GCC P2P Payment Market Growth Report, Projected to Grow at a CAGR of 8.68% Through 2030

Overview of GCC P2P Payment Market Size & Future Outlook

According to the latest report by MarkNtel Advisors, the GCC P2P Payment Market size is estimated to grow at a CAGR of around 8.68% from 2024-2030. This report is designed to enhance user understanding and support informed decision-making by thoroughly analyzing key market shifts, identifying gaps, exploring emerging opportunities, and assessing industry trends and competitive challenges. By combining both qualitative and quantitative data, it offers a comprehensive overview, highlighting growth prospects and providing valuable insights into competitors, helping both established companies and new entrants navigate the current market landscape.

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What are the key drivers influencing the growth of the GCC P2P Payment market?

This section provides a detailed analysis of the market drivers and factors is explored thoroughly below.

Prospering E-commerce Industry Driving the Rapid Development of Digital Payment in Gulf Countries – The surge in the e-commerce industry in GCC countries like the UAE, Saudi Arabia, Kuwait, Bahrain, etc., is fueling a significant transformation of the consumer experience and prompting the rise of digital payments. Several factors have contributed to the buoyant growth of the e-commerce sector in the region. These include the increasing popularity of social commerce & significant investments in infrastructure, such as efficient fulfillment centers, initiatives by the Dubai Free Zones Council, and strategic partnerships, like the collaboration between Noon.com and eBay.

This further underscores effort to capitalize on the expanding market landscape, setting the stage for a promising future for the e-commerce sector in the UAE and the wider GCC region. These factors led to the increasing demand for online shopping, which fueled a surge in the population of online buyers in the GCC, with the number of online shoppers projected to approach 60%. Further, aiding in thriving the Digital Payment Market across the GCC countries.

How is the GCC P2P Payment market segmented and what are the key factors within each segment?

The GCC P2P Payment market has been further segmented into distinct categories. Analyzing growth within these segments allows you to identify niche opportunities, develop targeted strategies, and understand the variations in your core application areas and target markets.

By Transaction Mode

Short Message Service (SMS)- Market Size & Forecast 2019-2030, (USD Million)
Mobile Apps- Market Size & Forecast 2019-2030, (USD Million)
Smartcard/NFC (Near field communication)- Market Size & Forecast 2019-2030, (USD Million)
Others (Bank Transfers, Digital Wallets, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Location

Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)

By End User

Retail & E-Commerce- Market Size & Forecast 2019-2030, (USD Million)
Travel & Hospitality- Market Size & Forecast 2019-2030, (USD Million)
Transportation & Logistics- Market Size & Forecast 2019-2030, (USD Million)
BFSI- Market Size & Forecast 2019-2030, (USD Million)
Healthcare- Market Size & Forecast 2019-2030, (USD Million)
Others (IT & Telecom, Media & Entertainment, etc.)- Market Size & Forecast 2019-2030, (USD Million)

By Country

Saudi Arabia
The UAE
Qatar
Kuwait
Oman

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Who are the Key Market Players in the GCC P2P Payment industry?

The competitive landscape of the GCC P2P Payment market provides a detailed look at the key players in the industry. This includes an overview of each company, their financial performance, revenue generation, and market potential. It also covers their investments in R&D, new market initiatives, production facilities, and strengths and weaknesses. Additionally, the analysis looks at recent product launches, approvals, the range of products offered, their dominance in different applications, and the product life cycle. All of this information is specifically focused on how each company is positioning itself within the market.

Several key players are actively operating in the market, including

Paypal
Apple Pay
Venmo
Cash App
Google Pay
Square Cash
Zelle
Noon Pay
Mamo Pay
Ziina Pay
MoneyGram International, Inc.
Beyon Money

Market Advancement by Leading Companies:

2024: Google Pay announced a partnership with NPCI Payment International Limited (NPIL), a subsidiary of the National Payment Corporation of India. Through this partnership, Google pay users would be able to make digital payments in GCC countries, including Oman, Qatar, Saudi Arabia, and the UAE.

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