MEA Online Payment Methods Market 2022 Outlook –

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Dublin, July 28, 2022 (GLOBE NEWSWIRE) — The “Online Payment Methods in the Middle East and Africa 2022” report has been added to from ResearchAndMarkets.com offer.

According to this report, the global online payments industry continues to grow, initially driven by increased adoption of digital payments throughout the pandemic. Common payment methods remain predominantly card-based, with debit and credit cards ranking among the most preferred payment methods when shopping online.

Another payment method that is currently gaining momentum in the world is the digital wallet, as more and more consumers are using it to pay for their online purchases. Due to the increasing use of digital wallets, e-merchants are also adapting the payment methods offered, with almost half of all e-commerce businesses already accepting digital wallets as payment methods and around a third plan to expand the adoption of their digital wallet in the future.

Consumers in the Middle East and Africa continue to embrace digital payments, overcoming major hurdles

The digital payment industry in the MEA region was already growing before the onset of the pandemic and its growth has been accelerated by the health crisis. Looking at the different regions of Africa during the pandemic, East Africa showed the highest mobile money transaction volume and North Africa the lowest in 2021, implying a big gap in the adoption of digital payment in different regions of Africa, as detailed in the report.

Considering that, compared to the traditional banking sector, the mobile money sector in Africa has significantly improved accessibility and ease of use for its consumers, although lack of knowledge and relevance persist as the main barriers to having a mobile money account in that region. In the Middle East, cards and digital wallets are increasingly used by online shoppers.

The banking industry adapts to changing consumer preferences

As consumers increasingly opt for online payment methods, the bank is also moving towards the digital payment trend. More than a third of banking executives surveyed in the MEA region said their top priority for the coming years was to master digital marketing to improve their digital presence with consumers. About two-thirds expect digital wallets to be among consumers’ preferred payment methods in their respected markets within a few years.

Questions covered in the report:

  • What are the main trends in online and mobile payment in the world, in the Middle East and in Africa?
  • Which payment methods will be most preferred in the Middle East and Africa by 2025?
  • What are the reasons for the growing adoption of mobile wallets in the Middle East?
  • What payment methods are preferred by online shoppers across Africa?
  • How do mobile money statistics for Africa compare to other regions of the world?

Main topics covered:

1. Management Summary

2. Global developments

  • Trends in online and mobile payments, May 2022
  • Most used payment methods when shopping online during the pandemic, as % of online shoppers, by selected countries, April 2021
  • Payment methods used more frequently compared to the pre-COVID-19 period when shopping online, in % of online shoppers, by selected countries, April 2021
  • Reason for changing payment habits during the pandemic, in % of online shoppers, by selected countries, April 2021
  • Value of payments, by e-commerce payments and POS payments, in USD trillion, 2021 and 2026f
  • Share of cash payments as % of total POS transaction value, by region, 2021 and 2025f
  • Value of contactless card transactions, in USD trillion, 2020 and 2021e
  • Share of contactless card transactions, as a % of the total value of contactless transactions, 2021e
  • Virtual card transaction value*, in USD trillion, 2021 and 2026f
  • BNPL B2C e-commerce sales, in USD billion, 2021e & 2026f
  • Number of BNPL users, in millions, 2021e & 2026f
  • BNPL’s share of B2C e-commerce payments, in %, 2021e & 2026f
  • Value of Digital Wallet Transactions, USD Trillion, 2022f & 2026f
  • Number of B2C e-commerce transactions paid by OEM mobile payment apps, in billions, 2022f and 2026f
  • Number of mobile wallet users, by region, in millions, 2020 and 2025f
  • Mobile proximity payment users worldwide, in millions, and annual change, in %, 2020-2025f
  • Penetration of mobile proximity payment users, as % of smartphone users, 2020-2025f
  • Penetration of local mobile payment users, in % of smartphone users, 2021e
  • Payment methods accepted by online merchants, by already accepted and planned, in % of online merchants, February 2022
  • Factors influencing in-store shopping choice, excluding digital payments, % of consumers, December 2021
  • Growth areas according to small businesses, % of small businesses, December 2021
  • Share of consumers and small businesses planning to exclusively use digital payment methods in the next two years, in %, December 2021
  • Value of QR code payment transactions, in USD trillions, 2022e and 2025f
  • Value of cryptocurrency payments, USD billion, 2018-2023f
  • Overview of mobile money statistics, incl. Number of live services, registered accounts, in millions, active accounts, in millions, transaction volume in millions and transaction value, in billion USD, and annual growth, in %, by region, 2021

