According to the latest IMARC group report titled ” GCC Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2020-2025», The market is currently experiencing strong growth. The GCC mobile payment market will show moderate growth over the next five years. Also known as electronic payment, mobile payment is fast becoming one of the most popular methods of exchanging money in the GCC region. It relies on a smartphone, an Internet connection and an associated bank account to initiate, authorize and confirm payments. Compared to conventional payment methods, it is convenient and offers enhanced security features.
Like the new coronavirus (COVID-19[female[feminine) the crisis is taking hold of the world, we are constantly monitoring changes in the markets, as well as the purchasing behaviors of consumers around the world and our estimations on the latest market trends and forecasts are made after considering the impact of this pandemic.
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Currently, there is a significant increase in the adoption of contactless payment services in the GCC region due to the current coronavirus disease (COVID-19) pandemic. This, together with the collaborations between many companies and financial institutions for the transfer of wages to their employees using mobile payment solutions, represents one of the important factors fueling the market growth in the region. Apart from this, due to the increasing number of expatriate workers, the demand for mobile payment is increasing as it minimizes the time and costs incurred to make cross border payments. This is expected to drive the growth of the market in the coming years.
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GCC mobile payment market segmentation:
IMARC Group provides key trend analysis in each sub-segment of the GCC Mobile Payment market report, along with growth forecast at regional level from 2020 to 2025. Our report has categorized the market based on region, transaction mode and application.
Market breakdown by transaction mode:
Market breakdown by application:
- Energy and utilities
- Health care
- Hospitality and transport
Market breakdown by country:
- Saudi Arabia
- United Arab Emirates
Highlights of the report:
- Market performance
- Market outlook
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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