Report Overview

GCC Mobile Payment Market - Industry Trends & Forecast Report, 2029

GCC mobile payment market size was estimated to be worth 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 CAGR of 22.49% reaching a value of USD 122.16 billion by 2029. Major growth factors for the GCC mobile payment market include the increasing number of smartphone users along with the flourishing e-commerce industry. Mobile payments offer the convenience of making real-time payments, which is attracting consumers, especially the younger demographic. With expanding opportunities in GCC, various mobile payment platforms are launching their services in this region, which is propelling the growth of the overall market.

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

Growth Drivers

Consumers’ Preference for Online Shopping and Contactless Payments

As the Internet becomes more widely available in many GCC countries, the eCommerce industry is rapidly gaining traction. Traditional retail companies are moving to the online marketplace in an effort of increasing their consumer base and staying relevant in the market. E-commerce enables people to purchase whenever and from anywhere. This implies that customers may acquire the goods they want and need more quickly since they are not limited by the business hours of a conventional brick-and-mortar store, which is also supported by mobile payments to make real-time payments.

Restraints

Security Concerns and Risk of Data Thefts

Although mobile payments are secured through highly-advanced methods of encryption and tokenization, they are vulnerable to data theft and security issues. The likelihood of getting hacked rises while using an unprotected Wi-Fi network. On an unsafe network, users should be cautious while adding cards, making purchases, or sending money. The major cause of this is that hackers frequently skulk around these sites, waiting to impersonate registration processes in order to acquire account details. These may make consumers vary on using mobile payment, limiting its market growth.

Impact of COVID-19 on GCC Mobile Payment Market

The unprecedented COVID-19 pandemic offered lucrative growth opportunities to 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.

GCC Mobile Payment Market

Segmental Coverage

GCC Mobile Payment Market – By Mode of Transaction

Based on the mode of transaction, the GCC mobile payment market is segregated into WAP, NFC, SMS, USSD, and other segments. The Near Field Communication (NFC) segment holds the highest share in the GCC mobile payment market. NFC is a simple, safe, and affordable way to link Android and iOS mobile phones to appliances or other electrical devices, which is why it is gaining favor among designers and customers. Discretion and lower emissions are two major concerns that NFC addresses in connected appliances.

GCC Mobile Payment Market – By Application

Based on application, the GCC mobile payment market is segmented into entertainment, energy & utilities, healthcare, retail, hospitality & 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.

GCC Mobile Payment Market – By Country

Geographically, the GCC mobile payment market covers the following major countries in the region: Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman. Saudi Arabia dominates the GCC mobile payment market. According to Saudi Payments, 35% of all near-field communication transactions in Saudi Arabia in 2021 involved payments made with a mobile device, as reported by Arab News. The report says that mobile payment is being facilitated by expanding the use of popular platforms including Apple Pay and Google Pay. Following Saudi Arabia, Qatar is also registering significant traction in the mobile payment market and is projected to register a high CAGR during the forecast period.

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.

Recent Developments

• In February 2023 - Mobily, a Saudi Arabia-based telecommunications company, launched Mobile pay services in partnership with Ericsson that enables financial services like contactless payments and money transfers in Saudi Arabia.

Scope of the Report

By Mode of Transaction

• WAP

• NFC

• SMS

• USSD

• Others

By Application

• Entertainment

• Energy and Utilities

• Healthcare

• Retail

• Hospitality and Transportation

• Others

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 Mobile Payment Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Consumers’ Preference for Online Shopping and Contactless Payments
         2. Increasing penetration of online stores for numerous products and services
      2. Restraints
         1. Declining Payment Fees
      3. Opportunities
         1. Increasing penetration of ecommerce and mobile phones
         2. Increase in Young population in GCC region
         3. Increase in inclination toward contactless payment methods
      4. Challenges
         1. With the increasing use of mobile payments, security concerns have become a major challenge for the industry
   3. Technological 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 Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
         1. WAP
         2. NFC
         3. SMS
         4. USSD
         5. Others
      2. By Application
         1. Entertainment
         2. Energy and Utilities
         3. Healthcare
         4. Retail
         5. Hospitality and Transportation
         6. Others
      3. By Country
         1. Saudi Arabia
         2. UAE
         3. Qatar
         4. Bahrain
         5. Kuwait
         6. Oman
5. Saudi Arabia Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
      2. By Application
6. UAE Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
      2. By Application
7. Qatar Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
      2. By Application
8. Bahrain Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
      2. By Application
9. Kuwait Mobile Payment Market Overview
   1. Market Size & Forecast by Value, 2019-2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Mode of Transaction
      2. By Application
10. Onam Mobile Payment Market Overview
    1. Market Size & Forecast by Value, 2019-2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Mode of Transaction
       2. By Application
11. Rest of GCC Mobile Payment Market Overview
    1. Market Size & Forecast by Value, 2019-2029
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Mode of Transaction
       2. By Application
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 Mobile Payment 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. National Bank of Kuwait
    9. Diners Club
    10. Barclays
    11. Hyperpay
    12. 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 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