GCC Financial Cards & Payments Market
Banks are providing eco-friendly cards made of recycled materials & promoting paperless statements & digital receipts. Hence, this action underlines the dynamic nature of the GCC Financial Cards & Payments Market, further creating an opportunistic arena.
According to MarkNtel Advisors study, The GCC Financial Cards & Payments Market is projected to grow at a CAGR of around 11.2% during the forecast period, i.e., 2024-30.
The growing e-commerce industry across the GCC region has well-supported the Financial Cards & Payments Market over 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 global retail players in the lucrative market. 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 of payments made via financial cards, such as debit cards, prepaid cards, credit cards, etc., has increased considerably. 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 will increase the demand for financial cards and payments in the forecast years.
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Key Findings in GCC Financial Cards & Payments Market:
Historical Years – 2019-2022
Base Years – 2023
Forecast Years – 2024-2030
Key Report Highlights
· Market Dimensions & Projections
· Pricing Evaluation,
· Recent Strategic Moves by Companies,
· Primary Stakeholders,
· Analysis of Import and Export Trends,
· Competitive Landscape Assessment,
· Emerging Opportunities,
· Market Trends and Indicators
Reports Delivery Format
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GCC Financial Cards & Payments Market Key Players:
Visa, Mastercard, American Express, Citibank, HSBC, PayPal express checkout, HDFC Bank, Diners Club, Barclays, Hyperpay, Others
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Market Segmentation Overview:
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
Customer-to-business (C2B) segment witnessed sizeable growth over the historical period. The rising penetration of the internet & smartphones in the GCC region has expanded the scope of financial cards and payments for e-commerce activity. The trend of shopping through e-commerce portals has gained noteworthy traction in countries such as the UAE, Saudi Arabia, Qatar, etc. The rising inclination of consumers towards online shopping as it offers a convenient, enjoyable, and secure digital experience has flourished the adoption of cashless payment methods, such as debit cards, and credit cards, among others.
By Type of Transactions
-Domestic
-Foreign
By Card Issuing Institution
-Banking
-Non-Banking
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By Region
Saudi Arabia
The UAE
Qatar
Bahrain
Kuwait
Oman
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