The latest report by IMARC Group, titled “GCC Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the GCC mobile payment market size reached US$ 30.1 Billion in 2022. Mobile payment is the process of transferring funds for buying products or services using a tablet or smartphone and payment instruments, such as a debit or credit card, gift card, bank account, and mobile wallet. It is more secure, convenient, and easy to use than conventional payment methods, as mobile POS systems do not save the user’s data on the merchant’s POS terminal. As a result, mobile payments are extensively utilized in the GCC region across diverse end-use industries, including food service, retail, and entertainment.
GCC Mobile Payment Market Trends:
The market is primarily driven by the expanding e-commerce industry across the region. In addition, the rising adoption of contactless payment services due to the sudden outbreak of the coronavirus disease (COVID-19) represents another major growth-inducing factor. Moreover, the rising number of expatriate workers is also escalating the demand for mobile payment solutions as it reduces time and saves costs for cross-border payments. Besides this, several companies are collaborating with financial institutions to transfer salaries to their employees through mobile payment solutions. For instance, Ooredoo QSC, a telecommunication company, collaborated with Qatar National Bank (QNB) to disburse salaries to their employees while reducing accounting and administration costs. Furthermore, the growing integration of mobile payment applications with passcodes and/or biometric authentication methods that secures the payment gateway and personal details and minimize the chances of fraud is also propelling the market growth. Looking forward, IMARC Group expects the market to reach US$ 104.1 Billion by 2028, exhibiting a CAGR of 22.6% during the forecast period (2023-2028).
- Based on the mode of transaction, the market has been segmented into WAP, NFC, SMS, USSD, and Others.
- On the basis of the application, the market has been classified into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
- On the geographical front, the market has been divided into Saudi Arabia, UAE, Qatar, Oman, Kuwait, and Bahrain.
- The competitive landscape of the market has been examined in the report, with detailed profiles of the key players operating in the industry.
|Base Year of the Analysis
||Mode of Transaction, Application, Country
||Saudi Arabia, UAE, Qatar, Bahrain, Oman, Kuwait
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