Market Overview:

The GCC payment gateways market size reached US$ 2,689 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 6,130 Million by 2028, exhibiting a growth rate (CAGR) of 14% during 2023-2028.

A payment gateway acts as an intermediary between various e-commerce websites and banks by facilitating the transaction of payments. It protects the user from fraudulent entities by securing their sensitive data, such as credit card numbers and bank account details. It also uses the HTTPS protocol that secures personal information for the submission of the order and provides various benefits such as a user-friendly interface, expense and loss management, and time efficiency. The increasing use of mobile wallets due to advancements in mobile payment technologies has increased the use of payment gateways in the GCC region.

The UAE and Saudi Arabia are the key countries showcasing a robust growth in the payment gateways market in the GCC. This can be attributed to the growing adoption of these services by the BFSI and retail sectors. Additionally, the rising internet penetration and presence of various service providers in the region are also providing a positive impact on the growth of the market. For instance, PayTabs, Telr, Checkout, Cashu, and Payfort are some of the leading payment gateways service providers in the GCC. Payment gateways assist organizations, like brick and mortar stores and online retail platforms, to collect money without compromising sensitive data. Furthermore, extensive investments in fintech startups based on payment and crowdfunding is also expected to stimulate the demand for payment gateways.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the GCC payment gateways market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on application and mode of interaction.

Breakup by Application:

• Large Enterprises
• Micro and Small Enterprises
• Mid-Size Enterprises
   

Breakup by Mode of Interaction:

• Hosted Payment Gateways
• Non-Hosted Payment Gateways
• Direct Payment Gateways
• Platform-Based Payment Gateways

Breakup by Country:

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key Questions Answered in This Report:

• How has the GCC payment gateways market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the GCC payment gateways market?
• What are the key regional markets?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the mode of interaction?
• 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 payment gateways market and who are the key players?
• What is the degree of competition in the industry?