GCC Mobile Payment Market Size Booming More Than 4X To Cross Whopping USD 122 Billion by 2029.
GCC mobile payment market is gaining traction because of the consumers’ growing preference for online shopping and contactless payments and increasing penetration of online stores for numerous products and services.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the GCC mobile payment market size at USD 29.68 billion in 2022. During the forecast period between 2023 and 2029, the GCC mobile payment market size is projected to grow at a robust CAGR of 22.49% reaching a value of USD 122.16 billion by 2029. The growing usage of smartphones and the thriving e-commerce sector are key growth drivers for the GCC mobile payments market. Consumers, particularly those of the younger generation, are drawn to mobile payments due to the convenience of making purchases in real time. Numerous mobile payment platforms are introducing their services in the GCC as a result of the region’s rising potential, which is boosting the market’s overall growth.
GCC Mobile Payment Market – Overview:
Mobile payment is an act of transferring or paying money, usually for bills, products, or services, to a person, business, or merchant using a mobile smartphone to carry out and confirm the payment. A mobile browser, SIM toolkit, or virtual or electronic wallet are all examples of payment tools. Mobile payments can be convenient, fast, and secure. They can, however, be expensive and still vulnerable to issues with technology. They also offer additional biometric identification layers, such as fingerprint and/or face recognition scans, to help businesses make sure that payments are legitimate.
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GCC Mobile Payment Market – By Application:
Based on application, the GCC mobile payment market is segmented into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others. The retail segment accounts for the highest share of the market owing to the flourishing e-commerce sector in the GCC countries. The advent of mobile payments has made this online much more effective. The buyers may finish a transaction quickly by using mobile payments. Customers can also complete transactions using automatic systems that save information to cut down on time, such as NFC, In-App, Peer-to-Peer, and Browser-Based Mobile Payments. Peer-to-peer networks also offer unique security measures of their own, such as the use of bank-level encryption to protect your data.
Impact of COVID-19 on GCC Mobile Payment Market
The unprecedented COVID-19 pandemic offered lucrative growth opportunities to the players in the GCC mobile payment market. The spread of the virus through contact and the high chances of the virus communication through the exchange of cash prompted consumers to shift to contactless payment methods including mobile payments such as QR codes and tap to pay by NFC. Additionally, the expansion in the e-commerce sector during the pandemic for regular essential items such as groceries also boosted the scope of mobile payments in GCC countries.
Competitive Landscape:
Major players operating in the GCC mobile payment market include: Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, National Bank of Kuwait, 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 the GCC Mobile Payment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the GCC Mobile Payment 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.
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Table of Content
Chapter 1: Global GCC Mobile Payment Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global GCC Mobile Payment market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global GCC Mobile Payment 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 Mobile Payment 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 Mobile Payment 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 Mobile Payment 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 Mobile Payment 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 Mobile Payment business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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