Middle East and North Africa Payment Processing Solutions Market is expected to grow with the CAGR of 9.1% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.
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Payment processing solutions market is a strongly growing market, which includes specific number of key players as well as local players. The market has witnessed increase in various strategic developments owing to favourable market scenario.
The major players dealing in Middle East & North Africa payment processing solutions market are introducing strong range of product portfolio. This helped company to maximize the sales with enhance product portfolio.
For instance,
- In April 2018, Telr introduced a new solution Telrsecure to protect the transactions of payment and provide the merchants and buyers with more secure and safe option in Middle East. The antifraud software would increase to build the buying behaviour through online transaction of the people. The company is introducing the new products to meet the demand of safety needs of the customer, through this the company would strengthen their product portfolio and increase customer base.
Mastercard is the dominating player in the Middle East & North Africa payment processing solutions market and rthe other players in the market are PayPal, Wirecard, Network International, Infibeam Avenues Limited, GPS, 2Checkout, Palladium Payment Services LLC, PAYFORT INTERNATIONAL FZ LLC, TELR PTE LTD, PayU, First Data Corporation, Alipay and The Mint Corporation among others.
Mastercard
Mastercard headquartered in New York, U.S. which was founded in 2001. The company is engaged in providing online payment platforms to consumers, business organizations and various industry verticals, by offering different type of cards. The market focused products are derived from both business and consumers. The company includes Debit Mastercard BusinessCard, Mastercard BusinessCard, Mastercard Business Prepaid Card, Mastercard Professional Credit Card, Debit Mastercard Professional Card, World for Business, Multi Card, Fleet, Corporate, Commercial Prepaid, Standard Credit Card, Platinum Credit Card, World Credit Card, Standard Debit Card, Platinum Debit Card, World Debit Card, Mastercard Prepaid Card as its product under the sub-category of cards, debit cards, credit cards and prepaid cards.
The company has wide global presence across the globe such as Asia-Pacific, Europe, Latin America, Middle East & Africa, and North America. In addition to it, the company also generates its revenue from the various subsidiary companies such as RiskRecon Inc. (U.S.), Cirrus (U.S.), Ethoca Limited (Canada), DataCash (U.K.), Applied Predictive Technologies (U.S.) and Vyze, Inc. (U.S.) among others.
For instance,
- In November 2019, the on-going partnership of Mastercard and PayPal the facility of instant transfer is being expanded to Singapore and Europe. This would aid the Mastercard holders to instantly receive payment transfer from Paypal. This would assist the company to grow its customer base for Europe and Singapore countries.
PayPal
PayPal headquartered in California, U.S. which was founded in 2015. The products offered are PayPal Cashback Mastercard, PayPal Extras Mastercard, PayPal Credit - Digital Credit Line and PayPal app. The company engaged in digital and mobile payment solutions for merchants and consumers. The company has product categories such as Personal, Business. Personal falls into market focused category.
For instance,
- In December 2019, PayPal joined hands with Citigroup, Inc. The partnership is focused towards aiding the Citi’s institutional networking with the online payment platform of PayPal. This partnership will expand the customer base of PayPal globally.
The company has wide global presence across the globe such as Americas, Europe, Africa, and Asia-Pacific. In addition to it, the company also generates its revenue from the various subsidiary companies such Braintree (U.S.), Venmo (U.S.), Xoom Corporation (U.S.), iZettle (U.S.), and Honey (U.S.) among others.
Wirecard
Wirecard has headquartered in Aschheim, Germany and it was founded in 1999. The company has a strong product portfolio under solution categories accepting payments and making payments. The company has various business segments such as payment processing & risk management (PP&RM), acquiring & issuing (A&I), call center & communication services (CC&CS). The market focused segment is payment processing & risk management (PP&RM). The company is focused towards various collaborations to increase their revenue.
For instance,
- In January 2020, Wirecard collaborated with Sprint for integration of Internet of thing (IoT) with online payment to form “Internet of Payments”. This collaboration will open several opportunities and a vast customer base globally.
The company has wide global presence across the globe such as Africa, Asia, Oceania, Europe, North America, and South America. In addition to it, the company also generates its revenue from the various subsidiary companies such as CLICK2PAY GmbH (Germany), PT. Wirecard Technologies Indonesia, Wirecard Global Sales GmbH (Germany), and Wirecard NZ Limited (New Zealand) among others.
