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PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1319302

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PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1319302

GCC Digital Payments Market - By Component ; By Mode of Payment ; By End User ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2029

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GCC Digital Payments Market Size Zooming More Than 2.3X to Touch USD 203.3 Billion by 2029.

GCC (Gulf Cooperation Council) digital payments market is booming due to the rise of e-commerce, the increasing adoption of mobile payments, and expanding operations by fintech startups.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the GCC (Gulf Cooperation Council) digital payments market size at USD 86.78 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the GCC digital payments market size to grow at a CAGR of 12.93% reaching a value of USD 203.27 billion by 2029. Gulf Cooperation Council (GCC) is a group of six countries in the Persian Gulf, such as Bahrain, Kuwait, Qatar, Oman, Saudi Arabia, and the UAE. The rise of e-commerce and the increasing adoption of mobile payments are driving the preference for digital payments among consumers. Digital wallets, mobile payment apps, and online payment providers are becoming increasingly popular in the GCC region, offering convenient and secure payment options driving the market. Moreover, fintech startups and digital payment providers in the GCC are expanding their operations geographically to serve multiple markets. Saudi Arabia and Bahrain are witnessing strong growth in fintech activities, making them crucial hubs for innovations over the forecast period thereby driving the digital payments market in GCC.

Opportunity: Expanding fintech landscape:

The expanding fintech ecosystem in the GCC (Gulf Cooperation Council) region provides opportunities for innovative digital payment solutions. Fintech startups and collaborations between traditional financial institutions and fintech companies can drive market growth. Fintech companies are at the forefront of developing and deploying innovative payment solutions. These include digital wallets, mobile payment apps, and other advanced technologies that provide seamless, secure, and convenient payment experience to consumers. As consumers increasingly rely on mobile payment solutions, the demand for digital payments in the GCC is likely to grow. The GCC governments have recognized the potential of fintech in transforming the financial services landscape. As a result, they are fostering a supportive regulatory environment that encourages fintech innovation and entrepreneurship.

Segmental Information:

GCC Digital Payments Market - By Mode of Payment:

Based on mode of payment, GCC digital payments market is segmented into Payment Cards, Debit Card, Credit Card, Pre-Paid Card, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, and Online Payment. Among these, the mobile payments segment holds a significant share. Data published by the Central Bank of Bahrain (CBB) reveals that in 2021, when it came to mobile wallet payments alone, the Middle Eastern country witnessed a yearly volume increase of 196% during that same period. Other modes of payments also recorded a substantial growth as a presentation by Amazon Payment Services highlighted that 2021 was the first year that electronic payments eclipsed cash transactions in the Saudi Arabia to represent 62% of payments across all sectors.

Impact of COVID-19 on GCC Digital Payments Market:

The COVID-19 pandemic accelerated the adoption of contactless payments in the GCC. Contactless cards and mobile payment apps, including Apple Pay and Google Pay, gained popularity, as they allowed consumers to make payments without physical contact with payment terminals, reducing the risk of virus transmission. Additionally, governments in the GCC region recognized the importance of digital payments during the pandemic and promoted cashless transactions to mitigate the spread of the virus. Initiatives and campaigns were launched to encourage businesses and consumers to adopt digital payment methods.

Competitive Landscape:

The GCC digital payments market is fragmented, with numerous players serving the market. The key players dominating the GCC digital payments market include MyFatoorah, Mashreq Neo, Telr, CashU, Checkout, 2Checkout, CCAvenue, Cybersource, Amazon Payment Services, PayTabs, Paycaps, Hyperpay, and Stripe. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisition to expand their customer reach and gain a competitive edge in the overall market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the GCC Digital Payments Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the GCC Digital Payments Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC23606

Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Product Overview
  • 1.3. Market Segmentation

2. Executive Summary

3. GCC Digital Payments Market Insights

  • 3.1. Industry Value Chain Analysis
  • 3.2. DROC Analysis
    • 3.2.1. Growth Drivers
      • Growing Shift from Cash to Digital Payments
      • Governments' Supportive Initiatives
    • 3.2.2. Restraints
      • Infrastructure Challenges
      • Lack of Awareness and Trust
    • 3.2.3. Opportunities
      • Growing Fintech Landscape
      • Further Deepening of Smartphone Penetration
    • 3.2.4. Challenges
      • Regulatory Framework
      • Competition and Market Fragmentation
  • 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 Digital Payments Market Overview

