Press Release

GCC P2P Payment Market to Showcase Noteworthy Growth with Increasing E-commerce Industry

The GCC P2P Payment Market is projected to grow at a CAGR of around 8.68% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The rapid growth of e-commerce & online shopping in the GCC nations prompted the rise of digital payments. The growing collaboration between P2P companies presents significant growth in adopting digital payment methods. Moreover, the central banks of the UAE, Saudi Arabia, Bahrain, etc., are connecting with digital payment companies to embrace P2P services for their customers. 

Furthermore, STC Pay, the mobile wallet under the STC Group, announces a strategic partnership with global payment leader Mastercard to increase Bahrain’s digital payment landscape in 2024. Hence, these partnerships are significantly increasing the Digital payment services in the GCC countries. Besides, the emergence of blockchain technologies and biometrics features in digital payment services are also increasing the momentum of P2P services, which will eventually lead to enhanced market growth in the forthcoming years, further states the research report, “GCC P2P Payment Market Analysis, 2024.”

GCC P2P Payment Market Segmentation Analysis

Retail & E-Commerce Dominating the GCC P2P Payment Market

Based on the End User, the market is further bifurcated into Retail & E-commerce, Travel & Hospitality, Transportation & Logistics, BFSI, Healthcare, and Others (IT & Telecom, Media & Entertainment, etc.). Among them, the Retail & E-commerce sector is predicted to grab a substantial share of the GCC P2P Payments Market in the future years.

The surge in smartphones & internet penetration upscale the retail & E-commerce industry and led to the widespread adoption of P2P Payment services. Consumers are increasingly favoring the convenience and efficiency offered by digital payment methods when making purchases online or in physical retail stores. The integration of digital payment options at checkout counters has become commonplace, which, therefore, drives market growth.

The UAE to Lead the GCC P2P Payment Market

The UAE has firmly established itself as the frontrunner in the rapidly evolving GCC P2P Payment Market. The country's Central Bank has stimulated market growth by introducing a 24/7 instant payment system to revolutionize payment methods. New regulations have facilitated digital payment companies' collaboration with the country's banks. Additionally, the growing e-commerce sector has been instrumental in promoting the adoption of P2P payment services. MasterCard, a payment technology corporation, reports that over 88% of UAE residents use one or more payment methods, supporting the widespread adoption of digital payment services in the country.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Paypal, Apple Pay, Venmo, Cash App, Google Pay, Square Cash, Zelle, Noon Pay, Mamo Pay, Ziina Pay, MoneyGram International, Inc., Beyon Money, Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the GCC P2P Payment Market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & service adoption?
5. How has the competition been shaping across various countries?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?