of the concept of digital payment methods in Saudi Arabia's fintech service industry?
Q8. Certain factors or elements of digital payment methods have impacted consumers’ adoption of digital payments in the fintech industry of Saudi Arabia. Do you agree with this statement?
Q9. In your opinion, what are the factors of digital payment methods in the Saudi Arabian fintech industry that have influenced your perception, decisions, and behavioural patterns?
Objective 2
Q10. Have you ever felt any complications in understanding the stages of digital payment methods?
Q11. As per your experience, are there risks associated with the digital payment methods that the fintech industry of Saudi Arabia has offered?
Q12. Potential risks associated with the operations of digital payment methods effectively influence consumers’ behaviours towards it in the fintech industry of Saudi Arabia. Do you agree with it?
Q13. Based on your experience, what potential risks have you felt the digital payment methods have incorporated?
Objective 3
Q14. There is still room for the fintech industry of Saudi Arabia to foster improvements in digital payment methods. Do you agree with it?
Q15. Based on what you have experienced over the years, which strategic recommendations will be appropriate for the digital payment methods of the fintech industry of Saudi Arabia?
3.10 Ethical Consideration
Ethical considerations are the set of rules that help in moving forward with the research practices, and this includes protecting the research participants’ rights and enhancing research validity. The ethical norms or protocols aid in protecting academic integrity and avoiding issues regarding plagiarism, which negatively affects the study. The informed consent form is used to record the written decisions of individuals regarding their participation, and it is recognised as an important process (O’Sullivan et al. 2021). Here, the confidentiality of the 95 research participants from Saudi Arabia has been maintained by following the ethical norms of the Personal Data Protection Law, and their consent was obtained on a form before conducting the survey. The participants have been provided the opportunity to withdraw their names during the conduction of the survey.
3.11 Data Analysis
Statistical data analysis has been incorporated into this research work to analyse the gathered survey responses and the numerical values within them. Over time, it has been seen that statistical data analysis has the credibility of enhancing decision-making within research based on patterns and trends within gathered data sets (Waskom, 2021). At the same time, statistical data analysis has also been identified to be effective in predicting future outcomes regarding research context and responses gathered from surveys. In this research work, this statistical data analysis has therefore ensured the credibility of analysing customer behavioural patterns according to the trends of digital payment methods in Saudi Arabia. Even the understanding of future outcomes has offered credibility in addressing effective strategies for the Saudi Arabian fintech industry regarding the risks that digital payment methods have generated for customers. This way, research has attained the credibility of analysing the threats of elements such as data theft, identity breaches, cyber-attacks and any complications that change the perception of customers towards digital payment methods negatively.
Furthermore, statistical data analysis has been the most effective method of interpreting the interrelation between the numerical values and variables within the research (Kabacoff, 2022). In this research work, this attribute promises to elaborate on the relationship between variables such as consumer behaviours, ease and usefulness of digital payment methods, potential risks, and strategic innovation. Additionally, analysis of the numerical values has projected the potential to demonstrate the level of customer acceptance and adoption of digital payment methods in Saudi Arabia. SPSS tool has been used in this research to strengthen the standpoint of statistical analysis. It has further empowered the use of correlation, regression, mean, median and standard deviation values to demonstrate the reliability of survey responses. As for the visual presentation, MS Excel has been incorporated to foster tabular forms for SPSS valuation and create charts for the numerical values of survey responses.
3.12 Chapter Summary
Following the overall chapter, it can be summarised that Primary data sources have indicated the accessibility of real-world understanding of the fintech industry of Saudi Arabia and its digital payment methods. At the same time, the direct experiences of the survey respondents have promised to elaborate on the acceptance of digital payment methods, the challenges they experienced, and potential strategic improvements. In order to strengthen this methodological standpoint, a mono-method has been identified to specifically target the rightful sampling from the Saudi Arabian population, with the further help of simple random sampling. As for analysing the data sets, statistical analysis has embraced the use of the SPSS tool for managing reliability as well.
4.1 Introduction
The digital revolution in the fintech industry has ushered in a paradigmatic shift in handling transactions across Saudi Arabia. The surge in e-commerce techniques ensures consumers convenience and an enhanced rate of use. The strategies also involve fraud prevention and enable behavioural changes in consumers. The findings section will discuss the strategies of digital payment such as encryption and authentication. Intensive utilisation of social media platforms will also be described and the challenges will be enumerated in detail. The challenges are present to decrease consumer satisfaction and intervene with security features. The detailed description will reinforce consumers’ confidence in using the cashless mode of transaction.
4.2 Findings
Q.1.
