Payment by card
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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
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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
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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
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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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