Market Size of Middle East and Africa Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 13.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
MEA Real Time Payments Market Analysis
The Middle East and Africa Real-Time Payments Market are expected to grow at a CAGR of 13.7% over the forecast period (2022-2027). As per the Kaspersky Digital Payment survey, 93% of Middle East region Consumers have reported an increase in using digital payments and mobile banking amid the COVID-19 pandemic.
- A study published by Checkout.com, a payment systems provider, in December 2020, which surveyed over 5000 consumers in the UAE, Saudi Arabia, Egypt, Bahrain, Jordan, Qatar, Kuwait, and Pakistan, found that 47% of consumers are likely to shop online more frequently over the next year. However,
- The Middle East and Africa region is witnessing a burgeoning digital payment market with many market players offering various services. The United Arab Emirates (UAE), in particular, has observed a boom in the number of available mobile payment services.
- Mastercard's recent report in the region "The Cashless Journey" stated that 63% of the retailers claimed an increase in foot traffic with a 68% increase in revenue with the acceptance of digital payments. Further, in the region, mobile financial services' transformation has been witnessed through payment methods such as Pay it, which is accepted across all the big brands in the UAE like Sharafdg, Emax, Jumbo, and Bodyshop, Babyshop, Cineroyal, Novo Cinemas, Joyalukkas.
- With the rise in online shopping among South Africans, digital wallet providers are developing virtual payment solutions with fintech partners. Further, Telkom collaborated with Mastercard, Nedbank, and leading fintech enablement partner Ukheshe Technologies to launch this virtual prepaid card.
- During the Covid -19 pandemic, consumers over the Middle East have adopted real-time payment methods. Many banks and E-commerce websites have offered customers the convenience of using real-time payment methods, which has resulted in an upsurge in using Real-time payments in the region.