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Figure 9: Age
(Source: Self-developed)
The above picture illustrates that 25 % of people are above 21 years and 30 % are 35-40 years. 38.3 % come into the group of 25-30 years and Std. deviation value of .89, and mean and median value of 2 suggests that most of the consumers belong to the gen Z category.
Q.2.
.png)
Figure 10: Gender
(Source: Self-developed)
48.9 % female and 36.2% male constitute the consumer base, as inferred from the above picture. Female participants are major here and both genders are included herein thus gathering unbiased opinions from each.
Q3.
.png)
Figure 11: employment status
(Source: Self-developed)
29 % of people have graduated and 33% are businesswomen, 12% people are startup owners. Std. A deviation value of 1.07, median value 3 and mean value 2 put forward the current employment status.
Q4.
.png)
Figure 12: Income level
(Source: Self-developed)
26 % of people earn 3,00,000-3,50,000 annually and 8.5% earn 50,000 SAR annually. Median and Mean value 3 also are indicative of the annual income level.
Q5.
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Figure 13: Engagement with Digital Payment methods
(Source: Self-developed)
29 % of people use credit cards very often while 45 % of people use them occasionally. It is also found that 15 % of people use it rarely. Std. A deviation value of .89 and a Median of 3 speak in support of digital payment. Aldaas (2021) stated that the rise of digital payments is the consequence of economic growth. Hence, this proves that custom involvement with digital methods of payment is increasing.
Q6.
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Figure 14:Types of Digital Payment methods
(Source: Self-developed)
This is shown from the above findings that 16 % of people prefer Apple Pay and 29.8% of people prefer Mada. Std. Deviation values of 1.13, support the agreement that mean and median values indicate variety in the digital payment methods. According to Saied, (2025), diverse payment methods are accessible to the consumers. Therefore, it is proved that digital methods of transaction are getting value day by day.
7.
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Figure 15:Awareness of Digital Payment methods
(Source: Self-developed)
This can be observed from the findings that 24 % of people say that they do not have any practical knowledge regarding digital payment techniques in Saudi Arabia’s Fintech industry. 39 % of people admit their digital knowledge and a further 17 % also are confident of digital knowledge. The mean and median value stands at 2 and the Std value is 1.04 which signifies the positive responses of the consumers towards the digital payment techniques in the Fintech industry, in Saudi Arabia.
Q8.
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Figure 16:Elements of Digital Payment methods
(Source: Self-developed)
The graphic illustration shows that 28% of people support that consumers' attitudes have changed through the elements in the methods of Digital payments. On the other hand, 12 % of people disagree strongly regarding this. Men and median value both are high as 3 which indicates consumers are highly impacted by the methods. Std, Deviation value 1.7. indicates that the consumer response is moderate.
Q9.
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Figure 17: Factors of Digital Payment methods to impact consumer opinion
(Source: Self-developed)
It is found from the above picture that 15 % of people easily use technology and 27 % of people find digital payment methods useful. In addition, 25 % of people have trust in technology use and 16 % people believe that due to the implication of 5G networking, service is faster. Mean value 2 and Std. A deviation value of 1.32 shows that the opinions of the people are scattered.
Q10.
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Figure 18: Complications of Digital Payment methods
(Source: Self-developed)
The above picture suggests that 47 % of people face complications occasionally while using digital methods for payment. 21% of people face the issues rarely and 21.3 % never face the issues recurrently. Std. Deviation 1 and mean value 3 suggest that the opinions of people are different when it comes to digital payment use.
Q11.
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Figure 19:Risks of Digital Payment methods
(Source: Self-developed)
The above picture suggests that 37 % of people think that there are no risks associated with the Fintech industry. 25 % of people, on the other hand, believe that digital methods include the risks and 12 % say positive of the risks. A median value of 3 and a mean value of 2 signify the prevalence of the risks. Std. Deviation value 1 signifies that there are different opinions in terms of risks with regard to digital transactions.
Q12.
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Figure 20:Risks of Digital Payment methods influencing consumer behaviours
(Source: Self-developed)
39% of consumers agree and 20 % people strongly agree that consumer behaviours are strongly impacted by the potential risks in the Fintech industry. On the contrary, 10 % of people strongly disagree with the probability of the risks. Mean and median values of 3 and 4 are high values that strongly indicate the risks impacting the consumers’ attitudes. The Std. deviation value of 1 indicates that consumers’ opinions are diverse to generate the impact of the risks.
Q13.
