Payment methods in Gulf Cooperation Council

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

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