GCC Financial Cards and Payments Market Size Grows Steadily to Touch USD 48 Billion by 2029

Published | 08 February 2023

GCC financial cards and payments market is flourishing because of growing consumers’ preference for online shopping and contactless payments and increasing penetration of online stores for a wide spectrum of products and services.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated GCC financial cards and payments market size at USD 31.92 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects GCC financial cards and payments market size to grow at a significant CAGR of 6.04% reaching a value of USD 47.87 billion by 2029. Major growth factors of GCC financial cards and payments market include governments’ supportive measures for digital payments, the establishment of digital-only banks for SMEs, and rapid growing e-commerce business. The expanding trend of contactless payment, rising millennial affinity for credit cards, and significant rise in e-commerce due to growing internet and smartphone penetration, as well as high income per capita, are also likely to drive market expansion during the forecast period. Also, a customer preference for using online payments and cards for transactions is driving various financial and retail shops to make a paradigm shift to online platforms and contribute to market growth. The same factor is producing chances for the region's main firms to expand their service offerings and meet expanding consumer expectations. Therefore, these factors are expected to boost the expansion of GCC financial cards and payments market during period in analysis. However, declining payment fees are anticipated to hinder the expansion of GCC financial cards and payments market.

GCC Financial Cards and Payments Market – Overview

Financial cards are part of a payment system that is typically issued by financial institutions, IT & Telecom offices, Media & Entertainment firms, and government agencies in order to facilitate hassle-free transactions and payment operations. For instance, a bank may provide a customer a financial card that allows them to access funds in their specified bank accounts or through a credit account, make payments via electronic funds transfer, and use automated teller machines. Many technologies are used to deploy financial cards, including embossing, magnetic stripe cards, smart cards, proximity cards, and re-programmable magnetic stripe cards. Due to technical developments in financial cards and payment systems, traditional payment mechanisms such as cash payments, demand drafts, and other payment certificates have become obsolete. In recent years, there has been a tremendous expansion in the use of electronic payment using financial cards. Convenience and increased flexibility are the factors driving the increase in growth. The internet's prevalence, even in the most remote parts of the world, has aided the rise of the financial cards and payments business.

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Impact of COVID-19 on GCC Financial Cards and Payments Market

Covid-19 pandemic had a negative impact on most of the industries in the GCC region. However, the crisis hastened the use of online transactions and encouraged the expansion of the financial cards and payments market. As governments across the world implemented lockdowns and travel restrictions for indefinite periods of time, people turned to digital platforms to buy items and get services like amazing offers and doorstep delivery. This tremendous transition was mostly due to the development of secure, private, and dependable media that enabled people to acquire products and services without difficulty. In the UAE and Saudi Arabia, the crisis has accelerated digital connectivity and boosted the adoption of digital payment and e-commerce solutions, resulting in substantial growth in card payments. The convenience and comfort of e-commerce has boosted the volume of online purchases. Throughout the forecast period, these factors are projected to boost the GCC financial cards and payments market.

GCC Financial Cards and Payments Market – By Type of Payments

Based on type of payments, GCC Financial Cards and Payments Market is divided into B2B, B2C, C2C, C2B, E-Commerce Shopping, and Payments at POS Terminals. Customer to Business (C2B) segment acquired the highest market share in the GCC Financial Cards and Payment industry in 2021. The increased usage of the internet and cellphones has fueled the region's e-commerce activity. E-commerce shopping has grown in popularity in the UAE. Consumers' growing preference for online purchasing because it provides a simple, engaging, and secure digital experience, as well as an increase in cashless payment use and the COVID-19 pandemic, are projected to drive market growth.

Competitive Landscape

Major players operating in GCC Financial Cards and Payments Market include Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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

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

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