.png)
Figure 21: Potential Risks of Digital Payment faced by consumer
(Source: Self-developed)
As from the above picture, 20 % of people say of the process complications and 12 % say that cyber security is the biggest risk. In addition, 30 % of people say identity theft and 25 % of people support all of the above. Mean and median values of 3 suggest an increase in the potential risks. Std. A deviation value of 1 is also supportive of the risks. According to Nigam et al., 024), the potential risks in the digital Fintech industry decrease consumer confidence and credibility. Therefore, this can be stated that digital payment methods carry risks to affect the security of people.
Q14.
.png)
Figure 22: Improvement for Digital Payment
(Source: Self-developed)
The graph suggests that 37% of people agree and 30 % people strongly agree that there are still chances for improvements in Fintech operations in Saudi Arabia. The mean value of 3 and the median value of 4 indicate that the Saudi Arabia Fintech industry needs to foster improvements in payment transactions. As opined by Almaqtari (2024), fintech operations need effective public and private interventions to get improvement.
Q15.
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Figure 23: Strategic recommendations for Digital Payment
(Source: Self-developed)
The above-illustrated graph reveals that 26% support the one-click mechanism and 18% of them support accessibility of data. 13 % of people suggest consumer-focused advertising and 35 % people support all the above options. Mean value of 3 and median value of 4 suggest that strategies of digital payment methods are highly effective in ensuring profitability as well as innovation. Std. Deviation value 1 is also indicative of positive digital strategies.
.png)
Figure 24: Correlation analysis
(Source: Self-developed)
Correlation analysis is significant here to support the interrelation of the variables. A correlation value of .394 suggests that consumer perceptions, decisions, and behavioural patterns, are highly influenced by the factors contained in the digital methods of payment. The relation between consumer responses and the use of digital transactions is clearly described. Simultaneously, the value of .412 suggests risk factors in disrupting the operations of the Fintech industry in Saudi Arabia. .282 correlational value indicates that consumers face challenges while using digital payment. The overall analysis has demonstrated the result that consumers are inclined towards accessing the service of digital payment methods and they face potential challenges and consistent risks.
.png)
Figure 25: Regression analysis
(Source: Self-developed)
Regression analysis has determined the efficacy of the predictors and the constant variables to generate the conclusion. R-value of .512 and R Square of .262 suggest that the relationship between the risks associated with digital systems of payment and the consumption habits of the consumers is positive. The presence of the risks is untenable which lets consumers' decision-making process be effective before comprehending the method complications. .245 is the value of adjusted R Square that sheds light on the risks in the fintech industry. Std. The error of 1.01616 revealed that consumers in Saudi Arabia have gone through the stages of complications while making digital transactions.
.png)
Figure 26: ANOVA
(Source: Self-developed)
Outcomes from Anova have revealed that there are some dependent variables and others are independent. Regression values of 33.311 disclose certain elements of digital transactions in triggering consumers' decision-making behaviours. The mean square value of 17 also unfolds the implication of the digital payment method in imparting consumers’ behaviours as well as attitudes. F value consisting of 16.13 suggests that the relationship between the variables is constant. On the other hand, this also demonstrated that the risks are there to complicate the understanding of the consumers’ comprehension process.
.png)
Figure 27:Cofficient Analysis
(Source: Self-developed)
All variables in the coefficient analysis have statistical significance and the coefficient values enhance the implications of dependent variables present in the Saudi Arabia Fintech industry. Std. The error of .409 signifies the stages of complications faced by the consumers who comprehend the potential risks. .092 is the value that also implies the potential risks in putting consumers' lives into insecurity. The standardised coefficient value is .471 which denotes that the behaviours of the consumers are impacted through the risks attached to the digital transaction operations.
4.3 Analysis
4.3.1 Evaluation of the factors impacting consumers behaviour towards the digital patent methods in the fintech industry, Saudi Arabia.
Consumer behaviours are triggered to access the service of cashless transactions using digital payment services. The fundamental reasons behind it are convenience and consumer trust. E-commerce is dominating the Fintech industry and consumers are trying to take this opportunity to make financial transactions. They prefer the hassle-free and easy-going method that enhances flexibility in the use of digital payment systems. The markets of digital payment in Saudi Arabia's booming with lots of promises for the consumers. The Monetary Authority in Saudi Arabia (Saudi Central Bank right now) has played an active role in promoting digital transactions (SAMA, 2025). This is also an influential factor in attracting consumers towards the use of digital payments. As per the survey response, 24 % of people are concerned with the use of Digital payment. Further, 28 % of people have strongly supported that their behaviours are influenced through the use of digital payment methods.
They are impressed by the innovative features of Apple Pay, and Mada Pay and are interested in using the same. The concept of biometrics is also appealing to them and these add to the new dimensions of security in the Fintech industry (Mróz-Gorgoń et al., 2022). They are motivated by the perceived benefits such as speed, transaction ease and convenience that affect consumer trust and sensibility. These are the psychological factors that affect dynamism as well as service distinction. This has also been researched that consumers are highly motivated through the factors such as rewards, bonuses, offers in cashback, promotional values as well as discounts.
