GCC P2P Payment Market is Expected to Rise at 8.68% CAGR During the Forecast Period (2024-30)

The peer-to-peer payment method refers to the transaction of money directly from one person to another through an intermediary application. In a recent research report published by MarkNtel Advisors, the GCC P2P Payment Market is likely to grow at a CAGR of around 8.68% during the forecast period of 2024-30.

The rising prevalence of e-commerce sites and the trend of shopping online has led to burgeoning online transactions. The tech-savvy population of the region has adopted various online payment methods and services at the earliest causing a boost to the P2P Payment Market across GCC. Additionally, the rising association between P2P companies and the connection of the central banks of the UAE, Saudi Arabia, Bahrain, etc., with the digital payment companies has also led to considerable growth in the adoption of methods of digital payment.

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The study further states that another factor leading to the growing incentive of P2P services is the advent of blockchain technologies & biometrics characteristics in digital transaction services. This aspect is expected to further enhance the market growth in the forecast period (2024-30).

Analyzing the GCC P2P Payment Market Segmentation

• By Transaction Mode (Short Message Service (SMS), Mobile Apps, Smartcard/NFC (Near field communication), and Others (Bank Transfers, Digital Wallets, etc.))
• By Location (Remote Payment and Proximity Payment)
• By End User (Retail & E-commerce, Travel & Hospitality, Transportation & Logistics, BFSI, Healthcare, and Others (IT & Telecom, Media & Entertainment, etc.)
• By Country (Saudi Arabia, The UAE, Qatar, Kuwait, Oman, and Bahrain)

The Retail & E-commerce segment has witnessed a generous expansion of digital payments in current times. The growing trends of shopping online and the widespread utilization of e-commerce platforms to purchase commodities have contributed substantially to boosting the digital payment market in the region. Also, the surging internet users in the country coupled with the convenience & proficiency provided by digital payment methods while purchasing online or physically in retail stores has further aided significantly in the growth of the P2P Payment Market in the retail & e-commerce segment.

The GCC P2P Payment Market is to be dominated by the UAE in the coming years (2024-30) given the launch of new regulations by the government of the country to endorse access to the payment ecosystem in the country. The UAE is witnessing a surge in the implementation of digital payment methods due to the developing & expanding e-commerce industry. Additionally, the introduction of a 24/7 instant payment system by the Central Bank of the UAE is a great initiative to change and improvise the landscape of digital payment in the country.

Top Contenders Standing in the Forefront in the GCC P2P Payment Market

The major players in the GCC P2P Payment Market include Paypal, Apple Pay, Venmo, Cash App, Google Pay, Square Cash, Zelle, Noon Pay, Mamo Pay, Ziina Pay, MoneyGram International, Inc., Beyon Money, and Others. These companies hold a significant amount of market share and are constantly working to strengthen their position across the regional market.

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