PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1217673
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1217673
GCC Financial Cards and Payments Market - By Type ; By Type of Payments ; By Type of Transaction ; By Card Issuing Institution ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
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.
BlueWeave Consulting, 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, BlueWeave 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.
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.
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 Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. GCC Financial Cards and Payments Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Consumers' Preference for Online Shopping and Contactless Payments
- 3.2.1.2. Rapidly Increasing Number of Online Stores for Various Products and Services
- 3.2.2. Restraints
- 3.2.2.1. Declining Payment Fees
- 3.2.3. Opportunities
- 3.2.3.1. Deepening Penetration of E-commerce and Smartphones
- 3.2.3.2. Increase in Young Population in GCC region
- 3.2.3.3. Increase Popularity of Contactless Payment Methods
- 3.2.4. Challenges
- 3.2.4.1. Stringent Regulations
- 3.2.1. Growth Drivers
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. GCC Financial Cards and Payments Market Overview
- 4.1. Market Size & Forecast by Value, 2019-2029
- 4.1.1. By Value (USD Billion)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Card
- 4.2.1.2. Credit Card
- 4.2.1.3. Debit Card
- 4.2.1.4. Charge Card
- 4.2.1.5. Prepaid Card
- 4.2.2. By Type of Payments
- 4.2.2.1. B2B
- 4.2.2.2. B2C
- 4.2.2.3. C2C
- 4.2.2.4. C2B
- 4.2.2.5. E-Commerce Shopping
- 4.2.2.6. Payments at POS Terminals
- 4.2.2.7. Others
- 4.2.3. By Type of Transaction
- 4.2.3.1. Domestic
- 4.2.3.2. Foreign
- 4.2.4. By Card Issuing Institution
- 4.2.4.1. Banking
- 4.2.4.2. Non-Banking
- 4.2.5. By Country
- 4.2.5.1. Saudi Arabia
- 4.2.5.2. UAE
- 4.2.5.3. Qatar
- 4.2.5.4. Bahrain
- 4.2.5.5. Kuwait
- 4.2.5.6. Oman
- 4.2.1. By Type
5. Saudi Arabia Financial Cards and Payments Market Overview
- 5.1. Market Size & Forecast by Value, 2019-2029
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Type of Payments
- 5.2.3. By Type of Transaction
- 5.2.4. By Card Issuing Institution
6. UAE Financial Cards and Payments Market Overview
- 6.1. Market Size & Forecast by Value, 2019-2029
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Type of Payments
- 6.2.3. By Type of Transaction
- 6.2.4. By Card Issuing Institution
7. Qatar Financial Cards and Payments Market Overview
- 7.1. Market Size & Forecast by Value, 2019-2029
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Type of Payments
- 7.2.3. By Type of Transaction
- 7.2.4. By Card Issuing Institution
8. Bahrain Financial Cards and Payments Market Overview
- 8.1. Market Size & Forecast by Value, 2019-2029
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Type of Payments
- 8.2.3. By Type of Transaction
- 8.2.4. By Card Issuing Institution
9. Kuwait Financial Cards and Payments Market Overview
- 9.1. Market Size & Forecast by Value, 2019-2029
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Type of Payments
- 9.2.3. By Type of Transaction
- 9.2.4. By Card Issuing Institution
10. Onam Financial Cards and Payments Market Overview
- 10.1. Market Size & Forecast by Value, 2019-2029
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Type of Payments
- 10.2.3. By Type of Transaction
- 10.2.4. By Card Issuing Institution
11. Rest of GCC Financial Cards and Payments Market Overview
- 11.1. Market Size & Forecast by Value, 2019-2029
- 11.1.1. By Value (USD Billion)
- 11.2. Market Share & Forecast
- 11.2.1. By Type
- 11.2.2. By Type of Payments
- 11.2.3. By Type of Transaction
- 11.2.4. By Card Issuing Institution
12. Competitive Landscape
- 12.1. List of Key Players and Their Offerings
- 12.2. Market Share Analysis, 2022
- 12.3. Competitive Benchmarking, By Operating Parameters
- 12.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
13. Impact of Covid-19 on GCC Financial Cards and Payments Market
14. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 14.1. Visa
- 14.2. Mastercard
- 14.3. American Express
- 14.4. Citibank
- 14.5. HSBC
- 14.6. PayPal express checkout
- 14.7. HDFC Bank
- 14.8. Diners Club
- 14.9. Barclays
- 14.10. Hyperpay
- 14.11. Other Prominent Players
15. Key Strategic Recommendations
16. Research Methodology
- 16.1. Qualitative Research
- 16.1.1. Primary & Secondary Research
- 16.2. Quantitative Research
- 16.3. Market Breakdown & Data Triangulation
- 16.3.1. Secondary Research
- 16.3.2. Primary Research
- 16.4. Breakdown of Primary Research Respondents, By Region
- 16.5. Assumption & Limitation
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
- Figure 1 GCC Financial Cards and Payments Market Segmentation
- Figure 2 GCC Financial Cards and Payments Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 GCC Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 5 GCC Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 6 GCC Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 7 GCC Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 8 GCC Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 9 GCC Financial Cards and Payments Market Share, By Country, By Value, 2019-2029
