Middle East and Africa Online Payment Methods Industry to 2025 - Consumers Continue to Adopt Digital Payments, Overcoming Major Barriers

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Jul 25, 2022, 13:15 ET

DUBLIN, July 25, 2022 /PRNewswire/ -- The "Middle East and Africa Online Payment Methods 2022" report has been added to ResearchAndMarkets.com's offering.

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

Another payment method gaining momentum currently globally is digital wallet as more and more consumers are using it to pay for their purchases online. Due to the growing use of digital wallets, online merchants are also adjusting their offered payment methods, with almost half of all E-Commerce companies already accepting digital wallets as payment methods and around one third planning to expand their digital wallet adoption in the future.

Consumers in the Middle East and Africa continue to adopt digital payments, overcoming major barriers

The digital payment industry in the MEA region was already growing prior to the onset of the pandemic and its growth has been accelerated by the health crisis. When looking at the different regions in Africa during the pandemic, Eastern Africa displayed the highest and Northern Africa the lowest mobile money transaction volume in 2021, implying a big discrepancy in digital payment adoption throughout the different regions in Africa, as detailed in the report.

Whereas, when compared to the traditional banking sector, the mobile money sector in Africa has drastically improved accessibility and ease of use for its consumers, though lack of knowledge and relevance persist as the main barriers for mobile money account ownership in this region. In the Middle East, card and digital wallets are growing in use among online shoppers.

Banking sector is adjusting to the changing consumer preferences

As the consumers are increasingly opting for online payment methods, banking is also shifting toward the digital payment trend. Over one third of surveyed banking executives in the MEA region stated their highest priority for the upcoming years is to master digital marketing to improve their digital presence for consumers. Another approximate two thirds expect digital wallets to be among the most preferred payment methods of consumers in their respected markets in a few years.

Questions Covered in the report:

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

Key Topics Covered:

1. Management Summary

2. Global Developments

Online & Mobile Payment Trends, May 2022
Most Used Payment Methods When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2021
Payment Methods Used More Frequently Compared To Pre-COVID-19 When Shopping Online, in % of Online Shoppers, by Selected Countries, April 2021
Reason For Changing Payment Method Habits During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2021
Payment Value, by E-Commerce Payments and POS Payments, in USD trillion, 2021 & 2026f
Share of Cash Payments, in % of Total POS Transaction Value, by Region, 2021 & 2025f
Value of Contactless Card Transactions, in USD trillion, 2020 & 2021e
Share of Contactless Card Transactions, in % of Overall Contactless Transaction Value, 2021e
Virtual Card* Transaction Value, in USD trillion, 2021 & 2026f
BNPL B2C E-Commerce Sales, in USD billion, 2021e & 2026f
Number of BNPL Users, in millions, 2021e & 2026f
BNPL Share of B2C E-Commerce Payments, in %, 2021e & 2026f
Value of Digital Wallet Transactions, in USD trillion, 2022f & 2026f
Number of B2C E-Commerce Transactions Paid by OEM Mobile Payment Apps, in billions, 2022f & 2026f
Number of Mobile Wallet Users, by Region, in millions, 2020 & 2025f
Proximity Mobile Payment Users Worldwide, in millions, and Year-on-Year Change, in %, 2020-2025f
Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2020-2025f
Proximity Mobile Payment User Penetration, in % of Smartphone Users, 2021e
Payment Methods Accepted by Online Merchants, by Already Accepted and Planned, in % of Online Merchants, February 2022
Factors Influencing Store Purchasing Choice, Excluding Digital Payments, in % of Consumers, December 2021
Areas for Growth According to Small Businesses, in % of Small Businesses, December 2021
Share of Consumers and Small Businesses Planning to Use Digital Payment Methods Exclusively Within the Next Two Years, in %, December 2021
QR Code Payment Transaction Value, in USD trillion, 2022e & 2025f
Cryptocurrency Payment Value, in 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 USD billion, and Year-on-Year Growth, in %, by Region, 2021

3. Middle East & Africa
3.1 Regional

Online & Mobile Payment Trends, June 2022
Most Preferred Payment Methods by 2025, in % of Respondents, 2020
Payment Method Likely To Be Market Leader by 2025, in % of Respondents, 2020
Banks' Innovation Methods, in % of Banking Executives, March 2021
Banks' Priorities by 2026, in % of Banking Executives, March 2021
How Banks View Their Digital Business Evolvement by 2023, in % of Banking Executives, March 2021
Trends To Have The Biggest Impact on Banks by 2025, in % of Banking Executives, March 2021
Overview of Selected Leading FinTech Startups in the Payments Sector, incl. Company Name, Solution, Funding, Country and Year Established, 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 USD billion, and Year-on-Year 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. UAE

Digital Payment Transaction Value, in USD billion, 2020 & 2030f
Number of Digital Payment Transactions, in billions, 2020 & 2030f
Average Annual Digital Payment Transaction Value Per User, in USD, 2019-2021
Breakdown of Most Used Payment Methods, in %, 2021
View On Digital Payments, in % of Merchants, 2020
Measures Small Businesses Without Online Presence Plan To Take In The Future, in % of Small Businesses, 2020

4.2. Saudi Arabia

Breakdown of Most Used Payment Methods, in %, 2021
Most Preferred Banking Channel, in % of Adults, October 2021
Trust Levels Towards Financial Transaction Service Providers, in % of Adults, October 2021
Attitude Towards New Financial Services, in % of Adults, October 2021

4.3. Israel

Breakdown of Most Used Payment Methods, in %, 2021
Breakdown of Payment Terminals Supporting Wireless Payments, in %, 2021
Breakdown of Types of Credit Card Payments, in %, 2021

4.4. Jordan

Top Banking Activities, in % of Digital Financial Service Users, 2021
Breakdown of Mobile Wallet Usage, by Banked and Unbanked, in % of Respondents, 2021
Reasons For Owning Mobile Wallets, in % of Mobile Wallet Owners, 2021

4.5. Oman

Number of POS Transactions, in millions, 2020 & 2021e

5. Africa
5.1. South Africa

Breakdown of Top Payment Methods, in %, 2021
Share of Respondents Who Made Mobile Payments, in %, 2019 & 2020
Contactless Payments* Value, in ZAR billion, 2020 & 2021

5.2. Egypt

Top 5 Online Payment Methods, in % of Total Payments, 2021
B2C E-Commerce Volume by Payment Method, in 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, in % of Total Payments, 2021
Electronic Payment Transactions, incl. Number, in millions, and Value, in NGN billion, by Type, 2020

5.4. Morocco

Top 4 Online Payment Methods, in % of Total Payments, 2021
Number of Online Transactions Made with Bank Cards, in millions, and Value, in MAD billion, by Domestic Credit Cards and Domestic and Foreign Cards (Total), September 2018-September 2021

5.5. Kenya

Top 3 Online Payment Methods, in % of Total Payments, 2021
Mobile Payment Statistics, incl. Number of Transactions, in Millions, Value of Transactions, in KES Billion, Number of Accounts, in Millions, and Number of Agents, in Thousands, 2011-2021
Financial Account Penetration, by Type, in % of Adults, 2021

5.6. Tunisia