GCC Mobile Payment Market

GCC Mobile Payment Market Overview:

The GCC mobile payment market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. Mobile payment, also known as m-payment, refers to an automatic payment method made under financial supervision by regulatory bodies using mobile devices, tablets, and payment instruments such as a debit or credit card, bank account, gift card, and mobile wallet. As compared to traditional payment methods, mobile payment is more secure, convenient, and easy to use, as a code is generated during a mobile payment transaction and is sent over the air (OTA) or manually by the user. The adoption of mobile payment options has also reduced the need to deal with traditional payment methods, such as checks and cash. In recent years, mobile payment has gained popularity as numerous banks and companies provide mobile payment options within their applications to ease the process of instant transactions directly from the customer’s bank accounts.

One of the primary factors driving the market is the growing adoption of smartphones and the constant developments in the network infrastructure across the GCC region. Additionally, the rising awareness regarding the improved safety associated with these transactions is creating a positive market outlook. Furthermore, the easy availability of high-speed internet in this region allows numerous retail outlets to set up mobile-based payment options for their consumers, thereby positively influencing the market growth. Besides this, the integration of biometric authentication methods with mobile payment applications to reduce the chances of security thefts or frauds by securing the payment gateway is propelling market growth. In line with this, non-bank organizations are launching pre-payment instruments (PPIs) to allow interpersonal transactions and several key players are introducing various discount coupons, incentive programs, and cashback offers. Apart from these factors, on account of the sudden outbreak of the coronavirus disease (COVID-19), the population across the GCC region is shifting toward contactless payments to maintain social distancing, thus creating lucrative growth opportunities for key players operating in the industry. Moreover, governments of various nations are implementing numerous initiatives to promote the adoption of digital payments and develop easy payment options with the help of QR codes and scans. These factors are expected to create a positive impact on the market growth in the upcoming years.

Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC mobile payment market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC mobile payment market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC mobile payment market in detail for latest trends, outlook and opportunities.

The report analyses the competitive structure of the GCC mobile payment market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC mobile payment market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC mobile payment market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC mobile payment market industry. Furthermore, the value chain analysis of the GCC mobile payment market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution. 

GCC Mobile Payment Market Segment Insights:

The GCC mobile payment market has been analysed as followed:

By Mode of Transaction:

• WAP
• NFC
• SMS
• USSD
• Others

By Application:

• Entertainment
• Food and Beverage
• Energy and Utilities
• Healthcare
• Retail
• Hospitality and Transportation
• Others

By Country:

• Saudi Arabia
• United Arab Emirates
• Qatar
• Kuwait
• Oman
• Bahrain

Country-wise, the market has been segmented into Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia represents the largest market, accounting for majority of the GCC region.

Competative Landscape: 

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Highlights of the GCC Mobile Payment Market Report:

• Historical and current scenario
• Trends and developments
• Impact of COVID-19
• Market forecast
• Price analysis and forecast
• Porter’s five forces analysis
• SWOT analysis
• Value chain analysis

Report Customisation:

The GCC mobile payment market report can be customised as per your requirements. You can get in touch with our analyst, who will make sure that the report suits your research needs.