The latest report by IMARC Group, titled “GCC Digital Payment Market Report by Component (Solutions, Services), Payment Mode (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, and Others), Deployment Mode (Cloud-Based, On-Premises), End Use Industry (BFSI, Healthcare, IT and Telecom, Media and Entertainment, Retail and E-Commerce, Transportation, and Others), and Region 2023-2028“. The GCC digital payment market is expected to exhibit a growth rate (CAGR) of 13% during 2023-2028.
Factors Affecting the Growth of the GCC Digital Payment Industry:
- Widespread Adoption of Smartphones and Internet Connectivity:
The remarkable growth of the GCC digital payment market can be primarily attributed to the widespread adoption of smartphones and internet connectivity throughout the region. With a significant portion of the population owning smartphones and having access to the internet, the customer base for digital payment solutions has expanded exponentially. The trend has led to a more tech-savvy population that increasingly prefers digital payment methods for their convenience and accessibility. As smartphones become ubiquitous in the GCC countries, individuals have easy access to various digital payment platforms, enabling them to conduct transactions with ease.
- Shift Towards a Cashless Society:
A significant driver of the GCC digital payment market is the ongoing societal shift towards a cashless economy. Globally and within the GCC nations, there is a growing preference for cashless payment options, driven by factors such as convenience, security, and hygiene, especially in the wake of the COVID-19 pandemic. This transition has led to an increased demand for digital payment solutions that provide secure and efficient ways to conduct financial transactions. As the GCC region continues to embrace the idea of a cashless society, digital payment methods are becoming increasingly integral to daily life, driving market growth.
- Regulatory Support and Initiatives:
The GCC governments have played a crucial role in fostering the growth of the digital payment market by implementing supportive regulations and initiatives. The regulatory environment in the GCC countries has been instrumental in mitigating concerns related to security and fraud in digital payments, making users more confident in adopting these methods. Governments have also introduced initiatives aimed at promoting digital financial literacy and encouraging the adoption of digital payment solutions, contributing to the market's expansion.
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GCC Digital Payment Market Report Segmentation:
By Component:
- Solutions
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security and Fraud Management
- Transaction Risk Management
- Others
- Services
- Professional Services
- Managed Services
Based on the component, the market has been segmented into solutions (application program gateway, payment processing, payment security and fraud management, transaction risk management, and others), services (professional services, managed services).
By Payment Mode:
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Others
By the payment mode, the market has been categorized into bank cards, digital currencies, digital wallets, net banking, and others.
By Deployment Mode:
- Cloud-based
- On-premises
On the basis of the deployment mode, the market has been bifurcated into cloud-based and on-premises.
By End Use Industry:
- BFSI
- Healthcare
- IT and Telecom
- Media and Entertainment
- Retail and E-commerce
- Transportation
- Others
On the basis of the end use industry, the market has been divided into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others.
Regional Insights:
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
On regional basis, the market has been categorized into Saudi Arabia, UAE, Qatar, Oman, Kuwait, Bahrain.
GCC Digital Payment Market Trends:
The GCC digital payment market is currently experiencing substantial growth, driven by the widespread adoption of smartphones and internet connectivity across the region, which has significantly expanded the customer base for digital payment solutions. This surge in digital literacy and access to technology has created a fertile ground for the proliferation of digital payment methods.
Additionally, the ongoing shift towards a cashless society, both globally and within the GCC countries, has bolstered the demand for convenient, secure, and efficient payment options, which is accelerating the market growth. Moreover, the COVID-19 pandemic accelerated this trend as consumers increasingly sought contactless payment methods to minimize physical interaction, which is bolstering the market growth.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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