Gcc Financial Cards And Payments Market

Home BFSI Gcc Financial Cards And Payments Market

GCC Financial Cards and Payments Market - By Type (Card, Credit Card, Debit Card, Charge Card, Prepaid Card); By Type of Payments (B2B, B2C, C2C, C2B, E-Commerce Shopping, Payments at POS Terminals); By Type of Transaction (Domestic, Foreign); By Card Issuing Institution (Banking, Non-Banking); By Country (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

Published Date: February 2023
Report ID: BWC22249
Available Format: PDF
Page: 200

Report Overview

Increasing consumer preference for online shopping and contactless payments and growing penetration of online stores for numerous products and services are projected to propel the expansion of GCC financial cards and payments market during the forecast period between 2023 and 2029.

GCC Financial Cards and Payments Market - Industry Trends & Forecast Report, 2029

GCC (Gulf Cooperation Council) financial cards and payments market size was estimated at USD 31.92 billion in 2022. During the forecast period between 2023 and 2029, the size of GCC financial cards and payments market is projected to grow at CAGR of 6.04% reaching a value of USD 47.87 billion by 2029. Major growth drivers for GCC financial cards and payments market include increasing as a result of government attempts to encourage digital payments, the establishment of digital-only banks for SMEs, and rapidly 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.

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 to facilitate hassle-free transactions and payment operations. For instance, a bank may provide a customer with 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.

GCC Financial Cards and Payments Market

Growth Drivers

Rapidly Growing Popularity of Online Shopping and Contactless Payments

Increasing use of online shopping and consumer preference for cashless payments is motivating retail businesses and financial institutions to implement QR-code-based payment systems and improve the overall transaction model for people in the region. As a result, the overall expansion of this industry is expected to be profitable and large in the approaching years.

Impact of COVID-19 on GCC Financial Cards and Payments Market

Covid-19 pandemic adversely affected most of the industries in GCC countries. However, the crisis hastened the use of online transactions and encouraged the expansion of the financial cards and payments market in the recent years. As governments across countries implemented lockdowns and travel restrictions for indefinite periods, people turned to digital platforms to buy items and get services, such as attractive offers and doorstep delivery. The 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 pandemic 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 boosted the volume of online purchases. During the forecast period, these factors are projected to boost the GCC financial cards and payments market.

GCC Financial Cards and Payments Market

Segmental Coverage

GCC Financial Cards and Payments Market – By Type

By type, GCC financial cards and payments market is segmented into Card, Credit Card, Debit Card, Charge Card, and Prepaid Card.

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.

GCC Financial Cards and Payments Market – By Type of Transaction

Based on type of transaction, GCC financial cards and payments market is divided into Domestic and Foreign segments.

GCC Financial Cards and Payments Market – By Card Issuing Institution

Based on card issuing institution, GCC financial cards and payments market is split into Banking and Non-Banking segments.

GCC Financial Cards and Payments Market – By Region

Geographically, GCC financial cards and payments market covers Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. During the forecast period, the UAE is expected to hold the major market share. It is mostly due to the country's large shopping complexes, the establishment of luxury brands, and an abundance of goods to buy, which encourages the use of financial cards and payments to complete transactions across locations conveniently. Country's large influx of visitors, pilgrims, and migrants is increasing demand for these transactional services in commercial areas such as hotels, restaurants, cafes, shopping malls, retail stores, online platforms, and other sites. As a result, the demand for QR-code-based payment systems is growing, supporting the expansion of the UAE Financial Cards & Payments Market.

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.

Scope of Report

Attributes	Details
Years Considered	Historical Data – 2019–2022
	Base Year – 2022
	Estimated Year – 2023
	Forecast Period– 2023–2029
Facts Covered	Revenue in USD Billion
Market Coverage	Gulf Cooperation Council
Product/ Service Segmentation	Type, Type of Payments, Type of Transaction, Card Issuing Institution, Region
Key Players	Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay

