Qatar Payments Market Size (2024 - 2029)

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.

Qatar Payment Industry Segmentation

The study tracks the payment transactions generated at point-of-sale (offline) physical stores and online (e-commerce/digital) channels in Qatar. Online payments include online purchases of goods and services, such as purchases on e-commerce websites and online bookings for travel and accommodation. In the offline segment, all transactions that occur at the physical point of sale are included in the market scope. It includes traditional in-store and face-to-face transactions, regardless of where they occur. The study will also cover trends, developments, and key metrics about the banking industry in Qatar.

The Qatari payments market is segmented by mode of payment (point of sale [card payments, digital wallet, and cash] and online sale [card payments and digital wallet]) and end-user industries (retail, entertainment, healthcare, and hospitality). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.