GCC P2P Payment Market Overview: 2024-2030

Base Year: 2023

Historical Years:    2019-22

Forecast Years: 2024-2030

The GCC P2P Payment Market is estimated to grow at a CAGR of around 8.68% during the forecast period, i.e., 2024-30.

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GCC P2P Payment Market Dynamics: 2024-2030

GCC P2P Payment Market Driver:

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.

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GCC P2P Payment Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

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

-Bahrain.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the GCC P2P Payment Market:

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

Industry Recent Development:

• 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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