Major GCC Economies Payment Revenue Growth Outlook is Subdued by COVID-19 The COVID-19 pandemic has brought about widespread change to everyday life in various aspects, and how consumers and businesses transact is no exception. Boston Consulting Group’s (BCG) 18th annual report titled ‘Global Payments 2020: Fast Forward into the Future,’ looks at the global payments industry’s performance in the near-term and emerging industry trends in the years ahead. The report sheds light on the projected outlook for key economies in the GCC, comprising of the United Arab Emirates (UAE), Kingdom of Saudi Arabia (KSA), and Kuwait. Given the uncertainty surrounding the pandemic, BCG’s payments forecast includes three revenue growth scenarios. Under a quick-rebound scenario, BCG’s outlook suggests that the GCC’s payment revenue pool will expand from $23 billion in 2019 to $24.3 billion ...read more...
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