GCC Financial Cards and Payments Market Size Grows Steadily to Touch USD 48 Billion by 2029
GCC financial cards and payments market is flourishing because of growing consumers’ preference for online shopping and contactless payments and increasing penetration of online stores for a wide spectrum of products and services.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated GCC financial cards and payments market size at USD 31.92 billion in 2022. During the forecast period between 2023 and 2029, Report Ocean expects GCC financial cards and payments market size to grow at a significant CAGR of 6.04% reaching a value of USD 47.87 billion by 2029. Major growth factors of GCC financial cards and payments market include governments’ supportive measures for digital payments, the establishment of digital-only banks for SMEs, and rapid growing e-commerce business. The expanding trend of contactless payment, rising millennial affinity for credit cards, and significant rise in e-commerce due to growing internet and smartphone penetration, as well as high income per capita, are also likely to drive market expansion during the forecast period. Also, a customer preference for using online payments and cards for transactions is driving various financial and retail shops to make a paradigm shift to online platforms and contribute to market growth. The same factor is producing chances for the region’s main firms to expand their service offerings and meet expanding consumer expectations. Therefore, these factors are expected to boost the expansion of GCC financial cards and payments market during period in analysis. However, declining payment fees are anticipated to hinder the expansion of GCC financial cards and payments market.
GCC Financial Cards and Payments Market – Overview:
Financial cards are part of a payment system that is typically issued by financial institutions, IT & Telecom offices, Media & Entertainment firms, and government agencies in order to facilitate hassle-free transactions and payment operations. For instance, a bank may provide a customer a financial card that allows them to access funds in their specified bank accounts or through a credit account, make payments via electronic funds transfer, and use automated teller machines. Many technologies are used to deploy financial cards, including embossing, magnetic stripe cards, smart cards, proximity cards, and re-programmable magnetic stripe cards. Due to technical developments in financial cards and payment systems, traditional payment mechanisms such as cash payments, demand drafts, and other payment certificates have become obsolete. In recent years, there has been a tremendous expansion in the use of electronic payment using financial cards. Convenience and increased flexibility are the factors driving the increase in growth. The internet’s prevalence, even in the most remote parts of the world, has aided the rise of the financial cards and payments business.
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Impact of COVID-19 on GCC Financial Cards and Payments Market
COVID-19 pandemic had a negative impact on most of the industries in the GCC region. However, the crisis hastened the use of online transactions and encouraged the expansion of the financial cards and payments market. As governments across the world implemented lockdowns and travel restrictions for indefinite periods of time, people turned to digital platforms to buy items and get services like amazing offers and doorstep delivery. This tremendous transition was mostly due to the development of secure, private, and dependable media that enabled people to acquire products and services without difficulty. In the UAE and Saudi Arabia, the crisis has accelerated digital connectivity and boosted the adoption of digital payment and e-commerce solutions, resulting in substantial growth in card payments. The convenience and comfort of e-commerce has boosted the volume of online purchases. Throughout the forecast period, these factors are projected to boost the GCC financial cards and payments market.
GCC Financial Cards and Payments Market – By Type: of Payments
Based on type of payments, GCC Financial Cards and Payments Market is divided into B2B, B2C, C2C, C2B, E-Commerce Shopping, and Payments at POS Terminals. Customer to Business (C2B) segment acquired the highest market share in the GCC Financial Cards and Payment industry in 2021. The increased usage of the internet and cellphones has fueled the region’s e-commerce activity. E-commerce shopping has grown in popularity in the UAE. Consumers’ growing preference for online purchasing because it provides a simple, engaging, and secure digital experience, as well as an increase in cashless payment use and the COVID-19 pandemic, are projected to drive market growth.
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Competitive Landscape:
Major players operating in GCC Financial Cards and Payments Market include Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of GCC Financial Cards and Payments Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in GCC Financial Cards and Payments Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global GCC Financial Cards and Payments Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global GCC Financial Cards and Payments market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global GCC Financial Cards and Payments Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global GCC Financial Cards and Payments market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of GCC Financial Cards and Payments market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the GCC Financial Cards and Payments market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the GCC Financial Cards and Payments market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate GCC Financial Cards and Payments business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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