Middle East & Africa Online Payment Method Market 2021 Report: Electronic Payments Have Gained Momentum, Particularly After The Onset Of COVID-19 – ResearchAndMarkets.com

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DUBLIN – (COMMERCIAL THREAD) – “Middle East and Africa Online Payment Methods Market, 2021” report has been added to ResearchAndMarkets.com offer.

“Online payment methods in the Middle East and Africa 2021” provides information on the current status and future trends of the online payments market in the Middle East and Africa. Among other findings, the publication reveals that even after the removal of social isolation measures, consumers planned to continue using cellphones / smartphones to shop.

It takes into account a broad definition of online payment, including payment methods used in online shopping and mobile payment, such as distance and proximity payments. Additionally, information related to the impact of the coronavirus (COVID19) on digital payments in the Middle East, Africa and globally has been included in this report.

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 momentum around the world, even more gradually after the onset of the pandemic in 2020. Credit and debit cards are among the major common payment methods 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 this 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 willing to embrace digital payments and even try new emerging ones 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 lower risks of COVID-19 infection in 2020. Overall, in countries in both 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 through 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.

Main topics covered:

1. Executive summary

2. Global developments

  • Value of digital wallet spend, in trillions of dollars, 2020 and 2025f

  • Number of digital wallet users, in billions, 2020 and 2025f

  • Value of mobile commerce transactions, in trillions of USD, 2020 and 2025f

  • Cash use in emerging markets, by country, as a% of total transaction volume, 2010 and 2020e

  • Use of cash in mature markets, by country, as a% of total transaction volume, 2010 and 2020e

  • Share of contactless payments and e-commerce,% of total digital wallet spend, 2025f

  • Number of QR Code payment users, in billions, 2020e & 2025f

  • Share of QR code payment users,% of all mobile phone users, 2025f

  • Value of instant payments, in trillions of USD, 2020e and 2025f

  • Share instant payments, as a% of the total value of B2B and consumer digital money transfers and bank payments, 2025f

  • Value of mobile payment transactions authenticated via biometrics, in trillions of USD, 2020 and 2025f

  • Share of adults who expected digital payment options to be offered when making in-person purchases, in%, and specific digital payment options expected, in% of adults, November 2020

  • Breakdown of blockchain use cases, in%, 2021e

  • Main online payment methods, in% of respondents, August 2020

  • Top payment methods consumers plan to use next year,% of consumers, March 2021

  • Main payment methods available, by B2C and B2B, in% of payment decision makers, 2020

  • Share of the value of mobile commerce transactions, as a% of the total value of e-commerce transactions, 2021e and 2025f

  • Share of QR code payments,% of all digital wallet transactions, 2020 and 2025f

  • Perception of cryptocurrency,% of millennial consumers, March 2021

  • Main payment methods for fraudulent actions, in% of fraud and payment professionals, August 2020

  • Value of losses due to e-commerce fraud, in billion USD, 2020 & 2021e

  • Number of users making online payments with facial recognition, in billions, 2020 and 2025f

  • Number of users who will confirm transactions with speech recognition, in millions, 2020 and 2025f

3. Middle East and Africa

3.1. Regional

  • Impact of COVID-19 on online and mobile payments, July 2021

  • Share of adults who plan to use cryptocurrency as a payment method next year,%, March 2021

  • Share of adults who were more open to using cryptocurrency than a year ago, in%, March 2021

  • Share of adults who would avoid businesses that do not accept electronic payments,%, March 2021

  • Share of adults who prefer to buy more from omnichannel businesses,%, March 2021

  • Change in the use of purchasing channels when social distancing / social isolation measures are removed,% of respondents, 2020

  • Overview of mobile money statistics, incl. Number of live services, registered accounts, in millions, active accounts, in millions, transaction volume, in millions, and annual growth, in%, by sub-region, 2020

  • Total investment raised by African FinTechs, in millions of USD, 2019 & 2020e

  • Breakdown of funds invested in equity-funded vertical markets,% of total, 2020

4. Middle East

4.1. United Arab Emirates

4.2. Saudi Arabia

4.3. Israel

4.4. Jordan

5. Africa

5.1. South Africa

5.2. Egypt

5.3. Nigeria

5.4. Morocco

5.5. Kenya

Companies mentioned

  • American Express

  • Apple Pay

  • Google pay

  • Klarna

  • Pay Pal

For more information on this report, visit https://www.researchandmarkets.com/r/2x7dqv


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