Qatar National 2030 aiming to enable mobile phone users to avail digital payment solutions will contribute in the growth of the bill payments and m-wallet market. Qatari government envisages to diversify the economy into a knowledge based economy with focus on varied sectors, so as to reduce dependence on petroleum and natural gas industry. The move is in line with the National Fintech Strategy, wherein incentives are provided to start-ups willing to provide services in fintech space. Therefore, in recent years there has been a growth in the digital payment service market with private players integrating the space such as C-Wallet and Sadad Payment Solutions.
Digital Payments in Bill Payment Industry:
Bill payments industry is expected to expand at a CAGR of ~0.3% on the basis of transaction value in between 2020 and 2025F. Electricity and Water bill will be the major category of bill payments basket for a consumer in future. The industry is expected to grow at a steady rate. However, a shift in consumer preference in availing digital payment services will be noticed. The advent of COVID-19 and the increased awareness on health and hygiene have contributed to the shifting consumer’s preference towards utilizing digital payment services. By the end of 2025, bill payments through cash will lose considerable share to payments through m-wallet which is estimated to grow at a ~12% CAGR in between 2020-2025F. Currently, Sadad Payment Solutions, C-Wallet and Ooredoo Money wallet are the private m-wallet players in Qatar providing digital bill payment services.
Impact of COVID-19 on Remittance Industry:
The pandemic of COVID-19 compelled workers to return to their home countries while lockdown on exchange houses forced users to switch to online mediums for transactions. Further, the restrictions on daily transfer limit and corresponding daily funding issues in certain small exchange houses had led to a behavioural shift of customers. This acts as a positive reinforcement to drive the growth of bill payment and m-wallet industry.
M-Wallet Penetration by Banking Institutions:
In a push for digitalization of the economy, QCB launched Qatar Mobile Payment (QMP) System in 2020. It aims to enable user to use electronic wallet on their phones for making transactions. The initiative by QCB contributes in enhancing the facilitation of electronic payments and cashless transactions in Qatar, paving the path for m-wallet players to integrate the market. The advent of COVID-19 coupled with QMP initiative has enhanced the prospect of banking institutions to offer seamless electronic payment services to customer. Several banking institutions such as Ahlipay by AhliBank, and m-pay by QIIB have launched their own m-wallet platform to integrate the digital payment service space
The publication titled ‘Qatar International Remittance and Bill Payments Industry Outlook to 2025: Driven by Growth in Expat Population and Consumer’s Shifting preference towards Digital Payment Services’ covers the overview of remittance industry by analyzing historical remittance statistics and corresponding change in social-demographic indicators in Qatar. Due to COVID-19 restrictions and return of expat population to home countries, remittance industry witnessed a 12% decline Y-o-Y on the basis of total remittance value in between 2019-2020. Given the dominance of local exchange houses, analysts have elaborated on competitive landscape of major exchange houses on the basis of operational and financial parameters, highlighted growth drivers and risk factors governing the future outlook of industry. Further, the report covers overview of the bill payments industry in Qatar and the segmentation of bill payments by payment instruments used by consumers. Bill payments industry recorded a positive CAGR of ~1.2% in between 2015 and 2020, and is further expected to grow steadily in coming years. The report also provides a snapshot on wages protection system in the country, and a proposed retail based business model for domestic remittance industry. The report concludes with analyst recommendations to enhance the growth of digital bill payment services along with case studies of different m-wallet players globally.
Key Segments Covered in Qatar International Remittance and Bill Payments Industry
Qatar International Remittance Industry
By Type of Remittance
· Inbound
· Outbound
By Corridor
· India
· Nepal
· Philippines
· Egypt
· Others
By Type of Entities
· Exchange Houses
· Banks
By Type of Intermediary Operators
· Correspondent Banking Network
· Third Party Operators
By Type of Transfers
· Direct Account to Account Transfer
· Cash Pickup
Qatar Bill Payments Industry
Categories of Bill Payments
· Electricity + Water
· Others
By Type of Payment Instruments Used
· M-Wallet
· Debit/Credit Cards
· Cash
· Bank Transfers
Key Target Audience
· Exchange Houses
· Banks Providing Remittance Services
· Bill Payments Industry Players
· M-Wallet Players
· Government Bodies
Time Period Captured in the Report:
· Historical Period: 2015-2020
· Forecast Period: 2020-2025F
International Remittance and M-Wallet Players in Qatar
Exchange House
· Al Dar Exchange
· Al Fardan Exchange
· Al Jazeera Exchange
· Gulf Exchange
· Unimoni Exchange
· Travelex Exchange
· Doha Exchange
· Habib Qatar International Exchange
Banks providing Remittance Services
· Doha Bank
· Qatar International Bank
· Commercial Bank of Qatar
· Ahli Bank
· Qatar National Bank
Private M-Wallet Companies
· C-Wallet
· Ooredoo Money Wallet
· Sadad Payment Solutions
Banks providing M-Wallet Services
· Ahlipay by Ahlibank
· M-Pay by Qatar Islamic Bank
· QMP Wallet by Dukhan Bank
Private Companies providing Wages Protection System (WPS) Services
· Afreno
· Blue Link
· TMF Group
Banks providing Wages Protection System (WPS) Services
· Dukhan Bank
· HSBC
· Barwa Bank
· Arab Bank
· Others
Key Topics Covered in the Report
Overview of International Remittance Industry in Qatar (Statistics on Corridor wise Transaction volume and value)
Market Size of International Remittance Industry in Qatar (Total Remittance Value, Monthly Number of Outbound Transactions, Average Outbound Revenue)
Qatar International Remittance Industry segmentation (By Type of Transfers, Type of Intermediary Operators, Corridor wise, Type of Source Entities)
Cross Comparison of Major Exchange houses on Operational and Financial Parameters (Monthly Number of Outbound Transactions, Number of Branches in Qatar, Outbound Transaction Value, Revenue from Outbound Transactions, Revenue from Outbound Transactions, Number of Monthly Online and Offline Customers, Lower Income and Upper Income Customers)
Company Profile of Major Exchange Houses (Overview, Products and Services, USP, Business Strategies, Branch wise Operational Performance, Cumulative Financial Performance, Recent Developments)
Growth Drivers and Challenges to Qatar International Remittance Industry
Industry trends and developments
Rules and Regulations by Government Bodies
Impact of COVID-19 and Future Outlook of Industry
Porter 5 Forces Analysis in Qatar International Remittance Industry
Upcoming Technological Innovations in Qatar International Remittance Industry
Overview of Bill Payments Industry in Qatar
Market Size of Bill Payments on the basis of Transaction Value
Categories of Bill Payments (Electricity & Water, Others)
By Type of Payment Instruments Used (M-Wallet, Debit/Credit Cards, Cash, Bank Transfers, and Others)
Overview of M-Wallet Industry
Ecosystem of M-Wallet Players
Analysis of the Bill Payment and M-Wallet Industy
Company Profiles of M-Wallet Players (Sadad Payment Solutions, Ahlipay, and Ooredoo Money Wallet)
Case Study of M-Wallet Players (Paytm, stc pay, and Venmo)
Snapshot on Wages Protection System
Proposed Retail Based Business Model in Domestic Remittance Industry in Qatar
Contact Us:
Ankur Gupta, Head Marketing & Communications
+91-9015378249
