A Quick Overview of GCC P2P Payment Market
The key object of this report on the GCC P2P Payment Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.
MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.
According to the latest report, the GCC P2P Payment Market is estimated to grow at a CAGR of around 8.68% Insight from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.
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Market Dynamics:
Driver-
Prospering E-commerce Industry Driving the Rapid Development of Digital Payment in Gulf Countries – The surge in the e-commerce industry in GCC countries like the UAE, Saudi Arabia, Kuwait, Bahrain, etc., is fueling a significant transformation of the consumer experience and prompting the rise of digital payments. Several factors have contributed to the buoyant growth of the e-commerce sector in the region. These include the increasing popularity of social commerce & significant investments in infrastructure, such as efficient fulfillment centers, initiatives by the Dubai Zones Council, and strategic partnerships, like the collaboration between Noon.com and eBay.
This further underscores effort to capitalize on the expanding market landscape, setting the stage for a promising future for the e-commerce sector in the UAE and the wider GCC region. These factors led to the increasing demand for online shopping, which fueled a surge in the population of online buyers in the GCC, with the number of online shoppers projected to approach 60%. Further, aiding in thriving the Digital Payment Market across the GCC countries.
GCC P2P Payment Market Report Segmentation:
The report by MarkNtel Advisors on GCC P2P Payment Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:
By Transaction Mode
- Short Message Service (SMS)- Market Size & Forecast 2019-2030, (USD Million)
- Mobile Apps- Market Size & Forecast 2019-2030, (USD Million)
- Smartcard/NFC (Near field communication)- Market Size & Forecast 2019-2030, (USD Million)
- Others (Bank Transfers, Digital Wallets, etc.)- Market Size & Forecast 2019-2030, (USD Million)
Smartcard/NFC transactions have emerged as the dominant force in the P2P (Peer-to-peer)/Digital Payment Market in the GCC region, holding the largest share, and this trend is expected to continue in the coming years as well. This is attributed to the growing issuance of chip cards by banks & the widespread availability of mobile app-based debit card payment methods, such as Google Pay, Samsung Pay, etc., creating a substantial demand for NFC/Smart Cards.
By Location
- Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
- Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)
By End User
- Retail & E-Commerce- Market Size & Forecast 2019-2030, (USD Million)
- Travel & Hospitality- Market Size & Forecast 2019-2030, (USD Million)
- Transportation & Logistics- Market Size & Forecast 2019-2030, (USD Million)
- BFSI- Market Size & Forecast 2019-2030, (USD Million)
- Healthcare- Market Size & Forecast 2019-2030, (USD Million)
- Others (IT & Telecom, Media & Entertainment, etc.)- Market Size & Forecast 2019-2030, (USD Million)
By Country
- Saudi Arabia
- The UAE
- Qatar
- Kuwait
- Oman
- Bahrain
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Some of the Top GCC P2P Payment Companies in the Market
In the fast-changing GCC P2P Payment Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry are:
- Paypal
- Apple Pay
- Venmo
- Cash App
- Google Pay
- Square Cash
- Zelle
- Noon Pay
- Mamo Pay
- Ziina Pay
- MoneyGram International, Inc.
- Beyon Money
- Others
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