Middle East and Africa Payment Processing Solutions Market, By Payment Mode (E-Wallet, Credit Card, Debit Card, Automatic Clearing House, Others), Deployment Mode (On-Premises, Cloud-Based), End User Industry (Banking, Financial Services and Insurance, IT and Telecommunication, Healthcare, E- Commerce and Retail, Government and Utilities, Others) – Industry Trends and Forecast to 2029.
Middle East and Africa Payment Processing Solutions Market Analysis and Size
The increasing internet penetration and the growing smartphone utilization will boost the demand for payment processing solutions. The credit card category is anticipated to record the fastest growth in the market during the forecast period due to the availability of several affordable credit cards and increased preference for cash alternatives.
Data Bridge Market Research analyses that the payment processing solutions market was valued at USD 4184.93 million in 2021 and is expected to reach the value of USD 8713.10 million by 2029, at a CAGR of 9.60% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Middle East and Africa Payment Processing Solutions Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Payment Mode (E-Wallet, Credit Card, Debit Card, Automatic Clearing House, Others), Deployment Mode (On-Premises, Cloud-Based), End User Industry (Banking, Financial Services and Insurance, IT and Telecommunication, Healthcare, E- Commerce and Retail, Government and Utilities, Others)
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Countries Covered
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U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Ltd (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google (U.S.), Finastra. (U.K.), SAMSUNG (South Korea), Amazon Web Services, Inc. (U.S.), Financial Software & Systems Pvt. Ltd. (U.S.), Aurus Inc. (U.S.), Adyen (Netherlands), Apple Inc. (U.S.), Fiserv, Inc. (U.S.), WEX Inc. (U.S.), wirecard (U.S.), Mastercard. (U.S.)
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Market Opportunities
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Market Definition
Payment processing solutions are the combined technological offerings that operate in collaboration with customer and merchant to process financial transactions with the generation of a payment gateway that works on a set of factors which pre-defined by merchant. These solutions act as a middleman between consumer and merchant, providing an effective flow of financial transactions. These payment processing solutions combine all the processes that work together to deliver better transactional flow.
Payment Processing Solutions Market
Drivers
- Increasing usage of payment processing solutions most in BFSI Sector
The banking, financial services, and insurance (BFSI) category is expected to drive the growth rate of the payment processing solutions market. Payment processing solutions are extremely popular in the finance and banking sector because it aids in removing a lot of paperwork and making banking processes easy and quick. Also, the solutions are also suitable for performing daily transactions such as payments and transfers, payroll processing and liquidity management.
- Increasing preference of online shopping
Consumers' growing preference for online shopping has propelled retailers to use payment processing solutions. These solutions aid retailers curb the threat of fraudulent transactions and improve consumer service. Payment Processing Solutions are using Artificial Intelligence (AI) technologies and machine learning, which are working as anti-fraud tools. Also, these solutions can be simply integrated with Point of Sale (POS) systems, thus propelling the payment processing solutions market growth.
- Government initiatives and policies
Several government initiatives and favorable policies to support the payment processing solutions are anticipated to drive market growth. For instance, the European Central Bank initiated the European Payments Initiative in July 2020, under a joint decision with approx. 16 regional banks. This initiative mostly focuses on unified payment solutions for customers and merchants, through the use of payment cards and digital wallets across cloud-based and on-premises payment.
Opportunities
- Higher investments associated with digitization
In recent times, several payment processing solution and banks providers are collaborating to increase the adoption of request-to-pay services, which will create the opportunities for the market growth. For instance, Temenos AG, a cloud banking platform has declared its collaboration in March 2022, with Mastercard Incorporated. This will help the bank to increase its adoption of request-to-pay services in the U.K. Therefore, through this collaborations, the adoption of these services by financial institutions will be easier, faster, and cheaper.
Moreover, growing demand of payment processing solutions from the gulf countries in the Middle East region due to the benefits offered by the payment processing solutions to consumers such as rewards, cashbacks and coupons among others are further creating lucrative opportunities for the market growth.
Restraints
- Issues associated with payment processing solutions
However, numerous factors such as lack of digital literacy in emerging economies and absence of a global standard for international transactions are anticipated to adversely impact the market growth over the forecast period. In addition, cyber-attacks are further affecting market growth. Rapid change in the payments space, including the development of real-time and blockchain payments, has disrupted the model of traditional payment providers. This has eventually opened various avenues for cyber attackers.
This payment processing solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the payment processing solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Payment Processing Solutions Market
The outbreak of covid-19 has impacted the payment processing solutions market in a positive way. The fear of coronavirus has made people all over the globe adopt digital payment services, which is projected to be the major driving factor for market growth. E-commerce platforms, specifically websites which deliver groceries have seen an increase in the orders for important goods, and retail stores have augmented online payment. Most of the people stay at home and order food through several online platforms and make payment online with numerous sources, which is projected to increase the global payment processing solution market in a progressive manner during the pandemic.
Recent Development
- In June, 2019, Noor Bank introduced digital payment service e-Wallet for consumers through their partnership with Etisalat. This new service is used to attract consumers from the UAE country with aid of fintech Company. Such initiative to increase consumer services generates demand and opportunity to grow for the market.
- In October, 2019, NCPI has announced the expansion of the UPI, BHIM, RuPay and other payment solutions to the Singapore and UAE countries. Such initiative to facilitate the Indian customer in the UAE nation is assisting the segment in growing in the forecast period.
Middle East and Africa Payment Processing Solutions Market Scope
The payment processing solutions market is segmented on the basis of payment mode, deployment type and end user industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Payment Mode
- E-Wallet
- Credit Card
- Debit Card
- Automatic Clearing House
- Others
Deployment Mode
- On-Premises
- Cloud-Based
End User Industry
- Banking
- Financial Services and Insurance
- IT and Telecommunication
- Healthcare
- E- Commerce & Retail
- Government and Utilities
- Others
Payment Processing Solutions Market Regional Analysis/Insights
The payment processing solutions market is analyzed and market size insights and trends are provided by country, payment mode, deployment type and end user industry as referenced above.
The countries covered in the payment processing solutions market report are U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa.
Saudi Arabia accounted for the largest market share in the Middle East and Africa center cooling market due to the increasing internet users and IoT devices. This has generated demand to establish more data centers to process and store, resulting in the rise in demand for payment processing solutions systems.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Payment Processing Solutions Market Share Analysis
The payment processing solutions 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, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to payment processing solutions market.
Some of the major players operating in the payment processing solutions market are:
- ACI Worldwide (U.S.)
- PayPal, Inc. (U.S.)
- Novatti Group Ltd (Australia)
- Global Payments Inc. (U.S.)
- Visa (U.S.)
- Stripe, Inc. (Ireland)
- Google(U.S.)
- Finastra (U.K.)
- SAMSUNG (South Korea)
- Amazon Web Services, Inc. (U.S.)
- Financial Software & Systems Pvt. Ltd. (U.S.)
- Aurus Inc. (U.S.)
- Adyen (Netherlands)
- Apple Inc. (U.S.)
- Fiserv, Inc. (U.S.)
- WEX Inc. (U.S.)
- wirecard (U.S.)
- Mastercard. (U.S.)
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