Payment by card 

  • Even before the pandemic, digital payments were growing rapidly (the digital transactions in the UAE grew at an annual rate of more than 9% between 2014 and 2019 vs 5% in Europe).

    Even more starkly, Saudi Arabia observed astronomical growth in card payments: over 70% between February 2019 and January 2020.

  • With local actors such as:
    • Mada
    • OmanNet
    • OneCard
    • e-dirham
    • Nol

Payment by cash

  • Despite the noteworthy digitalisation of its economy, and its impressive smartphone penetration (90%!) — the GCC has remained heavily dependent on cash.
  • With local actors such as:
    • MBMEpay

Payment by bank transfer

  • With the imminent introduction of the UAE Instant Payments Platform (IPP) or Sarie, in Saudi Arabia, the market for real-time and digital payments will receive a significant boost.

    Real-time payments will surpass a 5% share of all digital payment transactions in the UAE by 2024.

  • With local actors such as:
    • Sadad
    • Fawri / Fawri+
    • Knet

Payment by installment and BNPL

  • The pandemic-induced lockdowns and safety measures accelerated the global shift to online payment and other financial services as the BNPL such as the Saudi-based Tamara and UAE’s Spotii, Tabby, and Postpay.

  • With local actors such as:
    • Tabby
    • Postpay
    • Cashew payments
    • Spotii
    • Splintr
    • Tamara

Payment by digital wallet and X-Pay

  • 60% of GCC consumers said they expect digital wallets to be the most influential digital payment method in the coming years.

  • With local actors such as:
    • CashU
    • KFHpay
    • PayBy
    • Ewallet
    • STCpay
    • Klip
    • Payit
    • Careem


Payment methods in Gulf Cooperation Council interesting you?

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