Market Size of Middle East and Africa Mobile Payments
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Historical Data Period
|2019 - 2022
*Disclaimer: Major Players sorted in no particular order
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MEA Mobile Payments Market Analysis
The Middle East and Africa Mobile Payments is expected to register a CAGR of 30.1% over the forecast period (2022-2027). The increasing internet penetration and growing E-commerce & M-commerce market, along with gradual growth in the number of loyalty benefits in a mobile environment, are driving the development of the mobile payments market.
- The rising growth in the e-commerce industry through online businesses such as online retail shopping, recharges, money transfer, and so on is giving rise to mobile payment systems.
- The online world is growing rapidly owing to factors like the rising number of broadband connections and internet availability at cheaper rates. Most of the time, payments in e-commerce are cashless, which implies that they must be processed by electronic means. This has been raising the demand for mobile payments mechanism.
- The rise of cashless transactions presents opportunities for businesses, both established and start-ups, as smartphones are now accounting for about 80% of all mobile devices, there will be considerable potential for innovation, including using mobile phones to direct payments.
- The spread of the COVID-19 has encouraged the adoption of mobile, payments as shifts in consumer habits caused by the pandemic are expected to boost payments globally. Further, the acceptance of mobile payment methods is expected to improve post-COVID-19 and play a more substantial role in the long term. With cash being seen as a potential carrier for the virus, governments and regulatory bodies discourage its use.