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GCC Financial Cards & Payments Market Research Report: Forecast (2024-2030)

GCC Financial Cards & Payments Market - 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 (Domestic, Foreign), By Card Issuing Institution (Banking, Non-Banking), and others Read more

FinTech
Feb 2023
Pages 178
Report Format: PDF, Excel, PPT

Market Definition

Financial cards are part of the overall payment system issued by a financial or any other institution, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated financial accounts. There are several types of financial cards used by individual users such as credit cards, debit cards, charge cards, and prepaid cards and they are used for domestic and foreign type of transactions.

Market Insights & Analysis: GCC Financial Cards & Payments Market (2024-30):

The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-30. Factors such as the expanding e-commerce industry, regulatory changes in Islamic banking, growing international transaction volume, high internet penetration rate, and increasing requirements for credit facilities, among others, have stimulated the number of users of financial cards and payments in the Gulf region. The visionary efforts taken up by the governments of the UAE, Saudi Arabia, Qatar, etc., towards promoting digitalization in various sectors have increased the usage of facilities, such as mobile banking, internet banking, etc. Therefore, the rising utilization of these services has elevated the demand for financial cards and payments in the region.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-30
CAGR (2024-2030)	11.2%
Country Covered	Saudi Arabia, The UAE, Qatar, Bahrain, Kuwait, Oman
Key Companies Profiled	Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay, Others
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. Additionally, the growing trend of online shopping after the pandemic in the GCC has consequently heightened the usage of digital banking operations. As a result, there has been a consumer shift in the preference for purchasing online through financial cards and payment modes.

Notably, due to the increased risk of contamination through constant touch on point-of-sale terminals, the demand for tap & pay-enabled debit and credit cards has been budding at a significant rate. Hence, it is expected that the demand for financial cards and payments will witness an uptick in demand in the region during the forecast period. However, growing cases of fraudulent activities using these cards might restrain the fledged growth of the GCC Financial Cards & Payments market in the coming years.

Furthermore, as the living standards and economic conditions of the people in the GCC are dynamic, the utilization of financial cards like credit cards is also accelerating rapidly, thus elevating the GCC Financial Cards & Payments Market size in the forthcoming years.

Market Segmentation
Introduction
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
Impact of COVID-19 on GCC Financial Cards & Payments Market
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
GCC Financial Cards & Payments Market Outlook
1. Penetration of Financial Cards
2. Digital Developments
3. ATM Expansion
4. POS Terminals
GCC Financial Cards & Payments Market Trends & Insights
GCC Financial Cards & Payments Market Dynamics
1. Growth Drivers
2. Challenges
GCC Financial Cards & Payments Market Policies, Regulations, & ICT Compliance
GCC Financial Cards & Payments Market Hotspot & Opportunities
GCC Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
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
Saudi Arabia Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
The UAE Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
Qatar Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
Bahrain Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
Kuwait Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
Oman Financial Cards & Payments Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. Number of Cards (Units)
  2. Number of Transactions (Units)
  3. Transaction Value (USD Million)
2. Market Share & Analysis
  1. By Type of Card
  2. By Type of Payments
  3. By Type of Transactions
  4. By Card Issuing Institution
GCC Financial Cards & Payments Market Key Strategic Imperatives for Success & Growth
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
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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