GCC P2P Payment Market Insights Report Overview

Dive into the latest insights on the GCC P2P Payment Market with our comprehensive report, accurately curated by the experts at MarkNtel Advisors. Our report offers a thorough examination of the landscape, providing valuable data, impartial analysis, and strategic insights to drive informed decision-making.

Report’s Study Period:

• Historical Period: 2019-22
• Base Year: 2023
• Forecasting Period: 2024-30

We accurately gather data from primary and secondary sources, capturing the industry’s historical fluctuations and trends, including market dynamics, consumer behavior, manufacturing insights, and more. Leveraging this data alongside the base year information, we project the industry’s trajectory into the future.

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Industry Driving Factor:

Rising Cyber Security Breaches Lowering the Adoption of Digital Payment Solutions – The GCC countries have seen a rise in money laundering & cybercrime activities, posing significant threats to their financial systems, national security, and economies. The growth of technology and social media has led to an increase in cybercrimes like blackmail, embezzlement, and hacking of bank accounts. Many cyberattacks target digital payment methods, which hinders their adoption, thus limiting the growth of the GCC P2P Payments Market.

Moreover, organizations in Saudi Arabia and the UAE were the main targets for cyber-attacks in the Gulf Corporation Council Countries between mid-2021 and mid-2022, according to Cybersecurity Firm Group-IB. Thus, the evolving nature of cybercrime and the sophistication of money laundering techniques are presenting challenges for market expansion.

Segmentation Summary: GCC P2P Payment Market

Our report delves into the intricate segmentation of the GCC P2P Payment Market, providing insights into each subdivision’s trajectory, trends, and advancements. This analysis empowers stakeholders to navigate the industry landscape with precision, understanding the nuances of each segment.

-By End User

• Retail & E-commerce
• Travel & Hospitality
• Transportation & Logistics
• BFSI
• Healthcare
• Others (IT & Telecom, Media & Entertainment, etc.)

The expansion of digital payments in the retail and e-commerce sectors has been notable in recent times. The increasing prevalence of online shopping & the widespread adoption of e-commerce platforms have significantly contributed to the surge in digital payment usage in the region. In GCC countries, the ratio of internet users to the population has surged to 98.2%. Consumers are increasingly favoring the convenience & efficiency offered by digital payment methods when making purchases online or in physical retail stores. The integration of digital payment options at checkout counters has become commonplace, which would assist in enhancing the market size.

-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)

-By Location

• Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
• Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)

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Leading Competitive: GCC P2P Payment Market

• Paypal
• Apple Pay
• Venmo
• Cash App
• Google Pay
• Square Cash
• Zelle
• Noon Pay
• Mamo Pay
• Ziina Pay
• MoneyGram International, Inc.
• Beyon Money
• Others

Geographical Reach:

The GCC P2P Payment Industry spans across various, each characterized by unique cultural, regulatory, and economic factors. Our geographical analysis provides a comprehensive overview and forecast, considering these differences and assessing market players’ presence, consumer preferences, and more.

-By Country

• Saudi Arabia
• The UAE
• Qatar
• Kuwait
• Oman
• Bahrain

For inquiries or further discussions, connect with our analyst today to unlock the full potential of the GCC P2P Payment Industry.

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Key Focus Areas:

• What are the primary drivers and trends influencing the GCC P2P Payment Industry’s growth, and how is the market structured?
• How are segments within the GCC P2P Payment Industry defined, and what is the size of each segment?
• Which segments and geographical present the most promising growth opportunities?
• What does the competitive landscape look like, and how do key players position themselves within the market?

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About Us

MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.

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