IMARC Group’s report titled “GCC Payment Gateway Market Report by Application (Large Enterprises, Micro and Small Enterprises, Mid-Size Enterprises), Mode of Interaction (Hosted Payment Gateways, Non-Hosted Payment Gateways, Direct Payment Gateways, Platform-Based Payment Gateways), and Country 2024-2032“. offers a comprehensive analysis of the industry, which comprises insights on the GCC payment gateways market growth. The market size reached US$ 3,084.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 8,974.6 Million by 2032, exhibiting a growth rate (CAGR) of 12.2% during 2024-2032.
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Factors Affecting the Growth of the GCC Payment Gateway Industry:
- Thriving E-commerce Industry:
The e-commerce sector in the GCC region is witnessing substantial growth, with more consumers turning to online platforms for their shopping needs. This rise in online shopping necessitates secure and efficient payment gateways for processing transactions. Payment gateways offer a secure and trustworthy payment process, instilling confidence in online shoppers. This trust factor is crucial in encouraging consumers to make online purchases. E-commerce websites and apps are making shopping more convenient for consumers. Payment gateways facilitate quick and hassle-free transactions, contributing to a seamless shopping experience.
- Rapid Digitalization:
As digitalization is gaining momentum, consumers and businesses are increasingly shifting towards digital payment methods. Payment gateways serve as the infrastructure that enables these electronic transactions. Digitalization is leading to the proliferation of e-commerce platforms in the GCC region. Payment gateways are essential for processing online payments securely and efficiently. The rise of mobile wallet usage is a key component of digitalization. Payment gateways are adapting to support mobile wallet transactions, making it easier for consumers to make payments using their smartphones.
- Mobile Wallets:
The GCC region is witnessing a rapid increase in the adoption of mobile wallets, as they offer a convenient and speedy payment method. Payment gateways are adapted to support mobile wallet transactions, providing a seamless and efficient payment experience for consumers. Many mobile apps and e-commerce platforms in the GCC region are integrating mobile wallet options for in-app payments. Payment gateways provide the infrastructure to process these in-app transactions. Mobile wallets are frequently used for online shopping. Payment gateways are essential for e-commerce businesses, ensuring that mobile wallet payments are processed securely and reliably.
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GCC Payment Gateway Market Report Segmentation:
By Application:
- Large Enterprises
- Micro and Small Enterprises
- Mid-Size Enterprises
Large enterprises represented the largest segment due to their reliance on advanced payment processing solutions to manage a high volume of transactions efficiently and securely.
By Mode of Interaction:
- Hosted Payment Gateways
- Non-Hosted Payment Gateways
- Direct Payment Gateways
- Platform-Based Payment Gateways
Hosted payment gateways accounted for the largest market share as they offer businesses a cost-effective and easily integrated solution, making them a popular choice for companies of all sizes.
Regional Insights:
- Saudi Arabia
- UAE
- Qatar
- Oman
- Kuwait
- Bahrain
UAE enjoys the leading position in the GCC payment gateway market on account of its advanced digital infrastructure, numerous e-commerce activities, and significant investments in fintech.
GCC Payment Gateway Market Trends:
The GCC region is experiencing rapid digitalization, with consumers and businesses increasingly adopting digital payment methods, driving the demand for payment gateways. The growing demand for contactless payments, including NFC and QR code-based transactions, due to safety concerns among people is offering a favorable market outlook.
The thriving e-commerce sector in the GCC region is catalyzing the demand for payment gateways, as more consumers are turning to online shopping.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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