Report Overview

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– 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

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. 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
4. 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
5. 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
6. 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
7. 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
8. 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
9. 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
10. 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
11. 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
12. 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.)
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)
    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
15. Key Strategic Recommendations
16. 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