GCC Mobile Payment Market
GCC Mobile Payment Market Size Booming More Than 4X To Cross Whopping USD 122 Billion by 2029
Published | 17 February 2023
GCC mobile payment market is gaining traction because of the consumers’ growing preference for online shopping and contactless payments and increasing penetration of online stores for numerous products and services.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC mobile payment market size at USD 29.68 billion in 2022. During the forecast period between 2023 and 2029, the GCC mobile payment market size is projected to grow at a robust CAGR of 22.49% reaching a value of USD 122.16 billion by 2029. The growing usage of smartphones and the thriving e-commerce sector are key growth drivers for the GCC mobile payments market. Consumers, particularly those of the younger generation, are drawn to mobile payments due to the convenience of making purchases in real time. Numerous mobile payment platforms are introducing their services in the GCC as a result of the region's rising potential, which is boosting the market's overall growth.
GCC Mobile Payment Market – Overview
Mobile payment is an act of transferring or paying money, usually for bills, products, or services, to a person, business, or merchant using a mobile smartphone to carry out and confirm the payment. A mobile browser, SIM toolkit, or virtual or electronic wallet are all examples of payment tools. Mobile payments can be convenient, fast, and secure. They can, however, be expensive and still vulnerable to issues with technology. They also offer additional biometric identification layers, such as fingerprint and/or face recognition scans, to help businesses make sure that payments are legitimate.
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GCC Mobile Payment Market – By Application
Based on application, the GCC mobile payment market is segmented into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. The retail segment accounts for the highest share of the market owing to the flourishing e-commerce sector in the GCC countries. The advent of mobile payments has made this online much more effective. The buyers may finish a transaction quickly by using mobile payments. Customers can also complete transactions using automatic systems that save information to cut down on time, such as NFC, In-App, Peer-to-Peer, and Browser-Based Mobile Payments. Peer-to-peer networks also offer unique security measures of their own, such as the use of bank-level encryption to protect your data.
Impact of COVID-19 on GCC Mobile Payment Market
The unprecedented COVID-19 pandemic offered lucrative growth opportunities to the players in the GCC mobile payment market. The spread of the virus through contact and the high chances of the virus communication through the exchange of cash prompted consumers to shift to contactless payment methods including mobile payments such as QR codes and tap to pay by NFC. Additionally, the expansion in the e-commerce sector during the pandemic for regular essential items such as groceries also boosted the scope of mobile payments in GCC countries.
Competitive Landscape
Major players operating in the GCC mobile payment market include Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, National Bank of Kuwait, 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.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the GCC Mobile Payment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the GCC Mobile Payment 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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Publish Date: February 2023
The deepening penetration of online stores for a wide variety of goods and services and customers' increasing preference for online shopping and contactless payments are expected to drive the growth of GCC mobile payment market during the forecast period between 2023 and 2029.
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