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

The latest report by IMARC Group, titled "𝐆𝐂𝐂 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐛𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭 (𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬), 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐨𝐝𝐞 (𝐁𝐚𝐧𝐤 𝐂𝐚𝐫𝐝𝐬, 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐂𝐮𝐫𝐫𝐞𝐧𝐜𝐢𝐞𝐬, 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐖𝐚𝐥𝐥𝐞𝐭𝐬, 𝐍𝐞𝐭 𝐁𝐚𝐧𝐤𝐢𝐧𝐠, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐃𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭 𝐌𝐨𝐝𝐞 (𝐂𝐥𝐨𝐮𝐝-𝐁𝐚𝐬𝐞𝐝, 𝐎𝐧-𝐏𝐫𝐞𝐦𝐢𝐬𝐞𝐬), 𝐄𝐧𝐝 𝐔𝐬𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 (𝐁𝐅𝐒𝐈, 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞, 𝐈𝐓 𝐚𝐧𝐝 𝐓𝐞𝐥𝐞𝐜𝐨𝐦, 𝐌𝐞𝐝𝐢𝐚 𝐚𝐧𝐝 𝐄𝐧𝐭𝐞𝐫𝐭𝐚𝐢𝐧𝐦𝐞𝐧𝐭, 𝐑𝐞𝐭𝐚𝐢𝐥 𝐚𝐧𝐝 𝐄-𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞, 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫𝐬), 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧 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.

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.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐎𝐭𝐡𝐞𝐫 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:
• https://www.imarcgroup.com/south-east-asia-popcorn-market
• https://www.imarcgroup.com/south-east-asia-precious-metals-market
• https://www.imarcgroup.com/south-east-asia-printer-market
• https://www.imarcgroup.com/south-east-asia-private-equity-market
• https://www.imarcgroup.com/south-east-asia-real-estate-market
• https://www.imarcgroup.com/south-east-asia-rice-market

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