Market Research Report

GCC P2P Payment Market Research Report: Forecast (2024-2030)

GCC P2P Payment Market Report - By Transaction Mode (Short Message Service (SMS), Mobile Apps, Smartcard/NFC (Near field communication), Others (Bank Transfers, Digital Wallets, et...c.)), By Location (Remote Payment, Proximity Payment), By End User (Retail & E-Commerce, Travel & Hospitality, Transportation & Logistics, BFSI, Healthcare, Others (IT & Telecom, Media & Entertainment, etc.)), and Others Read more

  • FinTech
  • Feb 2024
  • 153
  • PDF, Excel, PPT

Market Definition

Peer-to-peer (P2P) payment is a type of online transacting method used by end users for various financial transaction purposes. It serves as an instant payment, cross-border business transactions, decentralized processes, etc. This involves the integration of digital technologies into all areas of the organization, which helps in increasing the volumes of transaction process fast, convenient, and smooth via the Internet.

Market Insights & Analysis: GCC P2P Payment Market (2024-30):

The GCC P2P Payment Market is estimated to grow at a CAGR of around 8.68% during the forecast period, i.e., 2024-30. The prevalence of smartphones, fast internet connectivity, and sophisticated mobile apps has resulted in the widespread acceptance of convenient digital payment alternatives in the Gulf Cooperation Council (GCC) region. The tech-savvy population in the region shows a greater inclination towards utilizing digital platforms for financial transactions, contributing to the expansion of digital payment services. For instance:

  • In 2024, AEP Al Etihad Payments, a subsidiary of the Central Bank of the UAE, announced the launch of Aani, a key initiative under the CBUAE's Financial Infrastructure Transformation (FIT) program, signals a new era of seamless, secure, and instant digital payments
Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 8.68%
Country Covered Saudi Arabia, The UAE, Qatar, Kuwait, Oman, Bahrain
Key Companies Profiled

Paypal, Apple Pay, Venmo, Cash App, Google Pay, Square Cash, Zelle, Noon Pay, Mamo Pay, Ziina Pay, MoneyGram International, Inc., Beyon Money, Others

Unit Denominations USD Million/Billion 

 

These platforms are being designed to transform the existing payment gateway leads to an advanced customer payment journey and improved user experience. Moreover, the governments of GCC nations are actively endorsing digitalization & smart city projects, which involve establishing strong digital infrastructure, regulatory structures, and incentives to stimulate the adoption of digital payments. Hence, this supportive governmental stance has created a favorable atmosphere for the flourishing Digital Payment Market, leading to tremendous growth in the forthcoming years as well.


GCC P2P Payment Market Research Report: Forecast (2024-2030)

GCC P2P Payment Market Driver:

Prospering E-commerce Industry Driving the Rapid Development of Digital Payment in Gulf Countries – The surge in the e-commerce industry in GCC countries like the UAE, Saudi Arabia, Kuwait, Bahrain, etc., is fueling a significant transformation of the consumer experience and prompting the rise of digital payments. Several factors have contributed to the buoyant growth of the e-commerce sector in the region. These include the increasing popularity of social commerce & significant investments in infrastructure, such as efficient fulfillment centers, initiatives by the Dubai Free Zones Council, and strategic partnerships, like the collaboration between Noon.com and eBay.

This further underscores effort to capitalize on the expanding market landscape, setting the stage for a promising future for the e-commerce sector in the UAE and the wider GCC region. These factors led to the increasing demand for online shopping, which fueled a surge in the population of online buyers in the GCC, with the number of online shoppers projected to approach 60%. Further, aiding in thriving the Digital Payment Market across the GCC countries.

GCC P2P Payment Market Challenge:

Rising Cyber Security Breaches Lowering the Adoption of Digital Payment Solutions – The GCC countries have seen a rise in money laundering & cybercrime activities, posing significant threats to their financial systems, national security, and economies. The growth of technology and social media has led to an increase in cybercrimes like blackmail, embezzlement, and hacking of bank accounts. Many cyberattacks target digital payment methods, which hinders their adoption, thus limiting the growth of the GCC P2P Payments Market.