Saudi Arabia has supported the strengthening of Digital infrastructure that affects innovation as well as the creativity of the entrepreneurs (Madkhali and Sithole, 2023). The cashless method has brought security and efficiency to the system, making the mode of transaction faster than the other traditional methods. Geographically, the position of Saudi Arabia lies in such a way that facilitates the cross-border operations between Africa, Asia and Europe. Being the central regional hub, many international clients conduct the transactions and they all want it cashless for fast operations. The nation also accommodates the infrastructure of a high rate of smartphone penetration and 5 G network. 38 % of people responded that Fintech operations in Saudi Arabia will improve more in the future. Tech-savvy consumers avail of a user-friendly platform of technology for conducting the transactions.
It is clear from the literature review section that form factors affect the consumer's attitudes and perspective towards the consumption of digital payment services (Javaid et al. 2024). Consumers must be digitally or financially aware to know the right use of digital cards. If consumers are not digitally sound, they have to face different crises related to digital fraud and cyber risks. Further investigation also demonstrates that a sense of convenience, and digital expertise has a major role to play in evaluating digital factors in analysing consumer behaviours. Benahioural intention is also to interlink with the success of the use of digital payments (Ameerbakhsh et al. 2021). Perspectives and knowledge have a pivotal role to play in bringing efficiency to the operations of Saudi Arabia. The technology Acceptance Model is used in the literature review to put forward cost-effective solutions and the consumers’ consciousness of the use of it. The TAM model can be linked here to understanding the perceived ease of use and factors of usefulness. Trust is the essential component that determines the success of digital transactions. Factors of security risks can not be neglected as cybercrime is a common phenomenon nowadays. Consumers' financial credentials are stolen and their data remains vulnerable to being lost. There are the legal factors and the regulatory guidelines that govern the technological impacts. Consumer Protection Laws are significant in safeguarding the security of consumers. This also surveyed that consumers are apprehensive of the risk of fraud, identity theft, and cyber issues. Frduents hack consumers’ information which poses the greatest threats to consumer security and affects the behaviour of digital payment systems (Ledas, 2025). Quantitative data gathered on the survey also demonstrates the fact risks are involved in using digital transaction methods. As online shopping has become a craze for the younger generations, they can easily be trapped by fraudsters and make blunders. Authentication factors as well as the passwords become effective in giving security to the consumers.
4.3.2 The risks of digital payments faced by fintech industry in SA Cyber-attacks
The Saudi Arabia fintech companies are facing high risks due to cyber-attacks and data breach issues. As per the survey, 11.7% of respondents agreed that cyber attack disrupts their financial transactions. A group of cyber criminals named Solar Spider targets fintech industries to breach their data and exploit customers' money. The trojan named JSOutProx targets the fintech companies to steal money and financial data of customers in Saudi Arabia (Lemos, 2024). The cyber attacks steal the personal data of the customers who use online payment modes in their daily lives and result in financial loss. The JSOutProx appeared as a financial pdf file and a cyber attack after opening or unzipping it. The fintech companies in Saudi Arabia had been attacked at least 70% in 2023 (Astute Analytica, 2024). The cyber-attacks are an emerging risk that the fintech companies of Saudi Arabia are facing. At the time of using online payments or transferring money from one individual to another, there is a high possibility of data breach in Saudi Arabia. The cyber attack through digital payments in Saudi Arabia in 2024 was over 34 million showcasing the number of attacks and their regularity (Consultancy, 2024). The cyber threats are increasing and disrupting the business of fintech industries and creating a trauma among the individuals that prevent their usage of digital payment methods. Therefore, cyber attacks cause loss of money, loss of identity, and result in reputational damage to the individual. Cyber attacks through the Solar Spider team increase the risks of using online payment methods and disrupting the business of the fintech industry.
