PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1227605
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1227605
GCC Mobile Payment Market - By Mode of Transaction ; By Application ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2029
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.
BlueWeave Consulting, 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.
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.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. GCC Mobile Payment 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. Increasing penetration of online stores for numerous products and services
- 3.2.2. Restraints
- 3.2.2.1. Declining Payment Fees
- 3.2.3. Opportunities
- 3.2.3.1. Increasing penetration of ecommerce and mobile phones
- 3.2.3.2. Increase in Young population in GCC region
- 3.2.3.3. Increase in inclination toward contactless payment methods
- 3.2.4. Challenges
- 3.2.4.1. With the increasing use of mobile payments, security concerns have become a major challenge for the industry
- 3.2.1. Growth Drivers
- 3.3. Technological 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 Mobile Payment 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 Mode of Transaction
- 4.2.1.1. WAP
- 4.2.1.2. NFC
- 4.2.1.3. SMS
- 4.2.1.4. USSD
- 4.2.1.5. Others
- 4.2.2. By Application
- 4.2.2.1. Entertainment
- 4.2.2.2. Energy and Utilities
- 4.2.2.3. Healthcare
- 4.2.2.4. Retail
- 4.2.2.5. Hospitality and Transportation
- 4.2.2.6. Others
- 4.2.3. By Country
- 4.2.3.1. Saudi Arabia
- 4.2.3.2. UAE
- 4.2.3.3. Qatar
- 4.2.3.4. Bahrain
- 4.2.3.5. Kuwait
- 4.2.3.6. Oman
- 4.2.1. By Mode of Transaction
5. Saudi Arabia Mobile Payment 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 Mode of Transaction
- 5.2.2. By Application
6. UAE Mobile Payment 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 Mode of Transaction
- 6.2.2. By Application
7. Qatar Mobile Payment 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 Mode of Transaction
- 7.2.2. By Application
8. Bahrain Mobile Payment 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 Mode of Transaction
- 8.2.2. By Application
9. Kuwait Mobile Payment 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 Mode of Transaction
- 9.2.2. By Application
10. Onam Mobile Payment 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 Mode of Transaction
- 10.2.2. By Application
11. Rest of GCC Mobile Payment 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 Mode of Transaction
- 11.2.2. By Application
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 Mobile Payment 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. National Bank of Kuwait
- 14.9. Diners Club
- 14.10. Barclays
- 14.11. Hyperpay
- 14.12. 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 Mobile Payment Market Segmentation
- Figure 2 GCC Mobile Payment Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 GCC Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 5 GCC Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 6 GCC Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 7 GCC Mobile Payment Market Share, By Country, By Value, 2019-2029
- Figure 8 Saudi Arabia Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 9 Saudi Arabia Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 10 Saudi Arabia Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 11 UAE Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 12 UAE Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 13 UAE Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 14 Qatar Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 15 Qatar Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 16 Qatar Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 17 Bahrain Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 18 Bahrain Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 19 Bahrain Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 20 Kuwait Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 21 Kuwait Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 22 Kuwait Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 23 Onam Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 24 Onam Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 25 Onam Mobile Payment Market Share, By Application, By Value, 2019-2029
- Figure 26 Rest of GCC Mobile Payment Market Size, By Value (USD Billion), 2019-2029
- Figure 27 Rest of GCC Mobile Payment Market Share, By Mode of Transaction, By Value, 2019-2029
- Figure 28 Rest of GCC Mobile Payment Market Share, By Application, By Value, 2019-2029
List of Tables
- Table 1 GCC Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 2 GCC Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 3 GCC Mobile Payment Market Size, By Country, By Value, 2019-2029
- Table 4 Saudi Arabia Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 5 Saudi Arabia Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 6 UAE Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 7 UAE Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 8 Qatar Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 9 Qatar Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 10 Bahrain Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 11 Bahrain Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 12 Kuwait Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 13 Kuwait Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 14 Onam Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 15 Onam Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 16 Rest of GCC Mobile Payment Market Size, By Mode of Transaction, By Value, 2019-2029
- Table 17 Rest of GCC Mobile Payment Market Size, By Application, By Value, 2019-2029
- Table 18 Visa Company Overview
- Table 19 Visa Financial Overview
- Table 20 Mastercard Company Overview
- Table 21 Mastercard Financial Overview
- Table 22 American Express Company Overview
- Table 23 American Express Financial Overview
- Table 24 Citibank Company Overview
- Table 25 Citibank Financial Overview
- Table 26 HSBC Company Overview
- Table 27 HSBC Financial Overview
- Table 28 PayPal express checkout Company Overview
- Table 29 PayPal express checkout Financial Overview
- Table 30 HDFC Bank Company Overview
- Table 31 HDFC Bank Financial Overview
- Table 32 National Bank of Kuwait Company Overview
- Table 33 National Bank of Kuwait Company Overview
- Table 34 Diners Club Company Overview
- Table 35 Diners Club Financial Overview
- Table 36 Barclays Company Overview
- Table 37 Barclays Financial Overview
- Table 38 Hyperpay Company Overview
- Table 39 Hyperpay Financial Overview
