GCC Financial Cards & Payments Market Overview:

According to MarkNtel Advisors study 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.

Key Findings of the Study: GCC Financial Cards & Payments market

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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Scope of the GCC Financial Cards & Payments Market Report Segmentation

-By Type of Card

  • Credit Card
  • Debit Card
  • Charge Card
  • Prepaid Card

-By Type of Payments

  • B2B
  • B2C
  • C2C
  • C2B

-By Type of Transactions

  • Domestic
  • Foreign

-By Card Issuing Institution

  • Banking
  • Non-Banking

For more detailed information about the GCC Financial Cards & Payments market report, click here – https://www.marknteladvisors.com/research-library/gcc-financial-cards-payments-market.html

Geographical analysis:

-By Country

  • Saudi Arabia
  • The UAE
  • Qatar
  • Bahrain
  • Kuwait
  • Oman

The UAE is anticipated to acquire the largest market share during the forecast period. It owes principally to the country having numerous shopping complexes, the establishment of luxury brands, and plenty of things to shop for, encouraging the utilization of financial cards & payments to make transactions conveniently.

Besides, the massive influx of tourists, pilgrims, and migrants in the country is also augmenting the demand for these transactional services across commercial areas like hotels, restaurants, cafes, shopping malls, retail stores, online platforms, and other locations. Hence, the need for QR-code-based payment systems is gaining momentum and backing the UAE Financial Cards & Payments Market growth.

Current Landscape of GCC Financial Cards & Payments Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the GCC Financial Cards & Payments market. The research report profiles major players, including

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  • Visa
  • Mastercard
  • American Express
  • Citibank
  • HSBC
  • PayPal express checkout
  • HDFC Bank
  • Diners Club
  • Barclays
  • Hyperpay
  • Others

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