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).
Interest in real-time payments has been robust in the Middle East region, where several faster payment initiatives have started or are about to introduce. Certain Middle Eastern and Qartar governments are actively encouraging people to drop cash.
The Qatar landscape of payments and transactions is changing rapidly, owing to the growing enterprises and consumer propensity toward digital transformation and the proliferation of smartphones. The technological advancements in smartphones, digital payment cards, and POS at retail terminals fuel the market's growth.
As Qatar moves toward a cashless economy in processing for the 2022 World Cup, the Qatar Central Bank (QCB) has used electronic wallets to develop the environment further and increase the country's electronic payments. Qatar Central Bank has also issued a unified QR code specification and standard. Users can pay by scanning the response code (QR code) with their mobile phones at retail stores or on public transportation.
As mobile purchasing choices continued to draw a growing number of digital buyers, e-commerce retail eroded brick-and-mortar retail. E-commerce adoption in Qatar increases as more consumers expect their goods and services to be provided digitally, seamlessly, and quickly. Companies are striving for a piece of the e-commerce payment spending. The payments market in Qatar is expected to grow steadily in the coming years, particularly in the services sector.
However, while digital payment systems offer advantages, they pose privacy and security dangers that can affect customers, merchants, markets, and governments and hinder the market growth. Payment systems can be modified to ensure privacy while employing strong encryption and open standards. Data privacy rules, and a competent market regulator, are also required.
The COVID-19 pandemic accelerated the shift to electronic payments in Qatar. Qatar people were using digital payment plans to avoid contact and the spread of infection through direct cash processing and adhere to social distancing to limit the spread of COVID-19. People preferred online purchases of essential supplies due to the closure of local marketplaces and avoided public gatherings. This increased the demand for the digital payments market. Post-pandemic, the market grew rapidly with the increased demand for digital payment services.
