The GCC mobile payment market size reached US$
24.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$
85.1 Billion by 2027, exhibiting a growth rate (CAGR) of
22.8% during 2022-2027.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile payment market report, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on mode of transaction and application.
Breakup by Mode of Transaction:
Breakup by Application:
- Energy and Utilities
- Hospitality and Transportation
Breakup by Country:
- Saudi Arabia
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Mode of Transaction, Application, Country
||Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait
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Key Questions Answered in This Report:
- How has the GCC mobile payment market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the GCC mobile payment market?
- What are the key regional markets?
- What is the breakup of the market based on the mode of transaction?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the GCC mobile payment market and who are the key players?
- What is the degree of competition in the industry?