- Figure 10 Saudi Arabia Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 11 Saudi Arabia Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 12 Saudi Arabia Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 13 Saudi Arabia Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 14 Saudi Arabia Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 15 UAE Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 16 UAE Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 17 UAE Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 18 UAE Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 19 UAE Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 20 Qatar Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 21 Qatar Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 22 Qatar Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 23 Qatar Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 24 Qatar Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 25 Bahrain Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 26 Bahrain Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 27 Bahrain Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 28 Bahrain Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 29 Bahrain Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 30 Kuwait Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 31 Kuwait Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 32 Kuwait Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 33 Kuwait Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 34 Kuwait Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 35 Oman Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 36 Oman Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 37 Oman Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 38 Oman Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 39 Oman Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
- Figure 40 Rest of GCC Financial Cards and Payments Market Size, By Value (USD Billion), 2019-2029
- Figure 41 Rest of GCC Financial Cards and Payments Market Share, By Type, By Value, 2019-2029
- Figure 42 Rest of GCC Financial Cards and Payments Market Share, By Type of Payments, By Value, 2019-2029
- Figure 43 Rest of GCC Financial Cards and Payments Market Share, By Type of Transaction, By Value, 2019-2029
- Figure 44 Rest of GCC Financial Cards and Payments Market Share, By Card Issuing Institution, By Value, 2019-2029
List of Tables
- Table 1 GCC Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 2 GCC Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 3 GCC Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 4 GCC Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 5 GCC Financial Cards and Payments Market Size, By Country, By Value, 2019-2029
- Table 6 Saudi Arabia Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 7 Saudi Arabia Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 8 Saudi Arabia Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 9 Saudi Arabia Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 10 UAE Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 11 UAE Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 12 UAE Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 13 UAE Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 14 Qatar Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 15 Qatar Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 16 Qatar Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 17 Qatar Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 18 Bahrain Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 19 Bahrain Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 20 Bahrain Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 21 Bahrain Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 22 Kuwait Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 23 Kuwait Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 24 Kuwait Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 25 Kuwait Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 26 Oman Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 27 Oman Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 28 Oman Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 29 Oman Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 30 Rest of GCC Financial Cards and Payments Market Size, By Type, By Value, 2019-2029
- Table 31 Rest of GCC Financial Cards and Payments Market Size, By Type of Payments, By Value, 2019-2029
- Table 32 Rest of GCC Financial Cards and Payments Market Size, By Type of Transaction, By Value, 2019-2029
- Table 33 Rest of GCC Financial Cards and Payments Market Size, By Card Issuing Institution, By Value, 2019-2029
- Table 34 Visa Company Overview
- Table 35 Visa Financial Overview
- Table 36 Mastercard Company Overview
- Table 37 Mastercard Financial Overview
- Table 38 American Express Company Overview
- Table 39 American Express Financial Overview
- Table 40 Citibank Company Overview
- Table 41 Citibank Financial Overview
- Table 42 HSBC Company Overview
- Table 43 HSBC Financial Overview
- Table 44 PayPal express checkout Company Overview
- Table 45 PayPal express checkout Financial Overview
- Table 46 HDFC Bank Company Overview
- Table 47 HDFC Bank Financial Overview
- Table 48 Diners Club Company Overview
- Table 49 Diners Club Financial Overview
- Table 50 Barclays Company Overview
- Table 51 Barclays Financial Overview
- Table 52 Hyperpay Company Overview
- Table 53 Hyperpay Financial Overview
