Middle East & Africa Payment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Middle East and Africa Payments Market is Segmented by Point of Sale (Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards), Digital Wallet (includes Mobile Wallets), Cash and Others), Online Sale (Card Payments (includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards), Digital Wallet (includes Mobile Wallets), Others (includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)), By End-user Industry (Retail, Entertainment, Healthcare, Hospitality, Other End-user Industries), and By Country (South Africa, United Arab Emirates, Saudi Arabia, and Rest of MEA).

Middle East & Africa Payment Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

MEA Payments Market Size

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Middle East and Africa Payments Market Overview
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2019 - 2023
CAGR 16.20 %
Market Concentration Medium

Major Players

Middle East and Africa Payments Market Key Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Middle East and Africa Payments Market with other markets in Technology, Media and Telecom Industry

Automation

Digital Commerce

Electronics

Information Technology

Media and Entertainment

Security & Surveillance

MEA Payments Market Analysis

The Middle East and Africa Payments Market is expected to register a CAGR of 16.2% during the forecast period.

  • As the global economy has evolved fast, mobile phones (particularly smartphones) have become vital to each individual's life. Furthermore, the internet has become an integral part of most people's daily lives worldwide. As a result, the number of smartphone and internet users has increased dramatically worldwide, resulting in a significant expansion of the payments industry.
  • In January 2022, Telkom, a South African wireline and wireless telecommunications provider, announced that Telkom Kenya had launched an app for its mobile money product, T-Kash. T-Kash App is an easy-to-use application that will enable its customers to access a wider service offering on its digital financial services platform.
  • According to Worldpay, as of 2020, cash was the most prevalent payment option for POS transactions in the Middle East and Africa (MEA), accounting for 52.6% of all POS transactions. Credit and debit cards came in second and third, with 16.6% and 10.6% of the market share in the same year. Cash is expected to be the most popular payment method by 2024. Digital wallets, including mobile money, will see large growth in use, with a share of 8.3% in 2020 rising to 16.8% in 2024.
  • The mobile payments market is expected to develop over the projected period, owing to the growing acceptance of the M-commerce sector, which involves online commercial transactions using wireless devices such as smartphones.
  • Furthermore, M-commerce allows consumers to trade from anywhere as long as wireless internet is available. Google and Apple, for example, have already launched their mobile shopping systems. Customers may make in-store purchases quickly using digital wallets like Apple Pay and Google Pay instead of swiping their cards.
  • Prepaid cards have considerably increased use as a cash substitute across Middle East and Africa. The rise in technology-driven products and services is driving the popularity of prepaid card payment options in this region. Furthermore, governments in the region are urging customers to utilize cashless payment methods such as digital and mobile wallets, boosting the use of prepaid cards in the region.
  • The Covid-19 outbreak has resulted in a substantial shift in payment practice, including reducing cash payments, moving from in-store to online payment options, and adopting rapid settlements. These changes have opened up new possibilities for payment providers in Singapore.

MEA Payments Industry Overview

The Middle East and Africa payments market is moderately concentrated. The competitive rivalry in the market is moderate. Due to several companies operating in the market, firms must keep innovating their products to gain a sustainable competitive edge over their rivals and provide product differentiation.

  • May 2022 - OPay and Mastercard have joined forces to drive financial inclusion by increasing digital commerce throughout the Middle East and Africa. Also, MarketFinance's initiative to lend USD 125 million to small businesses in the United Kingdom has been backed by Deutsche Bank, and SmartCash Payment Service Bank is working to reach unbanked customers in Nigeria.
  • February 2022 - Lipa Payments, a South African FinTech firm, is bringing its Tap to Pay service to Africa's "informal" sectors via its software platform, allowing businesses to accept contactless payments from a mobile phone. In Nigeria and South Africa, the business is ready to introduce its digital payment system. The Lipa platform allows banks and FinTechs to provide consumers contactless phone-to-phone payments without requiring merchants to purchase POS hardware.

MEA Payments Market Leaders

  1. Interswitch Ltd

  2. Jumia

  3. Network International Holdings Plc

  4. Opay

  5. PalmPay Technology Co Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Interswitch Ltd, Jumia, Network International Holdings Plc, Opay, PalmPay Technology Co Ltd
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MEA Payments Market News

  • June 2022 - The London Internet Exchange (LINX), one of the world's largest internet exchange points (IXPs), has announced a strategic partnership with IXAfrica, a Nairobi-based hyperscale data center provider. As part of the agreement, LINX will open a new interconnection facility in Nairobi, marking the company's first physical presence on the African continent.
  • August 2021 - Visa was the first firm in Sudan to introduce digital payments. It is currently collaborating with eight licensed partners to extend the benefits of payment technology to everyone, including cardholders and retailers.

