Market Size of Egypt Mobile Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 72.74 Billion |
| Market Size (2029) | USD 157.86 Billion |
| CAGR (2024 - 2029) | 16.76 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Egypt Mobile Payments Market Analysis
The Egypt Mobile Payments Market size is estimated at USD 72.74 billion in 2024, and is expected to reach USD 157.86 billion by 2029, growing at a CAGR of 16.76% during the forecast period (2024-2029).
A mobile payment, also known as mobile money, mobile money transfer, or mobile wallet, is any of several payment processing services governed by financial rules and executed from or through a mobile device as the primary type of digital wallet.
- Egypt collaborates with various worldwide payment solution companies to create the world's first "cashless city." To stimulate the development of its retail sector, the government was forced to invest in and increase the scope of mobile transactions.
- The growing acceptance of sound wave-based mobile payments throughout the country will likely boost the market growth. Instead of using conventional technologies like banking apps, NFC, or card terminals, sound waves that hold encrypted information about the payments handle proper wave-based payment transactions.
- Other significant causes include the rising importance of mobile devices, not just for POS shopping but also for mobile checkout, and the incorporation of P2P payments into messengers and social networks. High convenience and usefulness on mobile devices are becoming increasingly popular, particularly in mobile-first countries.
- However, security worries about mobile payment options are expected to hamper industry expansion. The growing number of high-profile data breaches worldwide is projected to hinder the growth of the mobile payment industry over the forecast period. Customers prefer to make payments using debit or credit cards to avoid data leaks. Some consumers use debit or credit cards rather than make contactless payments.
- The COVID-19 pandemic increased demand for remote, mobile payment services since most national banks shifted to digital channels to deliver customer services. Before the pandemic, Egyptians were more reliant on currency. However, the pandemic prompted a more significant than ever push toward cashless and mobile payments.
