GCC Digital Payment Market Report 2023-2028: Industry Trends, Segmentation and Forecast Analysis

The latest report by IMARC Group, titled "GCC Digital Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The GCC digital payment market is expected to exhibit a growth rate (CAGR) of 13% during 2023-2028.

Factors Affecting the Growth of the GCC Digital Payment Industry:

• Emerging Technological Advancements:

The GCC region is experiencing a transformation in the technological sector, particularly in recent years. Increased smartphone penetration and improved internet connectivity are shaping the digital payment market. In addition, the widespread availability of high-speed internet, along with 4G and 5G networks, has enabled seamless digital transactions which made digital payments accessible to a broader population and enhanced the user experience. Mobile apps, designed for various digital payment methods are becoming user-friendly, offering convenience and efficiency. Besides this, the integration of biometric authentication methods, such as fingerprint recognition and facial recognition, is improving security measures, and instilling trust among users.

• Changing Consumer Behavior:

In the GCC region, consumer behavior is undergoing a significant transformation due to the growing preference for convenience and security. Digital payment methods are emerging as the quintessential solution, offering a seamless and secure way to manage financial transactions. For instance, mobile banking apps, have revolutionized how consumers manage their finances, allowing users to check account balances, make payments, and transfer funds at the touch of a button which aligns perfectly with the fast-paced lifestyles of individuals in the GCC. Moreover, the rise of contactless payments led to the adoption of digital payment methods. Also, with just a tap or wave of their cards or smartphones, consumers can complete transactions swiftly and hygienically which is gained popularity during the COVID-19 pandemic.

• Significant Expansion in the E-commerce Industry:

The GCC region has witnessing remarkable growth in e-commerce activities in recent years, which is escalating the demand for digital payment solutions. Additionally, the shift in shopping behavior of consumers embracing online shopping, and the preference for online payments when making purchases is influencing the market growth. Besides this, e-commerce offers several products and services, allowing consumers to access items not easily available in traditional brick-and-mortar stores. Along with this, the convenience of browsing, selecting, and paying for items from the comfort of one's home or mobile device is highly appealing, thus propelling the market growth.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/gcc-digital-payment-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

By Component:
• Solutions
o Application Program Interface
o Payment Gateway
o Payment Processing
o Payment Security and Fraud Management
o Transaction Risk Management
o Others
• Services
o Professional Services
o Managed Services
Based on the component, the market has been divided into solutions (application program gateway, payment processing, payment security and fraud management, transaction risk management, and others), and services (professional services, managed services).

By Payment Mode:
• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Others
On the basis of the payment mode, the market has been classified into bank cards, digital currencies, digital wallets, net banking, and others.

By Deployment Mode:
• Cloud-based
• On-premises
Based on the deployment mode, the market has been bifurcated into cloud-based and on-premises.

By End Use:
• BFSI
• Healthcare
• IT and Telecom
• Media and Entertainment
• Retail and E-commerce
• Transportation
• Others
On the basis of end use, the market has been divided into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others.

Breakup by Country:
• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman
On the basis of countries, the market has been segregated into Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, and Oman.

Explore Full Report with TOC: https://www.imarcgroup.com/gcc-digital-payment-market

GCC Digital Payment Market Opportunities:

GCC governments are promoting digitalization and cashless transactions as part of their broader economic diversification and modernization agendas which include various aspects, including the development of digital wallets and government-backed payment systems. Also, the creation of secure and interoperable digital payment platforms simplified transactions and ensured a consistent and reliable payment experience for users across the region. Moreover, the integration of government services with digital payment methods has further incentivized their adoption.
Furthermore, governments have introduced regulations and frameworks to enhance the security and transparency of digital payments which are essential to build trust among users and businesses, reinforcing the GCC's reputation as a safe and efficient digital payment environment.

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Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.