GCC Mobile Payment Market to Reach US$ 85.1 Billion by 2027, Impelled by Expanding E-commerce Industry

November 28, 2022

The latest report by IMARC Group, titled “GCC Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the GCC mobile payment market size reached US$ 24.4 Billion in 2021. 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$ 85.1 Billion by 2027, exhibiting a CAGR of 22.8% during the forecast period (2022-2027). 

Market Summary:

  • 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.
     

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
30 N Gould St, Ste 
Sheridan, WY (Wyoming) 82801 USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

GCC Mobile Payment Market to Reach US$ 85.1 Billion by 2027, Impelled by Expanding E-commerce Industry
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More