MarkNtel Advisors has released a research report on the GCC Financial Cards & Payments Market, covering the forecast period from 2023 to 2028. The research segment utilizes efficient methodologies to convey sales and revenue forecasts for the specified years, enhancing user understanding and supporting well-informed decision-making. Through a combination of qualitative and quantitative data, this report comprehensively addresses significant changes, gap analyses, emerging opportunities, trends, industry dynamics, and competitive challenges. To familiarize both existing businesses and new entrants with the present market scenario, the report delivers detailed growth prospects for the industry and concise insights into competitors.
GCC Financial Cards & Payments Market Insights:
The Global GCC Financial Cards & Payments Market is anticipated to grow at a CAGR of around 11.2% during the forecast period, i.e., 2023-28.
This thorough examination encompasses crucial details on market trends, size, forecasts, factors contributing to growth, challenges, and evaluations of competitors. The report conducts a comprehensive assessment of the GCC Financial Cards & Payments Market, offering insights into the latest advancements and presenting an overview of the market landscape.
Key Driver: Expanding E-commerce Industry Across the Region
The growing e-commerce industry across the GCC region has well-supported the financial cards and payments market in the historical years. The countries, such as the UAE, Saudi Arabia, Qatar, etc., have witnessed a significant surge in online retail sales due to high investments by the global retail players in the lucrative market GCC. For instance, in 2020, Carrefour and Lulu Group, two of the largest retailers in the Middle East, launched their online shopping portals in the UAE. The countries, including the UAE, Qatar, Kuwait, and Bahrain have almost 100% of the population with internet and mobile phone access.
Due to this, the transactional volume through payments made via financial cards, such as debit cards, prepaid cards, credit cards, etc., has increased considerably. According to the International Trade Administration (ITA), e-commerce sales in the UAE recorded USD3.9 billion in revenues during 2020, a jump of 53% from 2019. Moreover, the Dubai Chamber of Commerce and Industry forecasts e-commerce to generate USD8 billion in sales by the year 2025. Hence, it is expected that the ever-growing e-commerce market in the region would promulgate the demand for financial cards and payments in the forecast years.
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GCC Financial Cards & Payments Market Segmentation Analysis
A thorough examination of the GCC Financial Cards & Payments Market is presented in our research report, meticulously delving into key market segments:
By Type of Card
-Credit Card
-Debit Card
-Charge Card
-Prepaid Card
By Type of Payments
-B2B
-B2C
-C2C
-C2B
–E-Commerce Shopping
–Payments at POS Terminals
–Others
By Type of Transactions
-Domestic
-Foreign
By Card Issuing Institution
-Banking
-Non-Banking
By Country
-Saudi Arabia
-The UAE
-Qatar
-Bahrain
-Kuwait
-Oman
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Analysis of GCC Financial Cards & Payments Market Share:
The GCC Financial Cards & Payments Market’s competitive environment is examined extensively via a comprehensive analysis of its competitors. This analysis provides in-depth information on each company’s profile, financial achievements, market presence, potential, Research and Development (R&D) expenditures, recent strategic moves in the market, worldwide footprint, strengths and weaknesses, and notable product/service introductions and dominance. The information outlined above offers a comprehensive overview of the prominent market players, including,
-Visa
-Mastercard
-American Express
-Citibank
-HSBC
-PayPal express checkout
-HDFC Bank
-Diners Club
-Barclays
-Hyperpay
-Others
Frequently Asked Questions (FAQs)
- How are cost and profit estimations evolving within the GCC Financial Cards & Payments Industry?
- How do factors such as supply and consumption contribute to the industry landscape?
- How do import and export considerations influence the dynamics of the GCC Financial Cards & Payments Industry?
- Which technological advancements are expected to influence the future of the GCC Financial Cards & Payments Market?
- Who are the prominent players featured in the GCC Financial Cards & Payments Market research report?
- What are the projected valuations in USD, and what is the CAGR for the forecasted years?
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