Mobile payment refers to the process of transferring funds using an internet connection and a smartphone. A code is generated during the transaction and sent manually by the user or over the air (OTA). As a result, mobile payment is more convenient, secure, and easy to use than traditional methods. At present, the increasing internet penetration and the rising sales of smartphones are catalyzing the demand for mobile payment services in this region.Note: Our analysts are continuously monitoring the influence of the COVID-19 pandemic on the market. This insightful information is included in the report to improve the efficiency, resilience and overall performance of businesses.
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GCC Mobile Payment Industry Trends and Drivers:
The elevating adoption of contactless payment services, owing to the sudden outbreak of the coronavirus disease (COVID-19), is primarily driving the GCC mobile payment market. Additionally, with the growing number of expatriate workers, the demand for mobile payment is escalating as it saves costs and reduces the time for conducting cross-border payments. Furthermore, several companies are collaborating with various financial institutions to transfer salaries to their employees via mobile payment options. Besides this, the expanding e-commerce sector and the rising availability of biometric identification features for more security are anticipated to bolster the GCC mobile payment market over the forecasted period.
GCC Mobile Payment Market Segmentation:
The market is segmented in on the basis of type, end use and region.
Type
End use
Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape:
The report also provides insights on the competitive landscape of the GCC mobile payment industry with the leading players profiled in the report.
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