The GCC Financial Cards & Payments Market is projected to grow at a CAGR of 11.2% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the growing inclination of consumers toward online payments & cards for transactions, buckled with the changing interface of shopping to online mediums, encouraging financial & retail stores to make a paradigm shift to online platforms. The same aspect is hinting toward the presence of lucrative opportunities for the leading players to widen their service offerings & cater to the rising consumer demands throughout GCC.
Besides, growing consumer inclination toward cashless payments, especially after the Covid-19 pandemic, is another aspect instigating retail stores & financial institutions to bring QR-code-based payment systems & transform the transaction model for people. It, in turn, is also fueling the demand for financial cards & payment mediums and contributing to the market growth through 2027, further states the research report, “GCC Financial Cards & Payments Market Analysis, 2022.”
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High Penetration of Shopping on E-Commerce Websites to Boost the Market Growth in C2B Segment
Based on the Type of Payment, C2B (Customer to Business) dominated the GCC Financial Cards & Payments Market with the largest share in the previous years & shall continue its dominance during the forecast period. This revenue generation is attributed to the accelerated pace of internet penetration & smartphone use across GCC, exemplifying a swift rise in e-commerce activities across countries in the region.
The same aspect is also boosting the popularity of e-commerce shopping & showcasing greater consumer inclination toward online shopping. Moreover, as these platforms offer greater convenience & leisure for consumers, the utilization of secure digital experience is propelling the demand for cashless payment and stimulating the overall growth of C2B payments in the GCC.
Expansive Tourist Attraction in the UAE to Garner the Market Growth through 2027
On the geographical front, the UAE is anticipated to acquire the largest share of the GCC Financial Cards & Payments Market during the forecast period. This dominance attributes to the expansive commercial sector, comprising numerous shopping complexes, hotels, and restaurants, among others, entwined with the establishment of luxury brands, & plenty of things to shop for, buckled by its massive tourist inflow.
This aspect is playing a prominent role in augmenting the utilization of financial cards & payments to make transactions convenient across the UAE. The same parameter is also propelling the demand & adoption of QR-code-based payment systems, exemplifying its direct influence on the Financial Cards & Payments Market growth across the UAE.
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The leading players in the GCC Financial Cards & Payments Market are Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay, among others.
Key Questions Answered in the Research Report
- What are the current & future trends in the GCC Financial Cards & Payments Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across GCC, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the GCC Financial Cards & Payments Market?
- What are the customer orientation, purchase behavior, & expectations from financial cards & payments service providers across GCC?
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- By Type of Card (Credit Card, Debit Card, Charge Card, Prepaid Card)
- By Type of Payments (B2B, B2C, C2C, C2B (E-Commerce Shopping, Payments at POS Terminals))
- By Type of Transactions (Domestic, Foreign)
- By Card Issuing Institution (Banking, Non-Banking)
- By Country (Saudi Arabia, The UAE, Qatar, Bahrain, Kuwait, Oman)
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