Middle East and Africa Mobile Payment Methods Analysis Report 2022: Despite the Rise in Mobile Payment Methods in Africa, Certain Barriers Impede the Growth Path – ResearchAndMarkets.com

DUBLIN–(BUSINESS THREAD)–Added to “Middle East and Africa Mobile Payment Methods 2022” report ResearchAndMarkets.com offering

This report summarizes the latest and future developments in the markets and provides an overview of the growth trajectory of digital payment methods in the countries of the region.

The growth pattern of digital payment methods such as mobile wallets is different across the region, with some countries progressing more than others.

Respondents in the Middle East and Africa found that digital wallets are expected to be the most preferred payment method by consumers by 2025.

However, not all countries in the region are progressing at the same pace. The United Arab Emirates, Saudi Arabia and Egypt are the drivers of growth, while countries such as Nigeria, Israel and Jordan lag behind. In Nigeria, the share of mobile wallet users is expected to double between 2020 and 2025, but will remain low compared to other countries in the region.

Mobile wallet transactions in terms of value and volume are expected to see a double-digit CAGR over the same period, with value reaching a certain trillion euros by 2025. Additionally, the number of mobile payment transactions in the country has more than doubled between 2020 and 2021.

In Israel, more than three-quarters of payments were made via cards in 2021, with a small percentage of payments via e-wallets. However, more than half of credit card payments were contactless and went through digital wallets in 2021.

Despite the rise of mobile payment methods in Africa, certain barriers stand in the way of growth

The use of digital payments in the Middle East and Africa saw an increasing trend even before the pandemic and continued to expand after the pandemic. The massive growth in the number of digital payment transactions and card payments in the UAE and Saudi Arabia respectively can be attributed to the outbreak of the pandemic.

In addition, more than three-quarters of the payments professionals surveyed believed that cashless payments in the region have accelerated due to the pandemic. Point-of-sale digital retail transactions in Saudi Arabia doubled in 2021. Despite growing adoption of digital payments in Africa, lack of awareness and relevance were the main barriers to mobile money account ownership.

Although the region faces some complex barriers to the use of mobile payments, mobile money providers and other stakeholders are taking relevant steps to reduce these barriers.

For example, in Senegal, more than two-thirds of adults surveyed used mobile money even though half of them had difficulty reading and writing, according to a survey cited in the report.

Key questions answered

  • Which payment methods are expected to grow in the Middle East and Africa by 2025?

  • How many mobile wallets are expected to be used in the Middle East and Africa by 2025?

  • What is the predicted value of digital payment transactions in the UAE by 2030?

  • What were the top reasons mentioned for having mobile wallets in Jordan in 2021?

Countries Covered

  • Egypt

  • Israel

  • Jordan

  • Kenya

  • nigeria

  • Saudi Arabia

  • United Arab Emirates

Key topics covered:

1. Summary of management

2. Global developments

  • Online and Mobile Payments Trends, July 2022

  • Value of digital wallet transactions, in trillions of dollars, 2022f and 2026f

  • Mobile payments market size, in trillions of dollars, 2021 and 2028f

  • Number of B2C e-commerce transactions paid for by OEM mobile payment apps, in billions, 2022f and 2026f

  • Payment methods most used when shopping online during the pandemic, in % of online shoppers, by selected countries, April 2021

  • Value of Biometrically Authenticated Remote Mobile Payments, in USD Million, 2022e and 2027f

  • Volume of biometrically authenticated remote mobile payments, in billions, 2022e and 2027f

  • Number of mobile contactless transactions, in billions, 2021e and 2023f

  • Proximity mobile payment users worldwide, in millions, and year-on-year change, in %, 2020-2025f

  • Penetration of Proximity Mobile Payment Users, in % of Smartphone Users, 2020-2025f

  • Number of mobile wallet users, by region, in millions, 2020 and 2025f

  • Proximity mobile payment users in selected countries, as % of smartphone users, 2021e

  • Payment methods accepted by online merchants, already accepted and planned, in % of online merchants, February 2022

  • Breakdown of fraudulent digital banking transactions, by channel, incl. Mobile application, in %, 3Q 2019 – 2Q 2021

3. Middle East and Africa

3.1. regional

  • Online and Mobile Payments Trends, July 2022

  • Most preferred payment methods until 2025, in % of respondents, 2020

  • Number of mobile wallets in use, in millions, and year-on-year change, in %, 2020-2025f

  • 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 millions of dollars, and year-on-year growth, in %, by subregion, 2021

3.2. United Arab Emirates

  • Penetration of mobile wallet users, in % of the population, 2020 and 2025f

  • Digital payment transaction value, in billions of USD, 2020 and 2030f

  • Mobile wallet transaction value, in billions of dollars, and volume, in millions, 2020 and 2025f

  • Annual average value of digital payment transaction per user, in USD, 2019-2021

  • Number of digital payment transactions, in billions, 2020 and 2030f

  • Breakdown of the most used payment methods, in %, 2021

  • See about digital payments, in % of merchants, 2020

3.3. Saudi Arabia

  • Penetration of mobile wallet users, in % of the population, 2020 and 2025f

  • Mobile wallet transaction value, in billions of dollars, and volume, in billions, 2020 and 2025f

3.4. Israel

  • Breakdown of the most used payment methods, in %, 2021

  • Breakdown of types of credit card payments, in %, 2021

3.5. Jordan

  • Breakdown of mobile wallet use, by banking and non-banking entities, in % of respondents, 2021

  • Reasons for owning mobile wallets, in % of mobile wallet owners, 2021

3.6. Egypt

  • Penetration of mobile wallet users, in % of the population, 2020 and 2025f

  • Mobile wallet transaction value, in billions of dollars, and volume, in billions, 2020 and 2025f

  • Number of mobile wallets, in millions, H1 2020 and H1 2021

3.7. nigeria

  • Penetration of mobile wallet users, in % of the population, 2020 and 2025f

  • Mobile wallet transaction value, in billions of dollars, and volume, in billions, 2020 and 2025f

  • Number of Mobile Payment Transactions, in Millions, and Value, in Millions of NGN, 2017-2021

3.8. Kenya

  • Mobile payment statistics, incl. Number of transactions, in millions, value of transactions, in KES millions, number of accounts, in millions and number of agents, in thousands, 2011-2021

For more information on this report, visit https://www.researchandmarkets.com/r/nk4dko

Source

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