Market Definition A financial card is a component of the overall payment system provided by a financial or other institution, such as a bank, to a customer. It gives the cardholder access to the funds in the customer's designated financial accounts and is part of the overall payment system. Individuals use a variety of financial cards, including credit cards, debit cards, charge cards, and prepaid cards, for both domestic and international transactions.

Insights into the Market During the Forecast Period (from 2023 to 28), the GCC Financial Cards & Payments Market is anticipated to expand at a CAGR of approximately 11.2%. The number of people using credit cards and other forms of payment in the Gulf region has increased as a result of a variety of factors, including the expanding e-commerce industry, shifts in Islamic banking regulation, an increasing volume of international transactions, a high internet penetration rate, and an increasing need for credit facilities. Additionally, the government of the United Arab Emirates, Saudi Arabia, Qatar, etc.'s visionary efforts, the use of services like internet banking, mobile banking, and so on has increased as a result of efforts to encourage digitalization in various industries. Hence, the rising usage of these administrations has raised the interest for monetary cards and installments in the locale.
For example:

In 2020, the National Bank of UAE showed its status to join Bedouin Bay Framework for Monetary Mechanized Speedy Installment Move (AFAQ) which associates the business banks and national bank installment frameworks in GCC nations, and smoothes out the handling of cross-line exchanges in GCC monetary forms.
In addition, technological advancements in product offerings, such as the incorporation of blockchain technology into transactions for increased security, will paves the way for the expansion of the GCC Financial Cards & Payments market and generate lucrative opportunities for the leading players.

Additionally, the rise of online shopping in the GCC as a result of COVID-19 in 2020 increased the use of digital banking services. As a result, consumers now prefer to pay for their purchases online with credit cards and other payment methods. Notably, demand for tap & pay-enabled debit and credit cards has been rising at a significant rate due to the increased risk of contamination posed by constant touch on point of sale terminals. As a result, during the forecast period, an increase in demand for financial cards and payments is anticipated in the region.

In addition, as the GCC's people's living standards and economic circumstances change, so does their use of credit cards and other financial cards. However, in the coming years, the fledgling expansion of the GCC Financial Cards & Payments market may be hampered by an increasing number of instances of fraudulent activities involving these cards.

Market Elements

Key Driver :

Growing E-Commerce Sector in the GCC The financial cards and payments market has been well supported over time by the region's expanding e-commerce sector. The nations, like the UAE, Saudi Arabia, Qatar, and so on., have seen a significant increase in online retail sales as a result of the significant investments that global retail players have made in the lucrative GCC market. For instance, two of the largest Middle Eastern retailers, Carrefour and Lulu Group, launched their UAE-based online shopping portals in 2020. Nearly all of the people in these nations, including the United Arab Emirates, Qatar, Kuwait, and Bahrain, have access to the internet and mobile phones. As a result, the volume of transactions involving payments made with credit, debit, and prepaid financial cards, has risen significantly. As per the Global Exchange Organization (ITA), web based business deals in the UAE kept USD3.9 billion in incomes during 2020, a leap of 53% from 2019. Additionally, the Dubai Chamber of Commerce and Industry anticipates that e-commerce will bring in USD8 billion in sales by 2025. As a result, it is anticipated that the region's expanding e-commerce market will increase demand for credit cards and payment methods in the coming years.
The GCC financial cards and payments market was significantly impacted by the Covid-19 pandemic, which affected most industries. However, in recent years, the crisis has accelerated the adoption of online transactions and boosted market growth for financial cards and payments. People were more likely to use digital platforms to buy goods and take advantage of services like doorstep delivery and exciting deals as the governments of the GCC countries imposed lockdowns and movement restrictions for varying lengths of time.

The availability of secure, private, and dependable channels that made it easy for customers to purchase goods and services was primarily responsible for this huge shift. In any event, when the pandemic circumstance returned control, online stages kept seeing a huge buyer deluge.

Additionally, the GCC Financial Cards & Payments market is anticipated to experience significant growth in the coming years as a result of the same trend.

Segmentation of the Market based on Payment Method:

Customer-to-business (C2B) payments at POS terminals, e-commerce shopping, and other forms of payment have all seen significant growth over time. The use of credit cards and other forms of payment for e-commerce transactions has increased as a result of the region's growing internet and smartphone penetration. In nations like the United Arab Emirates (UAE), Saudi Arabia, Qatar, and others, the practice of shopping online has significantly grown in popularity. The use of cashless payment options like debit cards and credit cards has grown as a result of consumers' growing preference for online shopping because it provides a secure, enjoyable, and convenient shopping experience. From 2019 to 2022, the GCC's e-commerce industry is expected to expand by 33% annually, according to the Dubai Commercial City. Due to the spread of COVID-19, the demand for credit cards and other forms of payment increased significantly in 2020 and is anticipated to continue growing in the years to come.

Country Scene

Topographically, the GCC Monetary Cards and Installments Market grows across:

During the forecast period, Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman are expected to gain the largest market share. It is primarily due to the country's numerous shopping complexes, establishment of luxury brands, and abundance of shopping options, which encourage the use of credit cards and other forms of payment to facilitate cross-regional transactions.

In addition, the country's massive influx of tourists, pilgrims, and migrants is increasing demand for these transactional services in a variety of commercial settings, including hotels, cafes, restaurants, shopping malls, retail stores, and online platforms. Subsequently, the requirement for QR-code-based installment frameworks is picking up speed and support the Monetary Cards and Installments Market development across the UAE.

The Market Research Report Provides Answers to These Key Questions:

What are the GCC Financial Cards & Payments Market's overall statistics or estimates (Overview, Size-by-Value, Forecast Numbers, Segmentation, Shares)?
What are the industry's size, growth factors, and obstacles by region?
In the GCC Financial Cards & Payments Market, what are the most important innovations, opportunities, trends now and in the future, and regulations?
Based on the competitive benchmarking matrix, who are the key competitors, what are their key strengths and weaknesses, and how do they perform in the GCC Financial Cards & Payments Market?
What are the key outcomes got from overviews directed during the GCC Monetary Cards and Installments Market study?