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.
Market Opportunities
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.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR | 11.2% |
| Key Companies Profiled | Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay etc |
| Unit Denominations | USD Million/Billion |
Market Segmentation
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”.
Competitive Landscape
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%
