The GCC Financial Cards & Payments market is anticipated to experience robust growth in the forecasted period on account of the increasing presence of foreign market players via the introduction of card payment services such as RuPay card in UAE, a paradigm shift of the customer from cash payments to card payment and rising government initiative to launch government-backed payment app to allow users to pay for government, public and consumer services. Moreover, the rising trend for contactless payment, surging millennial inclination towards credit cards, and sturdy growth in e-commerce due to escalating internet and smartphone penetration and elevating income per capita are the factors anticipated to propel the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “GCC Financial Cards & Payments Market Analysis, 2020”, the GCC Financial Cards & Payments market is anticipated to grow at a considerable CAGR during 2021-2026. The COVID-19 outbreak has a positive impact on the market growth owing to a change in the payment activities due to a burgeoning inclination towards contactless payment by the customer. Robust growth in card payment has been witnessed as the crisis has been a major accelerator of digital connectivity and it also boosted the adoption of digital payment and e-commerce solutions in UAE and Saudi Arabia. Apart from this, strong growth has also been witnessed in online shopping due to the convenience and ease that e-commerce provides. Hence, the market is anticipated to promulgate over the forthcoming period.
“GCC Financial Cards & Payments Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Financial Cards & Payments providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Acquired the Majority Share
UAE has acquired the majority share in the market in 2019. The growth is attributed to as launch of card payment services, rise in the e-commerce growth due to widespread internet penetration, and surging inclination of consumer towards contact-free and digital payments. According to a survey, 60% of consumer payment transactions in the UAE were cashless payments during 2019. However, it is anticipated that cashless payments in the country are expected to reach 73% by 2025. Besides this, the introduction of payment app due to growth in mobile payment, surging government initiative to push the usage of digital payment, and launch of digital-only banks are some of the key factors towards the growth of the Financial Cards & Payments Market in the forthcoming period as stated in MarkNtel Advisors’ research report “GCC Financial Cards & Payments Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the GCC Financial Cards & Payments market are Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay, etc.
Key questions answered in the study: