GCC payment revenue growth subdued by Covid-19: report

GCC payment revenue growth subdued by Covid-19: report

The Covid-19 pandemic has negatively affected transactions, with GCC payments sharply lower than the 7 per cent in annual growth between 2014 and 2019, a report by BCG shows.

Under a quick-rebound scenario, BCG's outlook suggests that the GCC's payment revenue pool will expand from $23bn in 2019 to $24.3bn in 2024, a compound annual growth rate (CAGR) of 1.1 per cent.

In a slow-recovery scenario, the regional revenue pool would reach $23.1bn by 2024, a CAGR of just 0.1 per cent. Under a deeper-impact scenario, the revenue pool is projected to shrink by a CAGR of -0.9 per cent.

"Covid-19 related headwinds such as decreasing oil prices, a slowdown in tourism, and a substantial rise in expatriate migration have slowed overall economic growth,“ said Godfrey Sullivan, managing director