GCC Digital Payments Market

GCC Digital Payments Market Size Zooming More Than 2.3X to Touch USD 203.3 Billion by 2029

Published | 26 July 2023

GCC (Gulf Cooperation Council) digital payments market is booming due to the rise of e-commerce, the increasing adoption of mobile payments, and expanding operations by fintech startups.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC (Gulf Cooperation Council) digital payments market size at USD 86.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC digital payments market size to grow at a CAGR of 12.93% reaching a value of USD 203.27 billion by 2029. Gulf Cooperation Council (GCC) is a group of six countries in the Persian Gulf, such as Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the UAE. The rise of e-commerce and the increasing adoption of mobile payments are driving the preference for digital payments among consumers. Digital wallets, mobile payment apps, and online payment providers are becoming increasingly popular in the GCC region, offering convenient and secure payment options driving the market. Moreover, fintech startups and digital payment providers in the GCC are expanding their operations geographically to serve multiple markets. Saudi Arabia and Bahrain are witnessing strong growth in fintech activities, making them crucial hubs for innovations over the forecast period thereby driving the digital payments market in GCC.

Opportunity: Expanding fintech landscape

The expanding fintech ecosystem in the GCC (Gulf Cooperation Council) region provides opportunities for innovative digital payment solutions. Fintech startups and collaborations between traditional financial institutions and fintech companies can drive market growth. Fintech companies are at the forefront of developing and deploying innovative payment solutions. These include digital wallets, mobile payment apps, and other advanced technologies that provide seamless, secure, and convenient payment experience to consumers. As consumers increasingly rely on mobile payment solutions, the demand for digital payments in the GCC is likely to grow. The GCC governments have recognized the potential of fintech in transforming the financial services landscape. As a result, they are fostering a supportive regulatory environment that encourages fintech innovation and entrepreneurship.

Sample Request @ https://www.blueweaveconsulting.com/report/gcc-digital-payments-market/report-sample

Segmental Information

GCC Digital Payments Market - By Mode of Payment

Based on mode of payment, GCC digital payments market is segmented into Payment Cards, Debit Card, Credit Card, Pre-Paid Card, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, and Online Payment. Among these, the mobile payments segment holds a significant share. Data published by the Central Bank of Bahrain (CBB) reveals that in 2021, when it came to mobile wallet payments alone, the Middle Eastern country witnessed a yearly volume increase of 196% during that same period. Other modes of payments also recorded a substantial growth as a presentation by Amazon Payment Services highlighted that 2021 was the first year that electronic payments eclipsed cash transactions in the Saudi Arabia to represent 62% of payments across all sectors.

Impact of COVID-19 on GCC Digital Payments Market

The COVID-19 pandemic accelerated the adoption of contactless payments in the GCC. Contactless cards and mobile payment apps, including Apple Pay and Google Pay, gained popularity, as they allowed consumers to make payments without physical contact with payment terminals, reducing the risk of virus transmission. Additionally, governments in the GCC region recognized the importance of digital payments during the pandemic and promoted cashless transactions to mitigate the spread of the virus. Initiatives and campaigns were launched to encourage businesses and consumers to adopt digital payment methods.

Competitive Landscape

The GCC digital payments market is fragmented, with numerous players serving the market. The key players dominating the GCC digital payments market include MyFatoorah, Mashreq Neo, Telr, CashU, Checkout, 2Checkout, CCAvenue, Cybersource, Amazon Payment Services, PayTabs, Paycaps, Hyperpay, and Stripe. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the GCC Digital Payments Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the GCC Digital Payments Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the GCC Digital Payments Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides all-inclusive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing qualitative and quantitative data to boost your business solution's performance. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are a promising digital MI solutions company providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662