‘Qatar’s digital payments market to witness QR31.02bn transactions in 2024’

Doha: The fintech sector in Qatar has experienced remarkable growth, presenting numerous opportunities for economic transformation and advancement....

Doha: The fintech sector in Qatar has experienced remarkable growth, presenting numerous opportunities for economic transformation and advancement.

As reported by Statista, the digital payments market in Qatar is anticipated to achieve a total transaction value of QR31.02bn ($8.52bn) by 2024. Furthermore, this market is projected to exhibit an annual growth rate (CAGR) of 8.37%, culminating in an estimated total of QR42.78bn ($11.75bn) by 2028.

The report highlights that 2024 will witness substantial expansion within the industry, with digital investment emerging as the largest segment, boasting QR12.23m ($3.36m) in assets under management.

The average assets under management (AUM) per user in the digital investment sector are expected to reach QR1,760.55 ($483.60) in 2024, while revenue growth in this market is projected to be 14.48% in 2025. Additionally, digital commerce is identified as Qatar’s largest market, with a forecasted total transaction value of $8.25bn in 2024.

In a global context, China is expected to lead with the highest cumulative transaction value, reaching $3,744bn in 2024. It would be recalled that the Qatar Central Bank (QCB) initiated a fintech strategy in 2023, aligning with the Qatar National Vision 2030 to foster diversification and innovation within the financial sector. With the rise of ‘Buy-Now-Pay-Later’ (BNPL) services in the region, the central bank established BNPL guidelines in 2023, which include licensing requirements and consumer protection measures. Earlier this year, QCB approved five companies to offer BNPL solutions.