  • 4.1. Market Size & Forecast, 2019-2029
    • 4.1.1. By Value (USD Billion)
  • 4.2. Market Share & Forecast
    • 4.2.1. By Component
      • Solutions
      • Application Program Interface (API)
      • Payment Gateway
      • Payment Processing
      • Payment Security & Fraud Management
      • Transaction Risk Management
      • Others
      • Services
      • Professional Services
      • Consulting
      • Implementation
      • Support & Maintenance
      • Managed Services
    • 4.2.2. By Mode of Payment
      • Payment Cards
      • Debit Cards
      • Credit Cards
      • Prepaid Cards
      • Point of Sale (PoS)
      • Unified Payments Interface (UPI) Service
      • Mobile Payments
      • Online Payments
    • 4.2.3. By End User
      • BFSI
      • Healthcare
      • IT & Telecom
      • Media & Entertainment
      • Retail & E-Commerce
      • Transportation
      • Others
    • 4.2.4. By Country
      • Saudi Arabia
      • UAE
      • Qatar
      • Bahrain
      • Kuwait
      • Oman

5. Competitive Landscape

  • 5.1. List of Key Players and Their Range
  • 5.2. GCC Digital Payments Company Market Share Analysis, 2022
  • 5.3. Competitive Benchmarking, By Operating Parameters
  • 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)

6. Impact of Covid-19 on GCC Digital Payments Market Industry

7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)

  • 7.1. MyFatoorah
  • 7.2. Mashreq Neo
  • 7.3. Telr
  • 7.4. CashU
  • 7.5. Checkout
  • 7.6. 2Checkout
  • 7.7. CCAvenue
  • 7.8. Cybersource
  • 7.9. Amazon Payment Services
  • 7.10. PayTabs
  • 7.11. Paycaps
  • 7.12. Hyperpay
  • 7.13. Stripe
  • 7.14. Other prominent players

8. Key Strategic Recommendations

9. Research Methodology

  • 9.1. Qualitative Research
    • 9.1.1. Primary & Secondary Research
  • 9.2. Quantitative Research
  • 9.3. Market Breakdown & Data Triangulation
    • 9.3.1. Secondary Research
    • 9.3.2. Primary Research
  • 9.4. Breakdown of Primary Research Respondents
  • 9.5. Assumption & Limitation

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

Product Code: BWC23606

List of Figures

  • Figure 1 GCC Digital Payments Market Segmentation
  • Figure 2 GCC Digital Payments Market Value Chain Analysis
  • Figure 3 Company Market Share Analysis, 2022
  • Figure 4 GCC Digital Payments Market Size, By Value (USD Billion), 2019-2029
  • Figure 5 GCC Digital Payments Market Share, By Component, By Value, 2019-2029
  • Figure 6 GCC Digital Payments Market Share, By Mode of Payment, By Value, 2019-2029
  • Figure 7 GCC Digital Payments Market Share, By End-User, By Value, 2019-2029
  • Figure 8 GCC Digital Payments Market Share, By Country, By Value, 2019-2029

List of Tables

  • Table 1 GCC Digital Payments Market Size, By Component, By Value, 2019-2029
  • Table 2 GCC Digital Payments Market Size, By Mode of Payment, By Value, 2019-2029
  • Table 3 GCC Digital Payments Market Size, By End-User, By Value, 2019-2029
  • Table 4 GCC Digital Payments Market Size, By Country, By Value, 2019-2029
  • Table 5 MyFatoorah Company Overview
  • Table 6 MyFatoorah Financial Overview
  • Table 7 Mashreq Neo Company Overview
  • Table 8 Mashreq Neo Financial Overview
  • Table 9 Telr Company Overview
  • Table 10 Telr Financial Overview
  • Table 11 CashU Company Overview
  • Table 12 CashU Financial Overview
  • Table 13 Checkout Company Overview
  • Table 14 Checkout Financial Overview
  • Table 15 2Checkout Company Overview
  • Table 16 2Checkout Financial Overview
  • Table 17 CCAvenue Company Overview
  • Table 18 CCAvenue Financial Overview
  • Table 19 Cybersource Company Overview
  • Table 20 Cybersource Financial Overview
  • Table 21 Amazon Payment Services Company Overview
  • Table 22 Amazon Payment Services Financial Overview
  • Table 23 PayTabs Company Overview
  • Table 24 PayTabs Financial Overview
  • Table 25 Paycaps Company Overview
  • Table 26 Paycaps Financial Overview
  • Table 27 Hyperpay Company Overview
  • Table 28 Hyperpay Financial Overview
  • Table 29 Stripe Company Overview
  • Table 30 Stripe Financial Overview
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Manager - Americas


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