GCC P2P Payment Market Booms with 8.68% CAGR Forecast for 2024-30

GCC P2P Payment Market Insights Report Overview

According to the latest market study by MarkNtel Advisors titled “GCC P2P Payment Market Industry Size, Share, Trends, Growth, Opportunity Analysis 2024-2030” presents a thorough examination of market drivers, opportunities and challenges.

Utilizing a quantitative approach, it offers precise insights into market size, share, and growth. Crafted by industry experts, the report delves into consumption patterns, geographical analysis, and competitive landscapes. Its objective is to furnish valuable insights for clients seeking to comprehend and leverage market dynamics. With a dual focus on historical achievements and future projections, it furnishes a nuanced understanding of the market terrain.

GCC P2P Payment Market Overview:

The GCC P2P Payment Market is estimated 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 Challenge:

Rising Cyber Security Breaches Lowering the Adoption of Digital Payment Solutions – The GCC countries have seen a rise in money laundering & cybercrime activities, posing significant threats to their financial systems, national security, and economies. The growth of technology and social media has led to an increase in cybercrimes like blackmail, embezzlement, and hacking of bank accounts. Many cyberattacks target digital payment methods, which hinders their adoption, thus limiting the growth of the GCC P2P Payments Market.

Moreover, organizations in Saudi Arabia and the UAE were the main targets for cyber-attacks in the Gulf Corporation Council Countries between mid-2021 and mid-2022, according to Cybersecurity Firm Group-IB. Thus, the evolving nature of cybercrime and the sophistication of money laundering techniques are presenting challenges for market expansion.

Competitor Insight: GCC P2P Payment Market

This report focuses on major market participants like:

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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Segmentation Summary: GCC P2P Payment Market

This segmentation analysis outlines prominent sections in the report's table of contents. Each segment undergoes thorough analysis, including sub-segments, to showcase both current and historical market sizes. The analysis underscores investment opportunities for rapid growth, particularly in the GCC P2P Payment Market, with notable highlighting on:

-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. The increasing prevalence of online shopping & the widespread adoption of e-commerce platforms have significantly contributed to the surge in digital payment usage in the region. In GCC countries, the ratio of internet users to the population has surged to 98.2%. Consumers are increasingly favoring the convenience & efficiency offered by digital payment methods when making purchases online or in physical retail stores. The integration of digital payment options at checkout counters has become commonplace, which would assist in enhancing the market size.

-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)

-By Location

Remote Payment- Market Size & Forecast 2019-2030, (USD Million)
Proximity Payment- Market Size & Forecast 2019-2030, (USD Million)

GCC P2P Payment Market Geographical Reach:

Saudi Arabia
The UAE
Qatar
Kuwait
Oman
Bahrain

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Key Questions Addressed:

Factors Driving Market Growth: Understand the primary drivers propelling the GCC P2P Payment market forward.
Access to Reliable Reports: Learn where to access dependable market reports for informed decision-making.
Growth Projections: Gain insights into anticipated growth projections for the coming years.
Geographical Hotspots: Identify geographical poised for significant market growth soon.

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