Barq Reaches 1 Million Users in 21 Days Amid Saudi E-Payments Growth to $84 Billion
RIYADH – barq has cemented its position as the fastest-growing digital wallet in the region, achieving record-breaking adoption milestones in 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. 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.
The company’s exceptional growth coincides with a 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 $2.4 billion in 2020 to nearly $84 billion by the end of 2024.
Market indicators show 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 expanding beyond national borders, the app has outpaced competitors across the region in user acquisition speed.
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 SMEs, a cornerstone segment of the regional economy.
As Saudi Arabia advances Vision 2030 objectives, barq’s expansion is pivotal in reshaping the financial landscape, enhancing financial inclusion and cross-border payment capabilities, contributing to the region’s transition toward a modern, technology-driven financial system with global reach.
