The GCC mobile payment market is currently witnessing robust growth. Mobile payment aids in transferring funds using a smartphone and internet connection. During the transaction, a code is generated and sent over the air (OTA) or manually by the user. As a result, mobile payment is relatively more secure, convenient and easy to use than conventional methods. At present, the rising sales of smartphones and the increasing penetration of the internet are positively influencing the demand for mobile payment services in the GCC region.
The increasing adoption of contactless payment services, on account of the sudden outbreak of the coronavirus disease (COVID-19), represents one of the significant factors impelling the market growth in the GCC region. Moreover, with the rising number of expatriate workers, the demand for mobile payment is escalating in the region as it reduces the time and saves costs for conducting cross-border payments. Apart from this, several companies are collaborating with financial institutions to transfer salary to their employees via mobile payment solutions. For instance, Ooredoo QSC, a telecommunication company, collaborated with Qatar National Bank (QNB) to offer a hassle-free way of disbursing salaries to their employees while reducing accounting and administration costs. On account of these factors, the market is expected to continue its robust growth during the forecast period (2020-2025).
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile payment market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, mode of transaction and application.
Breakup by Mode of Transaction:
Breakup by Application:
Breakup by Country:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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