Market Research Report

GCC Financial Cards & Payments Market Research Report: Forecast (2023-28)

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 T...ransactions (Domestic, Foreign), By Card Issuing Institution (Banking, Non-Banking), By Country (UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman), By Company (Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay etc.) Read more

  • FinTech
  • Feb 2023
  • 178
  • 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 (2023-28)

The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2023-28. The factors such as expanding e-commerce industry, regulatory changes in Islamic banking, growing International transaction volume, high internet penetration rate, increasing requirement for credit facilities, among others have stimulated the number of users of financial cards and payments in the Gulf region. In addition, the visionary efforts taken up by the government of the UAE, Saudi Arabia, Qatar, etc., towards promoting digitalization in various sectors have augmented the usage of facilities, such as mobile banking, internet banking, etc. Therefore, the increasing utilization of these services has elevated the demand for financial cards and payments in the region. For Instance:

  • In 2020, the Central Bank of UAE showed its readiness to join Arabian Gulf System for Financial Automated Quick Payment Transfer (AFAQ) which connects the commercial banks and central bank payment systems in GCC countries, and streamlines the processing of cross-border transactions in GCC currencies.
Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2022-2027) 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 advent of COVID-19 in 2020 triggered the trend of online shopping in the GCC which consequently heightened the use 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 growing at a significant rate. Hence, it is expected that the demand for financial cards and payments would witness an uptick in demand in the region during the forecast period.

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.

Market Dynamics

Key Driver:

Expanding E-commerce Industry Across the Region

The growing e-commerce industry across the GCC region has well-supported the financial cards and payments market in the historical years. The countries, such as the UAE, Saudi Arabia, Qatar, etc., have witnessed a significant surge in online retail sales due to high investments by the global retail players in the lucrative market GCC. For instance, in 2020, Carrefour and Lulu Group, two of the largest retailers in the Middle East, launched their online shopping portals in the UAE. The countries, including the UAE, Qatar, Kuwait, and Bahrain have almost 100% of the population with internet and mobile phone access.

Due to this, the transactional volume through payments made via financial cards, such as debit cards, prepaid cards, credit cards, etc., has increased considerably. According to the International Trade Administration (ITA), e-commerce sales in the UAE recorded USD3.9 billion in revenues during 2020, a jump of 53% from 2019. Moreover, the Dubai Chamber of Commerce and Industry forecasts e-commerce to generate USD8 billion in sales by the year 2025. Hence, it is expected that the ever-growing e-commerce market in the region would promulgate the demand for financial cards and payments in the forecast years.


GCC Financial Cards & Payments Market Research Report: Forecast (2023-28)

 Market Segmentation

Based on the Type of Payment:

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

Based on the type of payments, customer-to-business (C2B) witnessed sizeable growth over the historical period. The rising penetration of the internet and smartphones in the GCC region has expanded the scope of financial cards and payments for e-commerce activity. The trend of shopping through e-commerce portals has gained noteworthy traction in countries such as the UAE, Saudi Arabia, Qatar, etc. The rising inclination of consumers towards online shopping as it offers a convenient, enjoyable, and secure digital experience has flourished the adoption of cashless payment methods, such as debit cards, credit cards, among others.

According to the Dubai CommerCity, the e-commerce industry in the GCC would grow by 33% annually, from 2019 to 2022. With the outbreak of COVID-19, the demand for financial cards and payments accelerated to a greater extent during 2020 and is anticipated to drive growth in the upcoming years.

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 2023-28.

   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 2028.

   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, 2018-2028F
    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
  12. Saudi Arabia Financial Cards & Payments Market Outlook, 2018-2028F
    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
  13. The UAE Financial Cards & Payments Market Outlook, 2018-2028F
    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
  14. Qatar Financial Cards & Payments Market Outlook, 2018-2028F
    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
  15. Bahrain Financial Cards & Payments Market Outlook, 2018-2028F
    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
  16. Kuwait Financial Cards & Payments Market Outlook, 2018-2028F
    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
  17. Oman Financial Cards & Payments Market Outlook, 2018-2028F
    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
  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