GCC Digital Wallet Ecosystem and Telco Wallets

This report examines the role of telco wallets within the digital wallet ecosystem in the Gulf Cooperation Council (GCC). It outlines the rapid growth of digital wallets, which have transformed financial transactions by enabling secure and convenient cashless operations. The report highlights that approximately 38 million individuals in the GCC used digital wallets in 2024, with a projected compound annual growth rate of 34 percent, leading to expected revenues of around USD 932 million by the end of the decade. Key trends driving this growth include financial inclusion, advanced security technologies, and increasing adoption by global merchants. The report also details how telco wallets, supported by a favorable regulatory landscape and high mobile penetration rates, have become a preferred choice for consumers. It discusses various monetization strategies employed by telco wallet providers and identifies the significant opportunities available in the market, particularly for targeting expatriate populations and integrating advanced technologies to enhance user experience.