Middle East and Africa Online Payment Methods Report 2022 – Players include BitOasis, Chipper Chash, Flutterwave, Jumo and Lucky – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–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.

Companies cited

  • BitOasis

  • Chash Shredder

  • Flutterwave

  • Jumo

  • Fortunate

  • MTN Halan

  • Opay

  • palmpay

  • PayTabs

  • Post-payment

  • Tiger

  • tala

  • Tamara

  • time bank

  • Vague

  • Zepz

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 sector 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?

  • Which 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, as % 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 value of POS transactions, by region, 2021 and 2025f

  • Value of contactless card transactions, in USD trillion, 2020 and 2021e

  • Share of contactless card transactions, in % of the total value of contactless transactions, 2021e

  • Virtual card transaction value*, in USD trillion, 2021 and 2026f

  • BNPL B2C e-commerce sales, in billion USD, 2021e & 2026p

  • 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

4. Middle East

4.1. United Arab Emirates

4.2. Saudi Arabia

4.3. Israel

4.4. Jordan

4.5. Oman

5. Africa

5.1. South Africa

5.2. Egypt

5.3. Nigeria

5.4. Morocco

5.5. Kenya

5.6. Tunisia

For more information on this report, visit https://www.researchandmarkets.com/r/6vt39u

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