Overview of the GCC P2P Payment Market:
Gain data-driven insights into the GCC P2P Payment Market Size, trends, and forecasts. This in-depth report delivers expert analysis of market drivers, segmentation, and emerging opportunities. It highlights key metrics and actionable findings in a professional, easy-to-scan format. Key statistics (market size, growth rates, share by segment) are presented up-front in bullet form for immediate impact.
Executive Summary
The GCC P2P Payment Market is estimated to grow at a CAGR of around 8.68% during the forecast period, i.e., 2024-30.
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.
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GCC P2P Payment Market Segmentation
Break down the market by key categories and geography. We outline major segments and provide size/share estimates for each.
-By Transaction Mode
- Short Message Service (SMS)
- Mobile Apps
- Smartcard/NFC (Near field communication)
- Others (Bank Transfers, Digital Wallets, etc.)
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 End User
- Retail & E-commerce
- Travel & Hospitality
- Transportation & Logistics
- BFSI
- Healthcare
- Others (IT & Telecom, Media & Entertainment, etc.)
The expansion of digital payments in the retail and e-commerce sectors has been notable in recent times.
-By Location
- Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
- Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)
Geographical Analysis
-By Country
- 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.
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Competitive Market Strategies: List of Largest GCC P2P Payment Companies
Analysis of the competitive landscape and company strategies. We profile leading players Business Description, Product Portfolio, Recent Developments, and list key Strategic Alliances or Partnerships approaches.
- Paypal
- Apple Pay
- Venmo
- Cash App
- Google Pay
- Square Cash
- Zelle
- Noon Pay
- Mamo Pay
- Ziina Pay
- MoneyGram International, Inc.
- Beyon Money
- Others
Future Market Analytics Focus Points
Look ahead to the analytics and trends shaping the industry’s future. This section suggests areas of emphasis for market analysis, such as:
- Identify Emerging Market Trends: Recognize new trends shaping industries.
- Leverage Big Data Analytics: Use data for informed decision-making strategies.
- Explore Geographic Expansion: Target growth opportunities in new areas.
- Analyze Consumer Behavior: Adapt to shifting preferences and habits.
- Emphasize Sustainability: Align strategies with ethical and sustainable practices.
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Objectives of the Study
Clearly state what the report aims to achieve. For example:
- Provide a comprehensive market overview with quantitative forecasts.
- Identify key market segments and competitive dynamics.
- Analyze trends and drivers influencing growth.
- Highlight challenges and risks, plus mitigation strategies.
- Offer actionable insights and recommendations for decision-makers.
Report Delivery Model
“Our market research report is available in multiple formats for convenience:
- Interactive PDF with rich charts and data tables.
- PowerPoint summary deck for easy presentation and sharing.
- Excel containing all research figure.
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