MEA Payments Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definitions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Stakeholder Analysis
  • 4.3 Industry Attractiveness-Porter's Five Force Analysis
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry
  • 4.4 Evolution of the payments landscape in the region
  • 4.5 Key market trends pertaining to the growth of cashless transaction in the region
  • 4.6 Impact of COVID-19 on the payments market in the region

5. MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Digital adoption is Accelerating the Payments Market in Middle East and Africa
    • 5.1.2 Key Retailers and the Government are Promoting Market Digitization Through Activation Programs
    • 5.1.3 Increase in Real-Time Payments, Particularly Buy Now Pay Later
  • 5.2 Market Challenges
    • 5.2.1 E-Commerce Scams Across the Region
  • 5.3 Market Opportunities
    • 5.3.1 Move towards Cashless Society
    • 5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption
  • 5.4 Key Regulations and Standards in the Digital Payments Industry
  • 5.5 Analysis of Major Case Studies and Use-Cases
  • 5.6 Analysis of Key Demographic Trends and Patterns Related to Payments Industry in the Region (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)
  • 5.7 Analysis of the Increasing Emphasis on Customer Satisfaction and Convergence of Global Trends in the Region
  • 5.8 Analysis of Cash Displacement and Rise of Contactless Payment Modes in the Region

6. Market Segmentation

  • 6.1 By Mode of Payment
    • 6.1.1 Point of Sale
    • 6.1.1.1 Card Payments (Includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.1.2 Digital Wallet (Includes Mobile Wallets)
    • 6.1.1.3 Cash
    • 6.1.1.4 Others
    • 6.1.2 Online Sale
    • 6.1.2.1 Card Payments (Includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
    • 6.1.2.2 Digital Wallet (Includes Mobile Wallets)
    • 6.1.2.3 Others (Includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
  • 6.2 By End-user Industry
    • 6.2.1 Retail
    • 6.2.2 Entertainment
    • 6.2.3 Healthcare
    • 6.2.4 Hospitality
    • 6.2.5 Other End-user Industries
  • 6.3 By Country
    • 6.3.1 South Africa
    • 6.3.2 United Arab Emirates
    • 6.3.3 Saudi Arabia
    • 6.3.4 Rest of MEA

7. Competitive Landscape

  • 7.1 Company Profiles
    • 7.1.1 Interswitch Ltd
    • 7.1.2 Jumia
    • 7.1.3 Network International Holdings Plc
    • 7.1.4 Opay
    • 7.1.5 PalmPay Technology Co Ltd
    • 7.1.6 Paytabs
    • 7.1.7 Safaricom Plc
    • 7.1.8 Visa Inc
    • 7.1.9 Apple Inc
    • 7.1.10 Amazon.com, Inc.
  • *List Not Exhaustive

8. Investment Analysis

9. Future Outlook of the Market

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MEA Payments Industry Segmentation

The payments market is segmented by two modes of payment - POS and e-commerce. E-commerce payments include online purchases of goods and services such as purchases made on e-commerce websites and online booking of travel and accommodation. However, it does not include online purchases of motor vehicles, real estate, utility bill payments (such as water, heating, and electricity), mortgage payments, loans, credit card bills, or purchases of shares and bonds. As for POS, all transactions that occur at the physical point of sale are included in the market scope. It includes traditional in-store transactions and all face-to-face transactions regardless of where they take place. Cash is also considered for both cases (cash-on-delivery for e-commerce sales).

By Mode of Payment Point of Sale Card Payments (Includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (Includes Mobile Wallets)
Cash
Others
Online Sale Card Payments (Includes Debit Cards, Credit Cards, Bank Financing Prepaid Cards)
Digital Wallet (Includes Mobile Wallets)
Others (Includes Cash on Delivery, Bank Transfer, and Buy Now, Pay Later)
By End-user Industry Retail
Entertainment
Healthcare
Hospitality
Other End-user Industries
By Country South Africa
United Arab Emirates
Saudi Arabia
Rest of MEA
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MEA Payments Market Research FAQs

What is the current Middle East and Africa Payments Market size?

The Middle East and Africa Payments Market is projected to register a CAGR of 16.2% during the forecast period (2025-2030)

Who are the key players in Middle East and Africa Payments Market?

Interswitch Ltd, Jumia, Network International Holdings Plc, Opay and PalmPay Technology Co Ltd are the major companies operating in the Middle East and Africa Payments Market.

What years does this Middle East and Africa Payments Market cover?

The report covers the Middle East and Africa Payments Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Middle East and Africa Payments Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

MEA Payments Industry Report

The Middle East and Africa payments market is undergoing a significant transformation as it shifts from traditional cash-based transactions to digital payment solutions. This transition is driven by increasing smartphone usage, expanding e-commerce, and government initiatives promoting digital payments and financial inclusion. The market is characterized by a variety of payment methods, including mobile payments, digital wallets, online banking, and card payments, which serve sectors such as retail, e-commerce, healthcare, and hospitality.

Despite challenges such as limited internet access, security issues, and regulatory hurdles, the industry offers substantial opportunities for innovation, particularly in untapped segments and cross-border payments. Strategic partnerships and fintech startups are playing crucial roles in adopting advanced technologies like blockchain and biometric authentication, pushing the industry towards a cashless future.

The industry overview highlights the growth rate and industry analysis, providing valuable industry information. The industry outlook and industry reports offer insights into industry research, industry sales, industry size, industry statistics, and industry trends. Market data, market forecast, and market growth are essential components of the market review, which also includes market leaders, market outlook, market overview, market predictions, market segmentation, and market value.

For a comprehensive understanding, the report example and report PDF are available for further reference. Research companies have contributed to this detailed analysis, ensuring that all aspects of the market are covered. The market research and industry report provide a thorough examination of the market share, market size, and annual report, offering a complete picture of the consumer market, global industry, and global market. The growth statistics and industry analysis emphasize the industry's potential, while the market outlook and market overview present a clear view of the current trends and future prospects.