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.
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.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|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.