Risks of Fraud
In a Kaspersky survey 26% of the users faced financial losses due to threats and loss up to $1000 (ZAWYA, 2023). Saudi Arabian individuals are facing financial fraud and losing their money, in some cases more than $1000. Therefore, using digital payments causes the risk of fraud and disrupts the business of fintech industries. The risks of financial information are also increasing in Saudi Arabia and cause reputational damage to individuals. Therefore, relying on digital payments 43% of the Saudi Arabian individuals are facing financial fraud, and 10% of the consumers are scammed on various occasions (Ranjan, 2025). The risks of financial fraud are the risks of digital payments in the fintech industry in Saudi Arabia. Digital payment applications or options contain vast amounts of consumer data and cybercriminals are targeting these applications to cause financial fraud. Risks of financial fraud among individuals are increasing due to the use of digital payment methods (Chang et al. 2022). In general Saudi Arabian consumers prefer cashless payment options and these aspects hamper the business of fintech industries. The fintech industry of Saudi Arabia possesses the potential to grow as most consumers prefer online payments. However, risks of fraud disrupt the business and cause data breaches and financial loss for individuals. There is a detailed discussion regarding the risks of fraud in the LR section and this has a connection to the findings. Companies also go through reputational damage if consumers’ credential information is lost. Digital hackers and intruders take advantage of virus-affected software and malware to trap consumers.
Identity Theft
Identity theft is another potential risk of the major risks and as per the survey response, 29.8% of respondents have said that identity theft is a major issue. In Saudi Arabia individuals are facing challenges at the time of using digital payment applications as there is a risk associated with identity theft. This aspect disrupts the business of fintech industries as many consumers are not preferring online payment methods for their daily lives. Therefore, 13.8% of respondents from the survey said that there is another high possibility of financial fraud while considering digital payment through online methods. The identity theft causes reputational damage and financial damage to the individuals (Nicolas et al. 2024). Furthermore, Saudi Arabia's fintech industries are dealing with various risks such as technical eros, payment failure, and many more, and these risks are slowly hampering their business.
4.3.3 The strategies to enhance cnsumr’s convenience in using digital payment mechanisms in Fintech industry in saudi Arabia
Vision 2030 undertaken by Saudi Arabia focuses on sustainability, user experience and easy accessibility of the digital platforms to the consumers. This government programme intends to create equitable opportunities for each person thus enriching the thriving economy (RESA, 2025). Enhanced diversification is likely to improve consumer access and the strategies will be effective in adding to innovative implications. The resource-based strategy intends to collaborate between intergovernmental organisations to empower technological set-ups. This is based on innovation affecting the use of technology in digital payment mode. Innovative capabilities of technology buildup consumers' interest in using cashless transactions (Lam et al., 2021). Intermingling knowledge and skills will be effective in building value for the company. Core capabilities encompass consumers’ insights to affect technological growth.
Machine learning is also a beneficial strategy to improve accuracy and increase scalability (Stojanović et al., 2021). Anti-money laundering aspects affect the monitoring of transactions and help increase consumer security. The Fintech industry in Saudi Arabia makes use of Data Analytics in predicting behavioural patterns and consumer growth. KYC assists in consumers’ authentication of identity and solidifies trust issues. This is imperative to assess the sentiments and affect mindsets. Strategic choice is effective in developing organisational resilience and innovation. 25 % of people believe that digital transactions always carry the potential risks to intervene with consumers’ safety. This has effectiveness in increasing consumer choice as well as credibility (Saied, 2025). The strategies are impactful in increasing consumer satisfaction and reliability. Strategis of fintech concentrates on regulatory enablement and affecting the support mechanisms for financial space. Technology policies have to be increased which might accelerate effective growth. Diffusion of innovation theory is leveraged in the literature review chapter to show how innovative digital technologies lie at the core of the perceived usefulness of consumers. The advanced use of technology is related to confidential information and transactional details. This also uses innovative processes to monitor data in real-time. Innovation also caters to organisational resilience and consumer attractiveness. There are security strategies that affect consumers’ insights as well as information control. There is a link between the discussion and the literature review chapter demonstrating the security strategies to protect the confidentiality of the users (Hasan et al., 2024) . Devise characteristics, records of transactions, geographical data, and profiles of the users might be effective in pattern recognition. Proper monitoring aids in the prevention of social engineering, account takeover, phishing and payment fraud. Alert is generated and consumers get conscious if their data is being manipulated.
Fintech has to stay active in the capital market space. Cloud technology is a resilient strategy that impacts technological feasibility and innovation. KSA baking practices have a consistent focus on value-building and an increase in consumer engagement. Saudi Arabia is the market driver that implicates various policies to facilitate the growth of knowledge, skills and insights (Muhammed Shabaani, 2024). Collaboration with the local partners elevates the strategies to a new level and strategic partnership carries new significance for Fintech. The “Ruwwad” program is effective in addressing the needs of the fintech industry and building up open space (Saied, 2025). There are risk mechanisms that enhance programmes as well as effectiveness to lead the organisation with purpose as well as values. IoT helps FinTech operations to withstand breaches as well as cyber-attacks.
4.4. Summary
This is inferred from the above description that the resilient Digital economy in Saudi Arabia has enhanced the scope for government investments and foreign sponsorship. Partnership strategies of the FinTech industry shape the future progress in e-commerce. Vision 2030 has been designed to enhance innovative and sustainable measures in the digital landscape. This reached that consumer behaviours are triggered through techniques such as biometrics, two-factor authentication, and facebook features. Cybersecurity risks and chances of fraud obstruct the growth of the economy and therefore, FinTech institutions are undertaking strategies such as AML (Anti-money-Laundering), Machine meaning, and Data Analytics to guarantee consumer security and trust.
5.1 Conclusion
It can be concluded that FinTech industries in Saudi Arabia carry the potential for impressive growth. E-commerce strategies are growing popular and the rise of IoT, AI applications, and Machine learning is enabling the industry to take on innovative ventures in affecting the organisational growth consistent focus (Ledas, 2025). Progress in the industry is linked to continuous innovation as well as research and development. Funding and increased investment lie at the core of the organisational strategy that builds up consistent focus and organisational resilience.
Consumers' worry and apprehension are clear and they think that Finch industries carry enough risks. This is high time risks need to be overcome and strategies explored to develop business growth. The issues related to fraud, digital scams, and data security create adverse effects on the minds of consumers. The banks and Fintech operations are serious in devising new strategies to affect consumers’ security and confidence. This is also effective in analysing the consumers' behavioural insights and their spending patterns through using cashless transactions. Banks utilise AI and predict the growth of consumers' journeys by way of digitalisation techniques.
5.2 Discussion
This is relevant to the entire description of the impact of digital payments on consumer attitudes and it has shown how financial transactions are facilitated through the use of Bitcoin, payment gateways, and Litecoin. It is important to accept the methods of digital payments and fintech markets are developing growth and reaching the full potential of development. Consumer adoption of 5G networks is being increased which affects financial knowledge (Thunes, 2024). Subjective norms also have a positive influence that shows trust in top-quality services of payments. Challenges are identified and there are goals for digital payment that have its effectiveness and transparent visions. There are also negative factors of consumer involvement that involve a cashless economy and instruments of different payments.
Point of agreement: FinTech start-ups that have emerged across the markets of Saudi Arabia give convenience to eh consumers through the offering of various digital solutions. The stakeholders are involved in decision-making processes that enhance business viability and organisational cohesion. The presence of the regulatory framework is effective and motivates the consumers to achieve the high-end objectives. Fintech ecosystems are supported through innovative policies that affect consumer engagement and management growth. There are consents to the application of digital payments that include lack of fraud, scammers, and financial lack of awareness. As opined by Khando, Islam and Gao (2022), Consumers are highly sophisticated in the use of transactions yet the use is consistently prone to social, environmental and legal challenges. Therefore, the results of the findings match that of the literature review discussion.
Point of disagreement: This is shown in the discussion that Accessibility has strategic significance in affecting consumer’s trust and security processes. Trust in the entire process acts as the repetitive factor in choosing cashless transactions. On the other hand, Yamin and Abdalatif (2024) commented that this is the shifting consumers’ attitudes, as well as perceptions, made them over to the use of digital methods ceding any transaction methods. Therefore, this is a clear area of disagreement among the chapters of findings and literature review.
Personal interpretation: These are the areas that made me feel comfortable. Using the conceptual framework and relating this to the description of the payment transaction process as well as the challenges, this is easier to explore the financial scenario. Ding the survey has also made me comfortable as this is the relevant method to extract the required information from the participants with regards to risks of using digital payments, challenges, negative ways to impact consumers and the like.
5.3 Recommendations
• Regulatory innovation and anti-money laundering schemes: As per the scenario of the fintech industry of Saudi Arabia, it is recommended that the existing Saudi government implement regulatory control and anti-money laundering schemes. This is found that the prevalence of digital risks is disrupting banking operations and consumers’ trust. This is mandatory to initiate anti-money laundering schemes and regulatory innovation. This might make the condition of the banks financially stable and empowered. Regulatory control is significantly important for the fintech industry as it promotes financial stability, ensures the rights of the consumers and helps to prevent financial crimes (Chaturvedi and Sinha, 2024). In order to promote growth in the fintech industry of a country, the nation must be financially stable to handle any external financial issues. Furthermore, building trust among the citizens about financial security is also important as trust in the regulations has a direct impact on the fintech industry (Aldboush and Ferdous, 2023). It is seen that when the citizens feel financially safe within a country, they prefer to spend more. This consumer attitude can be leveraged by the fintech industry to increase the number of users within the nation's vicinity. Alongside these, regulations also help to keep a balance between external and internal firms, foster innovation while regulating potentially dangerous technologies and prevent their appearance inside the economy. Moreover, introducing Anti-money laundering schemes may help the government to prevent the misuse of the fintech industry to integrate black money within the economy. Saudi Arabia has fintech regulations such as PSP and KYC provided by the Saudi Arabian Monetary Authority (Abboud and Chabhar, 2024)). Alongside this, the country must integrate AI within the practised technologies to monitor each transaction and develop related regulations.