Moreover, organizations in Saudi Arabia and the UAE were the main targets for cyber-attacks in the Gulf Corporation Council Countries between mid-2021 and mid-2022, according to Cybersecurity Firm Group-IB. Thus, the evolving nature of cybercrime and the sophistication of money laundering techniques are presenting challenges for market expansion.

GCC P2P Payment Market Trend:

Emergence of Blockchain Technology is Gaining Momentum Blockchain technology is emerging as a trend for GCC countries in the development of financial services. WadzPay, a leading Blockchain digital assets payment present in the MENA region, has been implementing digital asset solutions with specific emphasis in the UAE and Saudi Arabia. According to the Cryptocurrency report, Saudi Arabia leads the world in year-over-year crypto-transaction growth.

In Gulf countries, the growing adoption of blockchain technology in digital payment / P2P has been introduced in the financial market. In 2021, the Saudi Arabian Monetary Authority (SAMA) joined the RippleNet allied banking blockchain network to help domestic banks settle payments and transactions with regional banks to make secure monetary transfers faster & cheaper. These initiatives are promoting the growth of the GCC P2P Payments Market.

GCC P2P Payment Market (2024-30): Segmentation Analysis

GCC P2P Payment Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the regional level. In accordance to the analysis, the market has been further classified as:

Based on Transaction Mode:

  • Short Message Service (SMS)
  • Mobile Apps
  • Smartcard/NFC (Near field communication)
  • Others (Bank Transfers, Digital Wallets, etc.)

Smartcard/NFC transactions have emerged as the dominant force in the P2P (Peer-to-peer)/Digital Payment Market in the GCC region, holding the largest share, and this trend is expected to continue in the coming years as well. This is attributed to the growing issuance of chip cards by banks & the widespread availability of mobile app-based debit card payment methods, such as Google Pay, Samsung Pay, etc., creating a substantial demand for NFC/Smart Cards.

According to Visa, Saudi Arabia witnessed the fastest & highest growth in the adoption of contactless payment through Near-Field Communication (NFC) by 94% in 2020. Additionally, the adoption of smartcards by small retailers and in public transportation further contributes significantly to the overall market growth.

 Based on End User:

  • Retail & E-commerce
  • Travel & Hospitality
  • Transportation & Logistics
  • BFSI
  • Healthcare
  • Others (IT & Telecom, Media & Entertainment, etc.)

The expansion of digital payments in the retail and e-commerce sectors has been notable in recent times. The increasing prevalence of online shopping & the widespread adoption of e-commerce platforms have significantly contributed to the surge in digital payment usage in the region. In GCC countries, the ratio of internet users to the population has surged to 98.2%. Consumers are increasingly favoring the convenience & efficiency offered by digital payment methods when making purchases online or in physical retail stores. The integration of digital payment options at checkout counters has become commonplace, which would assist in enhancing the market size.

GCC P2P Payment Market (2024-30): Regional Projection

Geographically, the GCC P2P Payment Market expands across:

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

The UAE is projected to lead the GCC P2P Payment Market during the forecast period as the country's government has launched new regulations that encourage the entry of the payment ecosystem in the country. The growing e-commerce industry led to increased adoption of digital payment methods in the UAE. According to MasterCard, a payment technology corporation states that 88% of the residents in the United Arab Emirates (UAE) use one or more emerging payment methods.

Besides, mobile payment is one of the most popular ones followed by BNPL (Buy Now Pay Later). Further, the Central Bank of the UAE launched a 24/7 instant payment system designed to transform the landscape of digital payment in the country. Consequently, these strategies significantly contribute to increasing the UAE P2P Payments Market growth.

