The MarketWatch News Department was not involved in the creation of this content.
Sep 29, 2020 (Market Insight Reports) —
The Middle East and North Africa Digital Payments Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The Middle East & North Africa Digital Payments Market is expected to CAGR of 6.5% over the forecast period 2020 – 2025.
Click the link to get a Sample Copy of the Report:
The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Middle East and North Africa Digital Payments Market: Paypal Holdings Inc., Samsung Corporation, ACI Worldwide Inc, CIB Bank, Alphabet Inc.(Google Pay), Apple Inc., First Data, Fawry, Mastercard (MasterPass), ACI Worldwide
– In Oct 2019 – Alphabet Inc. introduced biometric security with Android 10 which has started into the Google’s widely-used digital wallet platform and online payment system- Google Pay. The feature is available in the latest 2.100 version of the app and allows users to protect their online transactions using fingerprint feature. Google Pay users previously had to enter a PIN to secure their transactions. This has changed now with the latest update. Google has now added support for biometrics API so that users can use their fingerprints to authenticate the money transfers.
– In Oct 2019 – Samsung Corporation? in collaboration with Mobeewave announced the deployment of NFC-enabled contactless payment acceptance on mobile devices globally. These two companies had deployed their solution first in Canada (15th October 2019), and are planning to expand globally starting in 2020.
Key Market Trends
– The landscape of digital payment across the region is changing rapidly and fuelling the market growth, owing to unsettling digital transformation. The stores and services across the region are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, and Google Pay to accept payments. Owing to changing lifestyles, daily commerce, and rapid growth in online retailing, this trend is expected to continue during the forecast period in the region.
– The market studied is expected to flourish, owing to the robust proliferation of the smart phones and internet. The internet penetration rate has been recording a healthy growth over the past few years, and is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers in the region.In Qatar, 75% of the population has a mobile phone, the UAE 73%, and Saudi Arabia 60%.
– The Middle East’s reliance on cash is due to a number of socio-economic factors: including education, awareness, and habits. Although cash will likely remain king in the Middle-East, through government promotion, people are gradually learning about the ease and benefits of a cashless society which is likely to boost the market growth in the region.
– The Middle East and Africa region are witnessing a burgeoning digital payment market with a significant number of market players offering a multitude of diverse services. The United Arab Emirates (UAE), in particular, has observed a boom in the number of available mobile payment services. For instance, mobile operator Etisalat offers its mobile wallet Etisalat Wallet. Also, Emirates NBD bank offers NBD Pay, a near-field communication- (NFC) based mobile contactless payment service, and Apple Pay and Samsung Pay were launched in UAE in the recent past.?
– There are only 17 countries in the Middle East. Even so, economic disparity is obvious. The Gulf Cooperation Council (GCC) consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC accounts for 20% of the Middle East’s total population but contributes to over 60% of the GDP. Because of the concentration of wealth in these countries, it is also observing higher adoption of digital payments
– With the recent outbreak of COVID-19 global transactions across businesses are observing a significant decline, whereas digital payments are seeing consumer propensity towards its use due to the nature of non-contact based transactions and convenience offered during the lockdown period.
– The acceptance of digital payment methods is expected to improve post COVID-19 and play a stronger role in the long term. With cash being seen as a potential carrier for the virus, governments and regulatory bodies are discouraging its use.These factors are influencing the growth of the market.
High Proliferation of Smartphones and Internet Penetration to Drive the Market Growth
– The global mobile connections have surpassed the global population mark. For instance, according to GSMA, the global mobile connections in 2019 stood at 8.98 billion and increasing even significantly with prominent growth rates in Middle East and North Africa.
– In the Middle East and North Africa, one in three mobile money providers that offer a smartphone app are seeing 20 percent or more of their active customer base transacting through the app, and a growing number of deployments in Middle East see over half of the transactions performed through smartphone apps.
– A recent survey from MasterCard indicates that digital payments in the Middle East will increase rapidly with over 70% of respondents in the survey stating that they were willing to use mobile phones to make payments. The shift to mobile could also have a tremendous economic impact, as studies have shown that the Middle East could add USD 95 billion in GDP by 2020.?
– In September 2019, inwi, Moroccan telecom operator, launched its mobile money service inwi money. The service works on Comviva’s mobiquity money, where the service offers consumers a quick, convenient and secure way to perform multiple financial transactions such as person-to-person money transfer, airtime purchase, bill payments, and merchant payments.
– In Mar 2020, After securing approval from the “Bank Al Maghrib”, Orange Morocco had announced the launch of Orange Money in the country. This service is expected to allow Moroccans to make mobile payments and transfer money using their mobile devices. Morocco also becomes the 18th country in Africa and the Middle East region of Orange to offer the Orange Money solution.
Launch of Real-Time Payment Systems in Key GCC and North African Countries ?to Drive the Market Growth
– As digital payment options continue to grow in popularity, an increasing number of businesses and consumers are expected to adopt these payments in the region. It is therefore crucial for the region to have underlying real-time infrastructure in place to enable these payments to make it quick and effective.
– The launch of a real-time payments service provides the core infrastructure which support a range of new banking and payment services. At a macro level, the introduction of such technology offers tangible benefits to a national economy by increasing liquidity and efficiency of the payments system, which in turn will support GDP growth and also reduces costs of doing business in the region and provides convenient secure access to payments systems for banked and unbanked consumers, businesses and government.
– The recent launch of real time payments in the Saudi Arabia is serving as a catalyst for the adoption of real-time payments amongst other countries in the region .This will benefit financial institutions (FIs), merchants, consumers and society by offering enhanced visibility into payments, by enabling better cash management and by helping businesses better manage day-to-day operations by improving liquidity.
– As the region is operating cross-border, and require smoother, cheaper and quicker payment processes. Hence launching such real-time payment system in the region is likely to increase and thereby driving the market growth.
Influence Of The Middle East and North Africa Digital Payments Market Report:
-Comprehensive assessment of all opportunities and risk in the Middle East and North Africa Digital Payments market.
– Middle East and North Africa Digital Payments market recent innovations and major events.
-A detailed study of business strategies for growth of the Middle East and North Africa Digital Payments market-leading players.
-Conclusive study about the growth plot of Middle East and North Africa Digital Payments market for forthcoming years.
-In-depth understanding of Middle East and North Africa Digital Payments market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Middle East and North Africa Digital Payments market.
The report has 150 tables and figures browse the report description and TOC:
What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on an Argentina and regional scale.
Analytical Tools: The Middle East and North Africa Digital Payments Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
Please connect with our sales team ([email protected]).
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc.MarketInsightsReports provides Global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Irfan Tamboli (Head of Sales) – Market Insights Reports
Phone: + 1704 266 3234 | +91-750-707-8687
This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on [email protected]
Is there a problem with this press release? Contact the source provider Comtex at [email protected] You can also contact MarketWatch Customer Service via our Customer Center.
The MarketWatch News Department was not involved in the creation of this content.