GCC Financial Cards & Payments

GCC Financial Cards & Payments Market Research Report: Forecast (2022-27)

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 Transactions (Domesti Read more

  • FinTech
  • Aug 2022
  • 178
  • FT33005

Market Overview

Conducting transactions digitally using financial cards & payment systems has become common across regions, including GCC. With greater convenience, quicker operations, and efficiency, among other aspects, the utilization of cards & payment methods has gained swift momentum throughout the region.

In fact, with improving economic conditions and the availability of such modes for transactions, the penetration of financial cards & payment methods is higher, leaving behind the traditional payment methods like cash payments, demand drafts, etc.

Market Insights

The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2022-27. The market growth attributes to growing encouragement by the governments of different countries in the GCC to adopt digitalization across industries, including the financial sector. It, in turn, is demonstrating a rise in the utilization of financial cards & payments to make online transactions.

Besides, an inclination of the consumers toward using online payments & cards for transactions is also encouraging different financial & retail stores to make a paradigm shift to online platforms and contribute to the market growth. The same aspect is also generating growth opportunities for the leading players to increase their service offerings and cater to the rising consumer demands throughout the region.

Report Coverage Details
Study Period Historical Data: 2017-20
Base Year: 2021
Forecast Period: 2022-27
CAGR (2022-2027) 11.2%
Country Covered UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman
Key Companies Profiled Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay etc.
Unit Denominations USD Million/Billion

 

Moreover, technological advancements in product offerings like the integration of blockchain into transactions for greater security shall also pave the way for the GCC Financial Cards & Payments Market expansion and generate remunerative opportunities for the leading players.

Furthermore, a rise in the adoption of online shopping & consumer inclination toward cashless payments is the other aspect instigating retail stores & financial institutions to bring QR-code-based payment systems and enhance the overall transaction model for people across different countries in the region. Hence, the overall growth of this industry is anticipated to be lucrative and shall witness substantial growth in the coming years.

Additionally, as the living standards and economic conditions of the people in the GCC is dynamic, the utilization of financial cards like credit cards is also accelerating rapidly. Yet, growing cases of fraudulent activities using these cards might restrain the fledged growth of the GCC Financial Cards & Payments Market in the coming years.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Impact of COVID-19 on GCC Financial Cards & Payments Market
  5. GCC Financial Cards & Payments Market Customer Survey & Consumer Insights
    1. By Type of Transaction
    2. By Banking Experience
    3. By Frequency of Transactions from Card
    4. By Purpose of Transaction
    5. Key Benefits of Using Financial Card to the Customer
  6. GCC Financial Cards & Payments Market Outlook
    1. Penetration of Financial Cards
    2. Digital Developments
    3. ATM Expansion
    4. POS Terminals
  7. GCC Financial Cards & Payments Market Trends & Insights
  8. GCC Financial Cards & Payments Market Dynamics
    1. Growth Drivers
    2. Challenges
  9. GCC Financial Cards & Payments Market Policies, Regulations, & ICT Compliance
  10. GCC Financial Cards & Payments Market Hotspot & Opportunities
  11. GCC Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of 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. The UAE
        3. Qatar
        4. Bahrain
        5. Kuwait
        6. Oman
      6. By Company
        1. Competition Characteristics
        2. Revenue Shares
  12. Saudi Arabia Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  13. The UAE Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  14. Qatar Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  15. Bahrain Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  16. Kuwait Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  17. Oman Financial Cards & Payments Market Outlook, 2017-2027F
    1. Market Size & Analysis
      1. Number of Cards
      2. Number of Transactions
      3. Transaction Value
    2. Market Share & Analysis
      1. By Type of Card
      2. By Type of Payments
      3. By Type of Transactions
      4. By Card Issuing Institution
  18. GCC Financial Cards & Payments Market Key Strategic Imperatives for Success & Growth
  19. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Strategic Alliances
      3. Strategic Initiatives
        1. Discounts
        2. Strategic Tie-ups for Market Penetration
        3. Geographical Expansion
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      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
  20. Disclaimer
GCC Financial Cards & Payments Market Segmentation
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