• Continuous digital infrastructural development: It is recommended that Saudi Arabia continuously develop its digital infrastructure to make the impact on its fintech industry more viable. Infrastructure plays a key role in the implementation of any technology in any given circumstance. Infrastructure is also important to adopt and develop technologies and to work on their inclusion (Lee et al. 2023). Findings suggest that KSA banking practices are an important part of digital infrastructure. Fintech industry to be developed in Saudi Arabia, digital infrastructure must need an overhaul to bring in revolutionary changes. As per the fintech industry of Saudi Arabia, the industry has seen a rapid development due to the growth in digital payments. Keeping the digital infrastructural development on the line will allow the Saudi government to improve e-governance which will be effective in monitoring the digital payments apps and the services. Highly competitive needs strategic investment to enhance economic inclusivity that can bring in development. Infrastructural development promotes consistent innovation in the industry and that is why entrepreneurial innovation is a must. Moreover, as time passes, the consumers and the users of the fintech industry are expected to see an exponential rise in numbers (Albarrak and Alokley, 2021). In order to support these changing market trends, the development of digital infrastructure is crucial. According to Statista, the global fintech market, particularly digital payment, is expected to rise to 20.37 trillion USD in 2025(Statista, 2025). In order to keep up with this global trend, continuously developing digital infrastructure is also recommended. The Saudi Government must build more data centres, foster government-private partnerships and encourage startups as a measure for this recommendation.
• Increased Investments and Funding: Aligned with the above recommendations, it is also a need of the hour for Saudi Arabia to increase its investments in the fintech industry. As per the development of digital infrastructure, it requires heavy investments to build and integrate new technologies. Usually, private startups and companies do not accumulate enough financial resources to fund these infrastructural changes. In order to install advanced AI -based software, Machine leaning, cloud technology, high investment is required that will affect continuous practices. Therefore, the government must increase its spending on the development of technologies and digital infrastructure. In essence, the fintech industry represents the digital technologies that are used to offer financial services, practices and interactions. Therefore, investing in such technologies may lead to the promotion of better services (He et al. 2024). It may also influence the inventors and private institutes to keep enhancing the existing digital technology with an incentive to revive grants from the government. On the other hand, it is also seen that investments in digital technologies may lead to a boost in small and medium-sized businesses, fostering economic development (Torkington, 2024). Therefore, government spending on digital infrastructure, innovation and integration can lead to further development of the Saudi economy. It will also increase the purchasing power of the citizens, further boosting digital payments and transactions. In order to undertake this recommendation, the Saudi government must devise a financial committee consisting of people with deep expertise in the fintech industry and create related funding plans. Providing grants to private parties in exchange for innovation can also be a beneficial activity for this firm.
• Financial Literacy programmes: In addition, implementing financial literacy programmes can be the best solution for the fintech industry of Saudi Arabia. Financial literacy is a core aspect of digital transformation as both of these concepts are interrelated. Better financial awareness invites better decision-making, money management and financial independence for the individuals (Kumar et al. 2023). This positively affects both economic development and the growth of the fintech industry, improving the digital economy. Additionally, the decision to invest in financial literacy programmes may streamline the learning process of digital finance, especially for younger and older citizens. Financial literacy may equip the older people in Saudi Arabia to successfully develop skills and confidence in using digital payments. This may add a significant number of users to the digital payment applications of the nation, benefiting the overall fintech industry. Furthermore, investing in the learning of financial prospects among citizens may improve their awareness of financial scams (Koskelainen et al. 2023). This would prevent the threat of financial crimes, improve the effectiveness of implemented financial regulations and may develop the trust about digital payments within people reluctant to change. In order to implement this recommendation, the government may start awareness programmes among schools, colleges, workplaces and in selected neighbourhoods. Promoting free digital and financial literacy courses from governmental websites can also benefit in this prospect.
