Electronic and mobile payments in the Middle East and Africa have seen an increase in their adoption and value. The latest publication “Online Payment Methods in the Middle East and Africa 2021” provides an overview of the current status and future trends of the online payments market in the Middle East and Africa.
New York, August 19, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Asia-Pacific 2021 Online Payment Methods After COVID-19” – https://www.reportlinker.com/p06130123/? utm_source = GNW
Among other findings, the publication reveals that even after the removal of social isolation measures, consumers planned to continue using cellphones / smartphones to shop.
Electronic payments around the world have gained momentum, especially after the onset of COVID-19, encouraging consumers to embrace them and learn more about them
Online payments and alternatives to cash are gaining ground around the world, even more gradually after the onset of the pandemic in 2020. Credit and debit cards are among the main payment methods common around the world. QR codes, which were increasingly accepted around the world, are expected to decrease in frequency of use due to the acceleration of features such as card acceptance through NFC smartphones, which are now easier to adopt. Another form of payment that is gaining momentum today is cryptocurrency. A recent survey cited in the report found that a significant share of young consumers became more open to this new currency in 2021 compared to the previous year and more than 70% of them are ready to learn more about it. his subject.
Consumers in the Middle East and Africa have steadily increased their use of online payments and the acceptance of emerging forms of payment has increased.
The online payment industry in the Middle East and Africa has accelerated since the start of 2020. One of the main drivers has been the COVID-19 pandemic. Consumers in the region were open to adopting digital payments and even trying new emerging payments such as cryptocurrency, biometrics, QR code, and more because they are fast, secure, and contactless. Many consumers surveyed have opted to use cryptocurrency more than last year. Moreover, even after the removal of social distancing / social isolation measures, most buyers still preferred to use cellphones / smartphones to shop.
Overall, a considerable portion of UAE consumers chose online payments because they believed it helped them save money. While in Israel, online shopping has been preferred due to the lower risk of COVID-19 infection in 2020.
In general, in the countries of the two regions, card and mobile payments dominated. Namely, in South Africa and Egypt, the value of card payments is expected to increase steadily over the next few years. In Egypt, the number of electronic cards increased significantly from December 2017 and exceeded 40 million in December 2020.
In Morocco, local card payments prevailed over foreign card payments. The value of digital transactions via Moroccan cards reached over 4 billion dirhams (around 400 million euros) in the first 9 months of 2020, while the value of online payments with a foreign card has declined from of 2019 and reached just over 225 million dirhams (over 21 million) in the first 9 months of 2020.
Mobile payments have also increased in acceptance in both regions. Namely, in Jordan, the volume of transactions made through a mobile payment system increased in 2020 and exceeded 1 million in December 2020. While in Kenya, the number of mobile payments continued to grow every year and reached over 60 million at the start of 2021.
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