Gcc Financial Cards And Payments Market

GCC Financial Cards and Payments Market, By Type of Cards (Credit Card, Debit Card, Charge Card, Prepaid Card); By Type of Payments (B2B, B2C, C2C, C2B, E-Commerce Shopping, Payments, at POS Terminals, Others); By Type of Transactions (Domestic, Foreign); By Card Issuing Institution (Banking, Non-Banking), Trend Analysis, Competitive Market Share & Forecast, 2018–2028
- Published Date: July 2022
- Report ID: BWC22247
- Available Format: PDF
- Page: 117
Report Overview
Rapid increase in use of smartphones, mobile wallets, and payment technologies is a major growth factor for the GCC Financial Cards and Payments Market...
GCC Financial Cards and Payments Market - Industry Trends & Forecast Report 2028
During the forecast period 2022-2028, the GCC Financial Cards & Payments market is expected to grow at a CAGR of 14.8%. Governments’ favorable initiatives to encourage digital payment, the introduction of digital-only banks for SMEs, and strong growth in the e-commerce market as the government lowers the cost of e-commerce operations and a paradigm shift toward cashless payment.
GCC Financial Cards and Payments Market - Overview
By simplifying payment transactions, a payment gateway functions as an intermediary between various e-commerce websites and banks. It safeguards users’ 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 number of advantages, including a user-friendly interface, expense and loss management, and time efficiency.
GCC Financial Cards and Payments Market Forecast and Trends
Growth drivers
Consumers’ Preference for Online Shopping and Contactless Payments
Growing popularity of online shopping, increased financial institution acceptance of EMV and contactless technologies, and the development of a unified QR code-based national payment system in Saudi Arabia as part of Vision 2030 and in other GCC countries are driving the market expansion during the forecast period. 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 drive market expansion. In the UAE, e-commerce is expected to expand by an average of 23% by 2022.
Restraints
Declining Payment Fees
Payment fees have tended to be either flat (as with MDRs) or dropping in recent years (remittance fees). According to a survey, over the next five years, two-thirds of payment practitioners expect decreases.
Impact of COVID-19 on GCC Financial Cards and Payments Market
The COVID-19 pandemic has had a positive impact on the financial cards and payments industry, due to an increase in consumer internet buying as a result of the lockdown and the growing acceptance of digital payments. 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 drive the market expansion.
GCC Financial Cards and Payments Market - By Type
The Customer to Business (C2B) segment accounted for the highest market share in the GCC Financial Cards and Payment market in 2020, based on the kind of payment. The region's e-commerce activity has been boosted by increased internet and smartphone usage. In countries such as the UAE, e-commerce shopping has exploded in popularity.
Regional Insights
The UAE and Saudi Arabia are major countries in the GCC that are experiencing rapid expansion in the payment gateways market. This can be due to the BFSI and retail industries' increasing acceptance of these technologies and services. Furthermore, the increasing internet penetration and presence of multiple service providers in the region are positively impacting the market growth. Payment gateways help businesses collect money without compromising sensitive data. Increasing investments in payment and crowdfunding-based fintech businesses are also projected to boost demand for payment gateways.
Competitive Landscape
Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay, are among the major players in the GCC Financial Cards and Payments market.
Recent Developments
Startups and SMEs are flocking to the UAE corporate credit card market. Despite the pandemic, the UAE's startup sector maintained its leadership in terms of funding and deals in 2021 by raising $1.2 billion in 155 transactions to keep their top spot. Meanwhile, Saudi Arabia surpassed Egypt as the second largest source of venture capital funding in 2021, following a 270% increase from the previous year. All other credit card brands have been surpassed by Visa corporate credit cards. In 2021, its market share in GCC countries was more than half of the overall market share. Furthermore, Mastercard had slightly over half of Visa's market share.
