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Middle East and Africa Digital Payment Market - Industry Trends and Forecast to 2027

  • ICT
  • Published Report
  • Aug 2020
  • MEA
  • 350 Pages
  • No of Tables: 228
  • No of Figures: 26
  • ICT
  • Published Report
  • Aug 2020
  • MEA
  • 350 Pages
  • No of Tables: 228
  • No of Figures: 26

Middle East and Africa Digital Payment Market, By Offering (Solutions, Services), Deployment Model (On Premises, Cloud), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), Mode of Payment (Payment Cards, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, Online Payment), Mode of Usage (Mobile Application, Desktop/Web Browser), Technology (Application Programming Interface (API), Data Analytics and ML, Digital Ledger Technology (DLT), AI and IoT, Biometric Authentication), Use Case (Person (P/C), Merchant/ Business, Government), End User (Commercial, Consumer), Country (South Africa, UAE, Egypt, Saudi Arabia, Israel and Rest of Middle East and Africa) Industry Trends and Forecast to 2027

Middle East and Africa Digital Payment Market Market Analysis and Insights: Middle East and Africa Digital Payment Market

Digital payment market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing at a CAGR of 17.2% in the forecast period of 2020 to 2027 and is expected to reach USD 44,391.21 million by 2027. Growth in financial sector is a driving factor for the market growth.

Growing digitalization in banking industry for faster and hassle free banking activities seek need for payment solutions and platforms, with introduction of digital payments in BFSI industry payment origination and management is less time consuming and is easy to go process. Digital payment is helping BFSI to get digitalized rapidly and digitalization of BFSI sector is allowing digital payment market to grow at higher rate. To sustain in the digitally evolving market, the companies need to bring out the financial services on online platforms for better experience of the customer, thus acting as major driver for digital payment market. The cross border payments have become highly important to be digitalized and would be requiring government initiatives to do so, the companies need to work together and bring out optimum solutions for making the transactions between the countries more economical and efficient and the factor restraints the digital payment market growth.

High penetration of internet services drives the market. Lack of digital literacy in some parts of the region is acting as a restrain. Government taking initiatives to move towards digitalization is creating new opportunities for the Middle East and Africa digital payment market.

This digital payment market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.

Middle East and Africa Digital Payment Market Middle East and Africa Digital payment Market Scope and Market Size

Digital payment market is segmented on the basis of offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of offering, the digital payment market is segmented into solutions and services. Solutions segment holds the largest share in offering segment as it requires high initial cost, on the other hand services incur low cost expenditure on occasional basis.   
  • On the basis of deployment model, the digital payment market is segmented into cloud, and on premise. On premise segment dominates the deployment model segment considering large enterprises opt for on premises installations, however cloud segment is growing at higher rate due to specifications based costing. 
  • On the basis of organization size, the digital payment market is segmented into large enterprises, and small & medium enterprises (SMEs). Large enterprises segment holds the largest share in organization size segment as only large organizations prefer on-premises deployment methods, however small & medium enterprises (SMEs) segment is growing at higher rate owing to higher cloud installations by such organizations.
  • On the basis of mode of payment, the digital payment market is segmented into payment cards, point of sale, unified payments interface (UPI) service, mobile payment, and online payment. Payment cards segment dominates the mode of payment segment as majority of transactions are carried out via payment cards, however point of sale segment is growing at higher rate due to its faster and contactless operation. 
  • On the basis of mode of usage, the digital payment market is segmented into mobile application, and desktop/web browser. Due to feasibility and anywhere use of mobile phones and its applications allows mobile application segment to dominate the mode of usage segment.
  • On the basis of technology, the digital payment market is segmented into application programming interface (API), data analytics and ML, digital ledger technology (DLT), AI and IoT, and biometric authentication. Application programming interface (API) segment holds the largest market share in technology segment as this technology is being rapidly adopted payment solutions provider for smoother distribution amongst other related payment platforms.
  • On the basis of use case, the digital payment market is segmented into person (P/C), merchant/ business, and government. Person (P/C) segment dominates the use case segment and is expected to grow at higher rate as digital transactions have seen high spike in usage by personal account holders to avoid handling cash and adopted secured ways of payments.
  • On the basis of end user, the digital payment market is segmented into commercial, and consumer. End user segment is dominated by commercial end users as commercial transactions are frequent in numbers as compared to consumer segment also management of such payments require high end services.

Middle East and Africa Digital payment Market Country Level Analysis

Digital payment market is analysed and market size information is provided by country, offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user as referenced above. 

The countries covered in the Middle East and Africa digital payment market report are South Africa, UAE, Egypt, Saudi Arabia, Israel and rest of Middle East and Africa.  

Israel is dominating in the Middle East and Africa region due to increased government initiatives taken to boost the digitalization is bringing in new investors to partner with the local banks and digital payment solution providers for digitalizing the payment process.

The country section of the Middle East and Africa digital payment market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Rising Demand of Digital payment

Middle East and Africa digital payment market also provides you with detailed market analysis for every country growth in installed base of different kind of products for digital payment market, impact of technology using life line curves and changes regulatory scenarios and their impact on the digital payment market. The data is available for historic period 2010 to 2018.

Competitive Landscape and Digital payment Market Share Analysis

Digital payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Middle East and Africa digital payment market.

The major players covered in the Middle East and Africa digital payment market report are ACI Worldwide, Inc., PayPal Holdings, Inc., Novatti Group Pty Ltd, Global Payments Inc., Visa, Stripe, Google (A Subsidiary of Alphabet Inc.), Finastra, SAMSUNG, Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.), Financial Software and Systems Pvt. Ltd., Aurus Inc., Sage Pay Europe Limited, Adyen, Apple Inc., Fiserv, Inc., FIS, WEX Inc., Wirecard, Mastercard among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

For instance,

  • In November 2019, Amazon Web Services, Inc. announced to join hands with Western Union. The strategic partnership provided Western Union with AWS cloud for its customer to make payments and transaction through mobile and online websites. The partnership increased the customer base of the company.
  • In April 2018, Financial Software and Systems announced the expansion of its products to Middle East region. The expansion involved the launch of FSS Voice Commerce for real-time voice banking. The new product in Middle East enhanced the geographical reach of the company.

Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for digital payment market through applying various strategies for the growth of the market.  


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