Market Size of Qatar Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 6.99 Billion |
| Market Size (2029) | USD 11.55 Billion |
| CAGR (2024 - 2029) | 10.57 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Qatar Payment Market Analysis
The Qatar Payments Market size is estimated at USD 6.99 billion in 2024, and is expected to reach USD 11.55 billion by 2029, growing at a CAGR of 10.57% during the forecast period (2024-2029).
- The payment market in Qatar is growing, and the main reason for this growth is a shift from cash to electronic transactions. Factors such as the adoption of a cap on interchange fees, payment card switching to support PIN and contactless payments, and the growth in point-of-sale terminals have helped facilitate an ongoing digital market transformation.
- Due to the growth of businesses and consumers' propensity for digital transformation, as well as the proliferation of smartphones, Qatar's payment and transaction landscape is undergoing rapid change. The technological advancements in digital payment cards, smartphones, and POS at retail terminals are boosting the market's growth.
- In order to help retailers and businesses prepare for the future of trade and comply with customer expectations, market players are expanding their payment options and continuing their transformation into a cashless society. Thus, more widespread use of digital payments is introduced.
- Moreover, the country is also experiencing an increase in the digital-savvy population, who are using modern techniques such as analytics, social media, cloud computing, and the Internet of Things to support the growth of its e-commerce and payments sector. The large number of internet users in the country is a major factor behind this growth.
- In addition, small vendors and street vendors largely depend on cash transactions with their suppliers, and accepting cashless payments can limit their daily purchases if the supplier does not accept online payments. These cases also make it difficult for small retailers and street vendors to adopt electronic payment systems.
- After COVID-19, as a result of health concerns related to using banknotes and coins, customers and traders in Qatar reduced cash usage and accelerated their switch toward electronic payments. In the case of in-store purchases, many retailers have been encouraging contactless cards and mobile or UPI payments.
