GCC Financial Cards & Payments Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-30. Factors such as the expanding e-commerce industry, regulatory changes in Islamic banking, growing international transaction volume, high internet penetration rate, and increasing requirements for credit facilities, among others, have stimulated the number of users of financial cards and payments in the Gulf region. The visionary efforts taken up by the governments of the UAE, Saudi Arabia, Qatar, etc., towards promoting digitalization in various sectors have increased the usage of facilities, such as mobile banking, internet banking, etc. Therefore, the rising utilization of these services has elevated the demand for financial cards and payments in the region.
Markntel Advisor’s GCC Financial Cards & Payments Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, GCC Financial Cards & Payments Market drivers, barriers, GCC Financial Cards & Payments Market Trends, and Key Players in GCC Financial Cards & Payments Market.
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GCC Financial Cards & Payments Market Dynamics: 2024-2030
GCC Financial Cards & Payments Market Driver:
Expanding E-commerce Industry – The growing e-commerce industry across the GCC region has well-supported the Financial Cards & Payments Market over the historical years. The countries, such as the UAE, Saudi Arabia, Qatar, etc., have witnessed a significant surge in online retail sales due to high investments by global retail players in the lucrative market. The countries, including the UAE, Qatar, Kuwait, and Bahrain have almost 100% of the population with internet and mobile phone access.
Due to this, the transactional volume of payments made via financial cards, such as debit cards, prepaid cards, credit cards, etc., has increased considerably. Moreover, the Dubai Chamber of Commerce and Industry forecasts e-commerce to generate USD8 billion in sales by the year 2025. Hence, it is expected that the ever-growing e-commerce market in the region will increase the demand for financial cards and payments in the forecast years.
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GCC Financial Cards & Payments Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Type of Card
- Credit Card
- Debit Card
- Charge Card
- Prepaid Card
- By Type of Payments
- B2B
- B2C
- C2C
- C2B
- E-Commerce Shopping
- Payments at POS Terminals
- Others
- By Type of Transactions
- Domestic
- Foreign
- By Card Issuing Institution
- Banking
- Non-Banking
- By Country
- Saudi Arabia
- The UAE
- Qatar
- Bahrain
- Kuwait
- Oman
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Top Companies Operating in the GCC Financial Cards & Payments Market:
- Visa
- Mastercard
- American Express
- Citibank
- HSBC
- PayPal express checkout
- HDFC Bank
- Diners Club
- Barclays
- Hyperpay
- Others
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