Mark Wilson's blog : GCC Mobile Payment Market Size, Share, Growth, Trends, Key Vendors, Regions Demand and Forecast to 2028 | Syndicated Analytics

“GCC Mobile Payment Market: Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast, 2023-2028” provides a deep and thorough evaluation of the GCC mobile payment market based on its segments including mode of transaction, application and region. The report tracks the latest industry trends and analyses their overall impact on the market. It also evaluates the market dynamics, which cover the key demand and price indicators, and studies the market on the basis of the SWOT and Porter’s Five Forces models.

Report Metrics

Historical Year: 2017-2022
Base Year: 2022
Forecast Year: 2023-2028

Mobile payments refer to digital alternatives to traditional payment systems where cash, cheques, or credit cards are the payment method. They allow customers to purchase products or services utilizing laptops, smartphones, tablets, etc., quickly and seamlessly. Mobile payments solution involves the usage of mobile applications that are linked to the financial credentials of the users and are promoted by the availability of Point-of-Sale (PoS) terminals that process the transactions. They use various technologies, such as Near Field Communication (NFC), SMS-based transactional payments, direct mobile billing, etc., to improve the security of the transaction. Mobile payments are safe, secure, accessible, and convenient. They are widely employed in several industries, such as entertainment, food and beverage, healthcare, retail, energy and utilities, hospitality, etc.

Note: The study incorporates COVID-19’s direct market impact as well as the indirect effects of related industries on the GCC mobile payment market. These insights are regularly updated by the subject matter experts at Syndicated Analytics.

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GCC Mobile Payment Industry Trends and Drivers:

The growing adoption of digitization across banking, financial, services, and insurance (BFSI) sector is primarily driving the GCC mobile payment market. In addition to this, the increasing incorporation of loyalty and incentive programs to store all the necessary information digitally and expand the customer base is further propelling the market growth. Moreover, the rising integration of mobile payment applications with passcodes and biometric authentication services to ensure a secure payment gateway and reduce the chances of security theft or fraud is acting as another significant growth-inducing factor. Apart from this, the launch of numerous favorable policies by government authorities to promote cashless payments is creating a positive outlook for the market across the GCC region. Additionally, the inflating popularity of prepaid payment instruments and buy-now-pay-later services is projected to cater to the growth of the GCC mobile payment market in the coming years.

GCC Mobile Payment Market Segmentation:

The market is segmented in on the basis of mode of transaction, application and region.

Mode of Transaction:

- WAP
- NFC
- SMS
- USSD
- Others

Application:

- Entertainment
- Food and Beverage
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others

Region:

- - Saudi Arabia
  - United Arab Emirates
  - Qatar
  - Kuwait
  - Oman
  - Bahrain

The key regions covered in the market report are Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain. Moreover, the report also focuses on factors that strengthen revenue potential, demand, and consumption patterns in the market.

Competitive Landscape:

The report also provides insights on the competitive landscape of the GCC mobile payment industry with the leading players profiled in the report.