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Gcc Financial Cards And Payments Market
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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

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
  1. Research Framework
    1. Research Objective
    2.  Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Country
    5. Assumption & Limitation
  3. Executive Summary
  4. GCC Financial Cards & Payments Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Landscape/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. GCC Financial Cards & Payments Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Type
        1. Card
          1. Credit Card
          2. Debit Card
          3. Charge Card
          4. Prepaid Card
      2. By Type of Payments
          1. B2B
          2. B2C
          3. C2C
          4. C2B
            1. E-Commerce Shopping
            2. Payments at POS Terminals
            3. Others
      3. By Type of Transactions
        1. Domestic
        2. Foreign
      4. By Card Issuing Institution
        1. Banking
        2. Non-Banking
      5. By Country
        1. Saudi Arabia
        2. UAE
        3. Qatar
        4. Bahrain
        5. Kuwait
        6. Oman
  6. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
  7. Impact of COVID-19 on GCC Financial Cards & Payments Market Industry
  8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Visa
    2. Mastercard
    3. American Express
    4. Citibank
    5. HSBC
    6. PayPal express checkout
    7. HDFC Bank
    8. Diners Club
    9. Barclays
    10. Hyperpay
    11. Others
  9.  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
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Frequently Asked Questions (FAQs):

Ans: The major factors driving the growth of the GCC Financial Cards and Payments are rapidly evolving digital transformation in the banking industry, and rising demand for smart devices .
Ans: The key players in the GCC Financial Cards and Payments Market are Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay.
Ans: Saudi Arabia and the UAE are major regions in the GCC Financial Cards and Payments Market.