GCC Financial Cards & Payments Market Analysis, 2021 research report depicts a deep dive market analysis of statistics of GCC Financial Cards & Payments market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
According to MarkNtel Advisors’ research report “GCC Financial Cards & Payments Market Analysis, 2021”, the GCC Financial Cards & Payments market is anticipated to grow at a CAGR of 11.2% during 2021-2026F. The growth of the market is attributed to a surging initiative by the government to encourage digital payment, the introduction of digital-only banks for SMEs along with robust growth in the e-commerce market as government reduces the cost of e-commerce operations and a paradigm shift towards cashless payment. Moreover, a boost in online shopping, the rising adoption of EMV and contactless technology by financial institutions, and the launch of a unified QR code-based national payment system in Saudi Arabia as a vision 2030 are strongly contributing towards the growth of the market in the forecast period. Besides these, the COVID-19 crisis has an optimistic impact on the market due to an upsurge in online shopping by the consumer due to lockdown imposition and burgeoning adoption of digital payments.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay etc|
|Unit Denominations||USD Million/Billion|
Customer to Business (C2B) Segment Acquired Majority Market Share
Based on the Type of Payment, Customer to Business (C2B) Segment acquired the majority market share in the GCC Financial Cards & Payment market in 2021. The rising penetration of the internet and smartphones has upsurged the e-commerce activity in the region. E-commerce shopping has gained astronomical traction in countries such as the UAE. The rising inclination of consumers towards online shopping as it offers a convenient, enjoyable, and secure digital experience and boost in the adoption of cashless payment and COVID-19 outbreak are projected to accelerate the market growth. E-commerce represents 4.2% of the retail revenue in the UAE and is projected to grow by an average of 23% by 2022. Therefore, this is anticipated to drive the growth of the Financial Cards & Payments market GCC in the near future as revealed by the MarkNtel Advisors’ research report “GCC Financial Cards & Payments Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the GCC Financial Cards & Payments market include Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay, etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
A. The market size/industry size or the market value is measured in terms of USD Million.
A. The growth rate of GCC Financial Cards & Payments Market during 2021-2026 is forecast to be grow at a CAGR of 11.2%