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.

Impact of Covid-19 on the GCC Financial Cards & Payments Market

The Covid-19 pandemic had significant impacts on most industries across GCC. However, the crisis accelerated the adoption of online transactions & boosted the Financial Cards & Payments Market growth in recent years. As the governments of different countries imposed lockdowns & movement restrictions for uncertain durations, people showed greater inclination on digital platforms to purchase goods & avail services like exciting deals & doorstep delivery, among others.

Such a massive transformation was principally due to the availability of safe, private, and reliable mediums, allowing consumers to buy goods & services without difficulties. Even when the pandemic situation came back in control, online platforms continued witnessing a large consumer influx.

In addition, the same trend is anticipated to prevail in the coming years and lead the GCC Financial Cards & Payments Market toward substantial growth in the coming years. 

Market Segmentation

Based on the Type of Payment:

  • B2B
  • B2C
  • C2C
  • C2B
    • E-Commerce Shopping
    • Payments at POS Terminals

Among all, C2B (Customer to Business) dominated the GCC Financial Cards & Payments Market with the largest share in the previous years and is anticipated to prevail in the same trend during the forecast period. It owes principally to the rapidly increasing penetration of the internet and smartphones among consumers, demonstrating a swift rise in e-commerce activities across different countries in the region. It, in turn, is demonstrating a rise in the popularity of e-commerce shopping and a consumer inclination toward online shopping.

Since such platforms offer greater convenience & leisure for the consumers, the utilization of secure digital experience and rising adoption of cashless payment is augmenting the growth of C2B payments. Besides, especially amidst the Covid-19 pandemic, the utilization of this payment method witnessed substantial demand and is likely to prevail in the same trend in the coming years. It shall further lead the overall growth of the GCC Financial Cards & Payments Market toward a significant rise during the forecast period. 

Country Landscape

Geographically, the GCC Financial Cards & Payments Market expands across:

  • Saudi Arabia
  • The UAE
  • Qatar
  • Bahrain
  • Kuwait
  • Oman

Here, UAE is anticipated to acquire the largest market share during the forecast period. It owes principally to the country having numerous shopping complexes, the establishment of luxury brands, and plenty of things to shop for, stimulating the utilization of financial cards & payments to make transactions across locations conveniently.

Besides, the massive influx of tourists, pilgrims, and migrants in the country are also augmenting the demand for these transactional services across commercial areas like hotels, restaurants, cafes, shopping malls, retail stores, online platforms, and other locations. Hence, the need for QR-code-based payment systems is gaining momentum and backing the Financial Cards & Payments Market growth across the UAE. 

Key Questions Answered in the Market Research Report:

  1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the GCC Financial Cards & Payments Market?
  2. What are the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the GCC Financial Cards & Payments Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the GCC Financial Cards & Payments Market based on the competitive benchmarking matrix?
  5. What are the key results derived from surveys conducted during the GCC Financial Cards & Payments Market study?

Frequently Asked Questions

A. The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during 2022-27.

A. Increasing online shopping & consumer inclination toward cashless payments is a key aspect instigating retail stores & financial institutions to bring QR-code-based payment systems and enhance the overall transaction model for people. It, in turn, is acting as a prominent factor driving the GCC Financial Cards & Payments Market through 2027.

A. C2B is anticipated to emerge as an area of remunerative opportunities for the leading players in the GCC Financial Cards & Payments Market during the forecast period.

  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