GCC P2P Payment Industry Recent Development:

  • 2024: Google Pay announced a partnership with NPCI Payment International Limited (NPIL), a subsidiary of the National Payment Corporation of India. Through this partnership, Google pay users would be able to make digital payments in GCC countries, including Oman, Qatar, Saudi Arabia, and the UAE.               

Gain a Competitive Edge with Our GCC P2P Payment Market Report

  • GCC P2P Payment Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • GCC P2P Payment Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The GCC P2P Payment Market is expected to grow at a compound annual growth rate (CAGR) of around 8.68% from 2024 to 2030.

   A. Prospering e-commerce industry is expected to drive the GCC P2P Payment Market during 2024-30.

   A. Paypal, Apple Pay, Venmo, Cash App, Google Pay, Square Cash, Zelle, Noon Pay, Mamo Pay, Ziina Pay, MoneyGram International, Inc., Beyon Money, and Others, are the top companies in the GCC P2P Payment Market.

   A. Retail & E-commerce held the largest GCC P2P Payment Market share.

   A. The UAE would present growth prospects in the GCC P2P Payment Market during 2024-30.

   A. The emergence of block chain technology is gaining momentum and is the key trend shaping the growth of the GCC P2P Payment Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. GCC P2P Payment Market Trends & Developments
  5. GCC P2P Payment Market Dynamics
    1. Drivers
    2. Challenges
  6. GCC P2P Payment Market Hotspot & Opportunities
  7. GCC P2P Payment Market Regulations & Policy
  8. GCC P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode
        1. Short Message Service (SMS)- Market Size & Forecast 2019-2030, (USD Million)
        2. Mobile Apps- Market Size & Forecast 2019-2030, (USD Million)
        3. Smartcard/NFC (Near field communication)- Market Size & Forecast 2019-2030, (USD Million)
        4. Others (Bank Transfers, Digital Wallets, etc.)- Market Size & Forecast 2019-2030, (USD Million)
      2. By Location
        1. Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
        2. Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)
      3. By End User
        1. Retail & E-Commerce- Market Size & Forecast 2019-2030, (USD Million)
        2. Travel & Hospitality- Market Size & Forecast 2019-2030, (USD Million)
        3. Transportation & Logistics- Market Size & Forecast 2019-2030, (USD Million)
        4. BFSI- Market Size & Forecast 2019-2030, (USD Million)
        5. Healthcare- Market Size & Forecast 2019-2030, (USD Million)
        6. Others (IT & Telecom, Media & Entertainment, etc.)- Market Size & Forecast 2019-2030, (USD Million)
      4. By Country
        1. Saudi Arabia
        2. The UAE
        3. Qatar
        4. Kuwait
        5. Oman
        6. Bahrain
      5. By Competition
        1. Competition Characteristics
        2. Market Share & Analysis
  9. Saudi Arabia P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode- Market Size & Forecast 2019-2030, (USD Million)
      2. By Location- Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  10. The UAE P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode - Market Size & Forecast 2019-2030, (USD Million)
      2. By Location - Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  11. Qatar P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode - Market Size & Forecast 2019-2030, (USD Million)
      2. By Location - Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  12. Kuwait P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode - Market Size & Forecast 2019-2030, (USD Million)
      2. By Location - Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  13. Oman P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode - Market Size & Forecast 2019-2030, (USD Million)
      2. By Location - Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  14. Bahrain P2P Payment Market Outlook, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Size & Analysis
      1. By Transaction Mode - Market Size & Forecast 2019-2030, (USD Million)
      2. By Location - Market Size & Forecast 2019-2030, (USD Million)
      3. By End User- Market Size & Forecast 2019-2030, (USD Million)
  15. GCC P2P Payment Market Key Strategic Imperatives for Growth & Success
  16. Competition Outlook
    1. Company Profiles
      1. Paypal
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Apple Pay
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Venmo
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Cash App
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Google Pay
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Square Cash
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Zelle
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Noon Pay
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Mamo Pay
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Ziina Pay
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. MoneyGram International, Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Beyon Money
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      13. Others
  17. Disclaimer


GCC P2P Payment Market