3. Middle East and Africa
3.1 Regional

  • Trends in online and mobile payments, June 2022
  • Most preferred payment methods by 2025, % of respondents, 2020
  • Payment method likely to be market leader by 2025, % of respondents, 2020
  • Bank innovation methods, as a % of bank executives, March 2021
  • Priorities of banks by 2026, in % of bank managers, March 2021
  • How banks perceive the evolution of their digital business by 2023, in % of banking executives, March 2021
  • Trends with the greatest impact on banks by 2025, in % of bank executives, March 2021
  • Overview of selected leading FinTech startups in the payments industry, incl. Company name, solution, funding, country and year of creation, December 2021
  • Overview of mobile money statistics in Africa, incl. Number of live services, registered accounts, in millions, active accounts, in millions, transaction volume in millions and transaction value, in billion USD, and annual growth, in %, by sub-region, 2021
  • Total investment raised by African FinTechs, in USD million, 2020 & 2021
  • Overview of Selected Major FinTech Funding Rounds in Africa, by Country, 2021

4. Middle East
4.1. United Arab Emirates

  • Value of digital payment transactions, USD billion, 2020 and 2030f
  • Number of digital payment transactions, in billions, 2020 and 2030f
  • Average annual value of digital payment transactions per user, in USD, 2019-2021
  • Distribution of the most used payment methods, in %, 2021
  • View on digital payments, % of merchants, 2020
  • Measures small businesses without an online presence plan to take in the future, % of small businesses, 2020

4.2. Saudi Arabia

  • Distribution of the most used payment methods, in %, 2021
  • Most preferred banking channel, % of adults, October 2021
  • Levels of trust in financial transaction service providers, % of adults, October 2021
  • Attitude towards new financial services, % of adults, October 2021

4.3. Israel

  • Distribution of the most used payment methods, in %, 2021
  • Distribution of payment terminals supporting wireless payments, in %, 2021
  • Breakdown of credit card payment types, in %, 2021

4.4. Jordan

  • Main banking activities, in % of users of digital financial services, 2021
  • Breakdown of mobile wallet usage, by banked and unbanked, as % of respondents, 2021
  • Reasons for owning mobile wallets, as % of mobile wallet owners, 2021

4.5. Oman

  • Number of POS transactions, in millions, 2020 and 2021e

5. Africa
5.1. South Africa

  • Breakdown of main payment methods, in %, 2021
  • Share of respondents having made mobile payments, in %, 2019 & 2020
  • Contactless payments* Value, in billions of ZAR, 2020 and 2021

5.2. Egypt

  • Top 5 online payment methods, % of total payments, 2021
  • B2C e-commerce volume by payment method, USD billion, 2020
  • Breakdown of B2C e-commerce transactions, in %, 2021
  • Number of mobile wallets, in millions, H1 2020 & H1 2021

5.3. Nigeria

  • Top 5 online payment methods, % of total payments, 2021
  • Electronic payment transactions, incl. Number, in millions, and value, in billions of NGN, by type, 2020

5.4. Morocco

  • Top 4 online payment methods, as % of total payments, 2021
  • Number of online transactions carried out with bank cards, in millions, and value, in billions of dirhams, by national credit cards and national and foreign cards (total), September 2018-September 2021

5.5. Kenya

  • Top 3 online payment methods, as % of total payments, 2021
  • Mobile payment statistics, incl. Number of transactions, in millions, value of transactions, in billions of KES, number of accounts, in millions, and number of agents, in thousands, 2011-2021
  • Penetration of financial accounts, by type, in % of adults, 2021

5.6. Tunisia

  • Share of online shoppers paying online for their online purchases, in %, 2020

Companies cited

  • BitOasis
  • Chash Shredder
  • Flutterwave
  • Jumo
  • Fortunate
  • MTN Halan
  • Opay
  • palmpay
  • PayTabs
  • Post-payment
  • Tiger
  • tala
  • Tamara
  • time bank
  • Vague
  • Zepz

For more information on this report, visit https://www.researchandmarkets.com/r/r13olw


        
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