The GCC mobile payment market size reached US$ 24.4 Billion in 2021.
SHERIDAN, WYOMING, UNITED STATES, November 17, 2022 /EINPresswire.com/ — According to IMARC Group latest report titled “GCC Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on mobile payment market in GCC. The report also includes competitor and regional analysis, and contemporary advancements in the market. The GCC mobile payment market size reached US$ 24.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 85.1 Billion by 2027, exhibiting a growth rate (CAGR) of 22.8% during 2022-2027.
Mobile payment refers to an alternative method for traditional payment systems that are created under financial supervision by regulatory bodies with the use of the mobile phone. It utilizes mobile devices linked to the users’ financial credentials to initiate, authorize and confirm the transaction of money. It involves the utilization of point-of-sale (POS) terminals and nearfield communication technologies that facilitate the process of money exchange. In GCC, there has been a considerable increase in the adoption of mobile payment as it offers enhanced safety to customers while making payment.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The GCC market is majorly driven by the rising penetration of smartphones among individuals. Additionally, continual improvements in the network infrastructure are creating a positive market outlook. Along with this, an increasing number of companies collaborating with financial institutions to transfer salaries to their employees through mobile payment solutions is also providing a boost to the market. Since mobile payment methods facilitate time and cost saving for conducting cross-border payments, this is contributing to the growth. Moreover, the widespread integration of mobile payment applications with passcodes or biometric authentication methods for securing payment gateway is creating a positive market outlook. Some of the other factors driving the market further include rapid urbanization and digitization and the growing expatriate population across GCC.
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GCC Mobile Payment Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile payment market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, mode of transaction and application.
Breakup by Mode of Transaction:
Breakup by Application:
• Energy and Utilities
• Hospitality and Transportation
Breakup by Country:
• Saudi Arabia
Key highlights of the report:
• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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Browse Other Related Reports of IMARC Group:
Europe Mobile Payment Market: https://www.imarcgroup.com/europe-mobile-payment-market
United States Mobile Payment Market: https://www.imarcgroup.com/united-states-mobile-payment-market
India Mobile Payment Market: https://www.imarcgroup.com/india-mobile-payment-market
Latin America Mobile Payment Market: https://www.imarcgroup.com/latin-america-mobile-payment-market
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