Scope of the Report
Attributes | Details |
Years Considered | Historical data – 2018–2021 |
Base Year – 2021 | |
Estimated Year – 2022 | |
Forecast – 2022–2028 | |
Facts Covered | Revenues in USD billion |
Product/Service Segmentation | By Type of Cards, By Type of Payments, By Type of Transactions, By Card Issuing Institutions |
Key Players | Visa, Mastercard, American Express, Citibank, HSBC, PayPal Express Checkout, HDFC Bank, Diners Club, Barclays, Hyperpay, and others. |
By Type
- Card
- Credit Card
- Debit Card
- Charge Card
- Prepaid Card
By Type of Payments
- B2B
- B2C
- C2C
- C2B
- E-Commerce Shopping
- Payments at POS Terminals
- Others
By Type of Transaction
- Domestic
- Foreign
By Card Issuing Institution
- Banking
- Non-Banking
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Country
- Assumption & Limitation
- Qualitative Research
- Executive Summary
- GCC Financial Cards & Payments Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Restraints
- Opportunities
- Challenges
- Technological Landscape/Recent Development
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- GCC Financial Cards & Payments Market Overview
- Market Size & Forecast by Value, 2018-2028
- By Value (USD Million)
- Market Share & Forecast
- By Type
- Card
- Credit Card
- Debit Card
- Charge Card
- Prepaid Card
- Card
- By Type of Payments
-
- B2B
- B2C
- C2C
- C2B
- E-Commerce Shopping
- Payments at POS Terminals
- Others
-
- By Type of Transactions
- Domestic
- Foreign
- By Card Issuing Institution
- Banking
- Non-Banking
- By Country
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
- By Type
- Market Size & Forecast by Value, 2018-2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership.)
- Impact of COVID-19 on GCC Financial Cards & Payments Market Industry
- Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- Visa
- Mastercard
- American Express
- Citibank
- HSBC
- PayPal express checkout
- HDFC Bank
- Diners Club
- Barclays
- Hyperpay
- Others
- Key Strategic Recommendations
Note: Financial in information in case of non-listed companies will be provided as per availability
The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 GCC Financial Cards & Payments Segmentation
Figure 2 GCC Financial Cards & Payments Market Value Chain Analysis
Figure 3 Porter’s Five Forces Analysis
Figure 4 GCC Financial Cards & Payments Market Size, By Value (USD Million), 2018-2028
Figure 5 GCC Financial Cards & Payments Market Share, By Type, By Value, 2018-2028
Figure 6 GCC Financial Cards & Payments Market Share, By Type of Payments, By Value, 2018-2028
Figure 7 GCC Financial Cards & Payments Market Share, By Type of Transactions, By Value, 2018-2028
Figure 8 GCC Financial Cards & Payments Market Share, By Card Issuing Institution, By Value, 2018-2028
Figure 9 GCC Financial Cards & Payments Market Share, By Country, By Value, 2018-2028
Figure 10 Market Share Analysis, 2021
List of Tables
Table 1 GCC Financial Cards & Payments Market Size, By Type, By Value, 2018-2028
Table 2 GCC Financial Cards & Payments Market Share, By Type, By Value, 2018-2028
Table 3 GCC Financial Cards & Payments Market Share, By Type of Payments, By Value, 2018-2028
Table 4 GCC Financial Cards & Payments Market Share, By Type of Transactions, By Value, 2018-2028
Table 5 GCC Financial Cards & Payments Market Share, By Card Issuing Institution, By Value, 2018-2028
Table 6 GCC Financial Cards & Payments Market Share, By Country, By Value, 2018-2028
Table 7 Key Players and Their Offerings
Table 8 Competitive Benchmarking, By Operating Parameters
Table 9 Merger Acquisition, Partnership, Joint-Ventures etc
Table 10 Visa Company Overview
Table 11 Visa Financial Overview
Table 12 Mastercard Company Overview
Table 13 Mastercard Financial Overview
Table 14 American Express Company Overview
Table 15 American Express Financial Overview
Table 16 Citibank Company Overview
Table 17 Citibank Financial Overview
Table 18 HSBC Company Overview
Table 19 HSBC Financial Overview
Table 20 PayPal express checkout Company Overview
Table 21 PayPal express checkout
Table 22 HDFC Bank Company Overview
Table 23 HDFC Bank Financial Overview
Table 24 Diners Club Company Overview
Table 25 Diners Club Financial Overview
Table 26 Barclays Company Overview
Table 27 Barclays Financial Overview
Table 28 Hyperpay Company Overview
Table 29 Hyperpay Financial Overview
Market Segmentation
By Type
- Card
- Credit Card
- Debit Card
- Charge Card
- Prepaid Card
By Type of Payments
- B2B
- B2C
- C2C
- C2B
- E-Commerce Shopping
- Payments at POS Terminals
- Others
By Type of Transaction
- Domestic
- Foreign
By Card Issuing Institution
- Banking
- Non-Banking
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
Frequently Asked Questions (FAQs):
RELATED REPORTS
WHY CHOOSE US
-
24/7 Research support
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
-
Coustom Research Service
Ask the Analyst to customize an exclusive study to serve your research needs
-
Quality & Accuracy
Ask the Analyst to customize an exclusive study to serve your research needs
-
Data Visualization
As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
-
Information security
We never share your personal and confidential information. Your personal information is safe and secure with us.