Saudi Fintech "barq" emerges fastest-growing digital wallet in the region as e-payment volume hits $84 billion

02/01/2026 06:58 AST

barq has cemented its position as the fastest-growing digital wallet in the region by download and usage rates, achieving record-breaking adoption milestones within an unprecedented timeframe.

Since its launch, barq reached one million users in just 21 days - a benchmark achievement unmatched by any other digital wallet in the market to date. The platform continued its rapid momentum, surpassing seven million users in under a year and scaling further to over 10 million users within 17 months of operation.

The company's exceptional growth trajectory comes amid a broader surge in Saudi Arabia's digital payments ecosystem. The total value of the Kingdom's e-payments sector has expanded more than twentyfold over the past four years, rising from approximately SR9 billion ($2.4 billion) in 2020 to nearly SR315 billion ($84 billion) by the end of 2024.

Market indicators showed that barq has been a primary beneficiary of this regional digital payments boom. With adoption now covering roughly one-third of Saudi Arabia's population and accelerating beyond national borders, the app has outpaced competitors across the region in user acquisition speed. This performance underscores the rapid shift toward cashless transactions and positions barq as a leading fintech force in the Middle East.

Operating under a license from the Saudi Central Bank (SAMA), barq's sustained growth reflects rising consumer confidence in regulated digital financial platforms. Built on a mobile-first infrastructure, the app is designed to serve both individual consumers and small-to-medium enterprises (SMEs), a cornerstone segment of the regional economy.

As Saudi Arabia advances the objectives of Vision 2030, barq's expansion is playing a pivotal role in reshaping the financial landscape. By strengthening financial inclusion and enhancing cross-border payment capabilities, the company is contributing to the region's transition toward a modern, technology-driven financial system with global reach.

Saudi Gazette