GCC Financial Cards & Payments Market Industry Analysis, Future Demand Projections, and Forecasts Until 2028

The latest report by MarkNtel Advisors, titled “GCC Financial Cards & Payments Market” Size study report 2023-28 provides an in-depth examination of revenue growth, market definition, segmentation, industry potential, and influential trends to help comprehend the market’s future outlook and existing prospects. GCC Financial Cards & Payments Market Share, Size, and Industry Analysis. By Type (Card [Credit Card, Debit Card, Charge Card, Prepaid Card]), By Type of Payments (B2B, B2C, C2C, C2B [E-Commerce Shopping, Payments at POS Terminals, Others]), By Type of Transactions (Domestic, Foreign), By Card Issuing Institution (Banking, Non-Banking), By Country (UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, Oman). The GCC Financial Cards & Payments Market is anticipated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2023-28.

Key Highlights of the Market Report:

Detailed overview of the market share
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of volume and value
Recent industry trends and developments
Competitive landscape of GCC Financial Cards & Payments Market
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising market growth

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Key Driver: Expanding E-commerce Industry Across the Region

The growing e-commerce industry across the GCC region has well-supported the financial cards and payments market in 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 the global retail players in the lucrative market GCC. For instance, in 2020, Carrefour and Lulu Group, two of the largest retailers in the Middle East, launched their online shopping portals in the UAE. 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 through payments made via financial cards, such as debit cards, prepaid cards, credit cards, etc., has increased considerably. According to the International Trade Administration (ITA), e-commerce sales in the UAE recorded USD3.9 billion in revenues during 2020, a jump of 53% from 2019. 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 would promulgate the demand for financial cards and payments in the forecast years.

GCC Financial Cards & Payments Market Segmentation

By Type of Card

-Credit Card

-Debit Card

-Charge Card

-Prepaid Card

By Type of Payments

-B2B

-B2C

-C2C

-C2B

--E-Commerce Shopping

--Payments at POS Terminals

--Others

By Type of Transactions

-Domestic

-Foreign

By Card Issuing Institution

-Banking

-Non-Banking

By Country

-Saudi Arabia

-The UAE

-Qatar

-Bahrain

-Kuwait

-Oman

Click here for a more detailed explanation: https://www.marknteladvisors.com/research-library/gcc-financial-cards-payments-market.html

Major Key Players in GCC Financial Cards & Payments Market research report:

-Visa

-Mastercard

-American Express

-Citibank

-HSBC

-PayPal express checkout

-HDFC Bank

-Diners Club

-Barclays

-Hyperpay

-Others

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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