• AI and Blockchain adaptation: Developing AI and blockchain solutions for the fintech industry and spreading its usage can also be a substantially important step for the fintech industry of Saudi Arabia. AI can successfully impact the surveillance process of the fintech industry, giving the companies operating the servers an edge using their automotive abilities. On the other hand, AI can effectively detect scams through its real-time pattern recognition abilities, giving users financial security. The automotive abilities of AI can also be used to process large amounts of transactional data, provide customer service with a 24/7 schedule, IT support, digital loan support and even personalised final advice (Hassan, 2024). Blockchain technology, on the other hand, helps to cover the drawbacks of AI technology in the fintech industry. In essence, blockchain technology helps to record financial transactions and track financial assets through consecutive digital networks (Shoushany, 2024). This technology helps to build enhanced security systems that can protect financial transaction-related data at a fraction of the cost. The use of blockchain may also foster better transparency, faster transaction processes and optimised data sharing. In order to integrate AI and blockchain within the fintech industry of Saudi Arabia, the government must focus on integrating it with its financial system first, showing the path to the subsequent parties.
• Partnership with global fintech leaders: It is recommended that Saudi Arabia’s fintech industry and its leaders must partner with other global firms to improve the national fintech industry. This initiative can help the country to import various digital payments and financial technologies. Partnering with global firms can lead to a reduction in development costs and time (Prasad et al. 2022). On the other hand, these initiatives can also lead to the introduction of foreign payment services in the country, fostering healthy competition in the economy. This initiative can lead to the local firms giving more efforts to the development of new technology to stay competitive, leading to economic growth for the overall industry. As an example, central bank digital currencies (CBDC) such as the digital yuan from China are examples of sophisticated foreign financial technology that has seen effectiveness in its respective market (Peters, Green and Yang, 2022). Partnerships with firms specialised in such digital payment systems would invite sophisticated payment and monitoring systems within the country, benefiting the fintech industry. Along with technology transfer, partnership with foreign elements would also invite exquisite amounts of foreign investment within the country, boosting its economy and financial prowess. Moreover, this recommendation can be practised by the government by organising tenders and hosting business summits, leading to the notion of development in the fintech industry.
5.4 Observations
The observational study entails the non-experimental method that assesses the responses of the research participants by observing their behaviours. This is observed from the study that consumer involvement in transaction methods in the Fintech Industry in Saudi Arabia is high. They are aware of the trends, key concepts as well as digital innovation that sustain economic growth and feasibility. Consumers are highly aware of the innovative trends as well as practices that motivate them to leverage social media platforms. They admit that they find the digital practices user-friendly, convenient and efficacious. The government in Saudi Arabia has advocated for VISION 2030 which aims at an inclusive and thriving economy facilitating inequitable access to technology for all people (RESA, 2025). Financial operations have witnessed remarkable development with the assistance of tech-enabled governance. E-commerce. KSA growth has fuelled consumption choices and decision-making powers of the individuals. Tech-gerth also accounts for the surge in investment areas that add to economic strength and viability across operations.
This is also found that consumers are bothered about the potential risks of technology that can make the future inferior. The digital era is not secure for consumers having no digital literacy at any time, data can be hacked by malicious attackers as well as fraudsters. Information can be misused and consumers can face fraud at any time. Technological risks are high and affect business profitability and revenue generation. Consumers are apprehensive about the protection of sensitive data as well as profiles. Safeguarding consumer data is significant in building loyalty and trust (Madkhali and Sithole, 2023). Therefore, fintech companies are innovative in devising strategies such as machine learning, and anti-money laundering strategies to withstand malpractices in financial transactions.
5.5 Linking with objectives
Objective 1: The primary objective of this study was to assess the factors influencing customers' habit of using digital payment methods in Saudi Arabia’s fintech industry. This objective has been met successfully in the second and fourth chapters of this study using various secondary sources and primary data collection.
Objective 2: The second objective of this study was to analyse the risk of using digital payments in the context of the fintech industry of Saudi Arabia. This objective has been successfully met in the literature review and findings section of this study.
Objective 3: The third objective of this study was to give proper recommendations to improve digital payment mechanisms to benefit the consumers. This objective has been accomplished in the fifth chapter, observation, implication and future scope of this study.
5.6 Future Implication
This research will help to understand the working process of fintech industries in future. This research outlines the impacts of digital payment options on society and draws its advantages and disadvantages. Furthermore, this research will help to gain in-depth knowledge of digital payment applications and their drawbacks. The risks of the fintech industry are cyber-attacks, risks of financial fraud, technical errors, and identity theft and this research paper provides all information regarding these issues and the process of overcoming them. Lastly, this research will help to understand the mindset of the consumers and their decision-making concepts.
5.7 Future Scope of Research
Future scopes of research are ample and motivate future researchers as well as scholars to make a comprehensive motivation. As there is nuanced detailing of the challenges as well as the digital strategies, FinTech experts are ready to capitalise on the market growth and innovation features. Detailing the tech strategies can raise awareness regarding fraud prevention and defence mechanisms. The study will be beneficial for academicians and industry experts who want to study digital innovations.
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