Market Insights Digital FinTech Digital Payments

Mobile POS Payments - GCC

The [currentlayername] market in the gcc is expected to witness significant growth in the coming years.
According to projections, the transaction value in this market is set to reach a staggering [revenueyeartoday] by 2024.
This substantial figure demonstrates the potential and importance of mobile payments in the region.
Furthermore, the market is expected to maintain a healthy growth rate with a compound annual growth rate (cagr 2024-2028) of 14.74%.
This growth rate will contribute to a projected total transaction value of US$48.86bn by 2028, highlighting the increasing popularity and adoption of [currentlayername] in the gcc.
In line with this growth, the number of users in the [currentlayername] market is expected to reach 15.78m users by 2028.
This indicates a significant increase in the user base and emphasizes the growing acceptance of mobile payments among consumers in the gcc.
Moreover, the average transaction value per user in the [currentlayername] market is projected to be US$2.06k in 2024.
This figure showcases the average amount spent per transaction, reflecting the purchasing power and consumer behavior in the gcc.
It is worth noting that when compared globally, China takes the lead in terms of transaction value in the [currentlayername] market.
In 2024, China is projected to reach a transaction value of US$1,721.00bn, showcasing their dominance in this market segment.
Overall, these numbers and projections emphasize the significant growth potential of the [currentlayername] market in the gcc.
With increasing transaction values, a growing user base, and a favorable cagr, the market is poised for substantial development in the coming years.
In the GCC, mobile POS payments are gaining traction as consumers in the region increasingly embrace the convenience and security of mobile payment solutions.

Key regions: India, United Kingdom, Brazil, United States, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Mobile POS payment market has been experiencing significant growth in recent years. One trend is the shift towards contactless payments, where customers can simply tap their mobile device or card to complete a transaction. This is due to the increasing demand for convenient and secure payment options, especially during the COVID-19 pandemic. Another trend is the integration of mobile POS systems with other business functions, such as inventory management and customer relationship management.
Several factors are driving the growth of the mobile POS payment market. One key factor is the increasing penetration of smartphones and tablets, which are being used more frequently for both personal and business purposes. Another factor is the growing adoption of cloud-based technology, which enables businesses to manage transactions and data more efficiently. Additionally, the rising popularity of e-commerce and online shopping is driving demand for mobile payment options.
The Mobile POS market is expected to continue growing in the coming years. This growth is expected to be driven by factors such as increasing adoption of mobile payments, the rise of cloud-based solutions, and the growing demand for mobile POS systems among small and medium-sized businesses.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.