How big is the GCC P2P Payment market?
According to MarkNtel Advisors study, The GCC P2P Payment Market size is projected 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 Trend:
Emergence of Blockchain Technology is Gaining Momentum – Blockchain technology is emerging as a trend for GCC countries in the development of financial services. WadzPay, a leading Blockchain digital assets payment present in the MENA region, has been implementing digital asset solutions with specific emphasis in the UAE and Saudi Arabia. According to the Cryptocurrency report, Saudi Arabia leads the world in year-over-year crypto-transaction growth.
In Gulf countries, the growing adoption of blockchain technology in digital payment / P2P has been introduced in the financial market. In 2021, the Saudi Arabian Monetary Authority (SAMA) joined the RippleNet allied banking blockchain network to help domestic banks settle payments and transactions with regional banks to make secure monetary transfers faster & cheaper. These initiatives are promoting the growth of the GCC P2P Payments Market.
Leading Companies 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
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GCC P2P Payment Market Segmentation:
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)
Smartcard/NFC transactions have emerged as the dominant force in the P2P (Peer-to-peer)/Digital Payment Market in the GCC region, holding the largest share, and this trend is expected to continue in the coming years as well.
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)
Regional/ Countries Insight:
- Saudi Arabia
- The UAE
- Qatar
- Kuwait
- Oman
- Bahrain
The UAE is projected to lead the GCC P2P Payment Market during the forecast period as the country’s government has launched new regulations that encourage the entry of the payment ecosystem in the country.
Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.
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