GCC Financial Cards and Payments Market to grow at a CAGR of 14.8% until 2028

Published | 29 July 2022

GCC Financial Cards and Payments Market is expanding owing to governments’ initiatives to encourage digital payments, introduction of digital-only banks for SMEs, and the rapidly growing e-commerce market in the region.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts the GCC Financial Cards and Payments Market size to grow at a CAGR of 14.8% between 2022 and 2028. The market size is booming because of the growing presence of foreign market players as well as the introduction of card payment services such as the RuPay card in the UAE, a shift in customer behavior from cash to card payments, and governments’ initiatives to launch government-backed payment apps that allow users to pay for government, public, and consumer services.

Favorable Trend in Contactless Payments

The rising trend for contactless payment, rising millennial propensity for credit cards, and steady rise in e-commerce due to increasing internet and smartphone penetration and rising income per capita are also expected to drive market expansion throughout the forecast period.

GCC Financial Cards and Payments Market - Technology Advancements

By simplifying payment transactions, a payment gateway functions as an intermediary between various e-commerce websites and banks. It safeguards the user's sensitive data, such as credit card numbers and bank account information, from fraudulent entities. It also employs the HTTPS protocol, which protects personal information during order submission and offers a variety of advantages such as a user-friendly interface, expense and loss management, and time efficiency. The use of payment gateways in the GCC region has expanded as a result of the increased use of mobile wallets and of developments in mobile payment technologies. 

Segmental Information

GCC Financial Cards and Payments Market - By Payment Method

The Customer to Business (C2B) segment captured the largest market share in the GCC Financial Cards and Payment market in 2021, based on the kind of payment. The region's e-commerce activities have been driven by the increasing adoption of the internet and cellphones. In the UAE, e-commerce shopping has gained significant popularity. Consumers' increasing preference for online shopping as it provides a simple, engaging, and secure digital experience as well as an increase in the adoption of cashless payment and the COVID-19 pandemic are expected to further expand the market.

 

Sample Report @ https://www.blueweaveconsulting.com/report/gcc-financial-cards-and-payments-market/report-sample

 

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

The COVID-19 outbreak has a favorable impact on the market growth due to a favorable shift to contactless payments. The crisis has accelerated digital connectivity and promoted the adoption of digital payment and e-commerce solutions in the UAE and Saudi Arabia, resulting in robust growth in card payments. E-commerce’s convenience and comfort has increased in the volume of online buying. These factors are expected to drive the GCC Financial Cards and Payments Market throughout the forecast period.

Competitive Landscape

Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay are the major players in the GCC Financial Cards and Payments market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the 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 the 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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