The GCC payment gateways market is expected to exhibit strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC payment gateways market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, application and mode of interaction.
Breakup by Application:
Breakup by Mode of Interaction:
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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