Middle East and Africa Digital Payment Market

The MEA digital payment market is expected to grow from US$ 4,016.93 million in 2021 to US$ 9,006.79 million by 2028; it is estimated to grow at a CAGR of 12.2% from 2021 to 2028.

The rising demand of the diverse demands of customers, retailers, banks, telecom providers, and gadget suppliers is the primary reason for emerging digital payment model's success. It enables them to go to various locations, such as concerts, trade exhibits, and food trucks, where they may receive money from clients. This is accomplished by properly implementing mobile point-of-sale (mPOS) systems in the industry. Retailers may use mPOS and associated software systems to improve and enhance consumer interaction, resulting in higher conversion rates and sales. mPOS are specific integrated devices such as smartphones and tablets that may operate as electronic POS terminals. These deployments allow brick-and-mortar retailers to use pricing, product information, and inventory data, enabling omnichannel engagement. The growing traction toward such solutions is likely to drive the MEA digital payment market during the forecast period.

Major economies in the MEA, such as the UAE and Saudi Arabia, are prospective markets for the digital payment providers due to the huge presence of a diverse customer base for several industries. Currently, Gulf countries are on the verge of adopting transformative digital technologies in various verticals to improve their socioeconomic conditions. However, the implementation of stringent measures such as factory lockdowns, business shutdowns, and travel restrictions, amid the COVID-19 pandemic, aggravated the economic problems of the countries in the MEA, especially in 2020. Hence, a decline in the economic growth of the MEA countries and adversities introduced by the COVID-19 pandemic in various industries slightly impacted the growth of the digital payment market in 2020.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA digital payment market. The MEA digital payment market is expected to grow at a good CAGR during the forecast period.

MEA Digital Payment Market Revenue and Forecast to 2028 (US$ Million)  

MEA Digital Payment Market Segmentation    

 

MEA Digital Payment Market, by Component

• Solution
  • Payment Gateway
  • Payment Processing
  • Payment Security and Fraud Management
  • Point of Sale
  • Payment Wallet
• Services
  • Professional Services
  • Managed Services

MEA Digital Payment Market, by Deployment

• On-Premise
• Cloud-Based

MEA Digital Payment Market, by Organization Size

• SMEs
• Large Enterprises

MEA Digital Payment Market, by Industry

• BFSI 
• Retail and Ecommerce
• Healthcare
• Travel and Hospitality
• Media and Entertainment
• IT and Telecom
• Others

MEA Digital Payment Market, by Country

• Saudi Arabia 
• UAE
• South Africa
• Rest of MEA 

MEA Digital Payment Market – Companies Mentioned

• ACI Worldwide, Inc.
• Adyen
• Financial Software & Systems Pvt. Ltd.
• Fiserv, Inc.
• Global Payments Inc.  
• PayPal Holdings, Inc.   
• PayU  

Middle East and Africa Digital Payment Strategic Insights

Strategic insights for the Middle East and Africa Digital Payment provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Middle East and Africa Digital Payment Report Scope

Middle East and Africa Digital Payment Regional Insights

The geographic scope of the Middle East and Africa Digital Payment refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.