By Type

Card
Credit Card
Debit Card
Charge Card
Prepaid Card

By Type of Payments

B2B
B2C
C2C
C2B
E-Commerce Shopping
Payments at POS Terminals

By Type of Transaction

Domestic
Foreign

By Card Issuing Institution

Banking
Non-Banking

By Country

Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Executive Summary
GCC Financial Cards and Payments Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
    1. Consumers’ Preference for Online Shopping and Contactless Payments
    2. Rapidly Increasing Number of Online Stores for Various Products and Services
  2. Restraints
    1. Declining Payment Fees
  3. Opportunities
    1. Deepening Penetration of E-commerce and Smartphones
    2. Increase in Young Population in GCC region
    3. Increase Popularity of Contactless Payment Methods
  4. Challenges
    1. Stringent Regulations
3. Technology Advancements/Recent Developments
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
GCC Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
    1. Card
    2. Credit Card
    3. Debit Card
    4. Charge Card
    5. Prepaid Card
  2. By Type of Payments
    1. B2B
    2. B2C
    3. C2C
    4. C2B
    5. E-Commerce Shopping
    6. Payments at POS Terminals
    7. Others
  3. By Type of Transaction
    1. Domestic
    2. Foreign
  4. By Card Issuing Institution
    1. Banking
    2. Non-Banking
  5. By Country
    1. Saudi Arabia
    2. UAE
    3. Qatar
    4. Bahrain
    5. Kuwait
    6. Oman
Saudi Arabia Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
UAE Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Qatar Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Bahrain Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Kuwait Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Onam Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Rest of GCC Financial Cards and Payments Market Overview
1. Market Size & Forecast by Value, 2019–2029
  1. By Value (USD Billion)
2. Market Share & Forecast
  1. By Type
  2. By Type of Payments
  3. By Type of Transaction
  4. By Card Issuing Institution
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2022
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
Impact of Covid–19 on GCC Financial Cards and Payments Market
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
1. Visa
2. Mastercard
3. American Express
4. Citibank
5. HSBC
6. PayPal express checkout
7. HDFC Bank
8. Diners Club
9. Barclays
10. Hyperpay
11. Other Prominent Players
Key Strategic Recommendations
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
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

Market Segmentation

By Type

Card
Credit Card
Debit Card
Charge Card
Prepaid Card

By Type of Payments

B2B
B2C
C2C
C2B
E-Commerce Shopping
Payments at POS Terminals

By Type of Transaction

Domestic
Foreign

By Card Issuing Institution

Banking
Non-Banking

By Country

Saudi Arabia
UAE
Qatar
Bahrain
Kuwait
Oman

No data available

To request a free sample copy of this report, please complete the form below.

We value your investment and offer free customization with every report to fulfil your exact research needs.

Yes, I have read the privacy policy

This website is secure and your personal details are safe.

Frequently Asked Questions (FAQs):

1. Which is the fastest growth country in GCC Financial Cards and Payments Market?

Ans: UAE is expected to grow at the fastest rate in the GCC Financial Cards and Payments Market.

2. What is the current market size of GCC Financial Cards and Payments Market?

Ans: In 2022, GCC Financial Cards and Payments Market size was estimated at USD 31.92 billion.

3. What are the major factors driving the growth of GCC Financial Cards and Payments Market?

Ans: Major factors driving the growth of GCC Financial Cards and Payments Market include increasing consumers’ preference for online shopping and contactless payments and growing penetration of online stores for numerous products and services.

4. Which segment accounts for the highest market share in the GCC Financial Cards and Payments Market by type of payments?

Ans: The C2B segment is expected to hold the highest market share in the GCC Financial Cards and Payments Market by type of payments.

5. Name the key players in GCC Financial Cards and Payments Market.

Ans: Key players in GCC Financial Cards and Payments Market include Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, and Hyperpay.

PLACE AN ORDER

SINGLE USER LICENSE
$ 3599
GROUP LICENSE
$ 4000
ENTERPRISE LICENSE
$ 4500
EXCEL DATA PACK
$ 2100

Request for Sample

RELATED REPORTS

WHY CHOOSE US

24/7 Research Support

Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Custom Research Service

Ask the Analyst to customize an exclusive study to serve your research needs
Quality & Accuracy

Ask the Analyst to customize an exclusive study to serve your research needs
Data Visualization

As the business world is changing dynamically every day. We need to stay pin point in relation to data management and optimum data utilization
Information security

We never share your personal and confidential information. Your personal information is safe and secure with us.