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Middle East & North Africa Digital Payments Market Growth, Trends, and Forecasts Report 2020-2025 - ResearchAndMarkets.comThe "Middle East & North Africa Digital Payments Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering. The Middle East & North Africa digital payments market is expected to register a CAGR of 6.5% over the forecast period 2020 - 2025 Over time, the digital payment industry has recorded robust growth, with new providers, new platforms, and new payment tools being launched in the region. The landscape of digital payment across the region is changing rapidly and fueling the market growth, owing to unsettling digital transformation. The stores and services across the region are rapidly adopting and integrating mobile payment applications, such as PayPal, Samsung Pay, Apple Pay, and Google (News - Alert) Pay to accept payments. Owing to changing lifestyles, daily commerce, and rapid growth in online retailing, this trend is expected to continue during the forecast period in the region. The market studied is expected to flourish, owing to the robust proliferation of smartphones and the internet. The internet penetration rate has been recording healthy growth over the past few years, and it is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers in the region. In Qatar, 75% of the population has a mobile phone, and it is 73% in the UAE, and 60% in Saudi Arabia. The Middle East's reliance on cash is due to a number of socio-economic factors, including education, awareness, and habits. Although cash will likely remain king in the Middle East, through government promotion, people are gradually learning about the ease and benefits of a cashless society, which is likely to boost the market growth in the region. The Middle East and Africa region is witnessing a burgeoning digital payment market with a significant number of market players offering a multitude of diverse services. The United Arab Emirates (UAE), in particular, observed a boom in the number of available mobile payment services. For instance, mobile operator Etisalat offers its mobile wallet Etisalat Wallet. Also, Emirates NBD bank offers NBD Pay, a near-field communication- (NFC) based mobile contactless payment service, and Apple Pay and Samsung Pay were launched in the UAE in the recent past. There are only 17 countries in the Middle East. Even so, economic disparity is obvious. The Gulf Cooperation Council (GCC) consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. TheGCC accounts for 20% of the Middle East's total population but contributes to over 60% of the GDP. Because of the concentration of wealth in these countries, it is also observing higher adoption of digital payments With the recent outbreak of COVID-19, global transactions across businesses are observing a significant decline, whereas digital payments are seeing consumer propensity toward its use due to the nature of non-contact based transactions and convenience offered during the lockdown period. The acceptance of digital payment methods is expected to improve post COVID-19, and it plays a stronger role in the long term. With cash being seen as a potential carrier for the virus, governments and regulatory bodies are discouraging its use. These factors are influencing the growth of the market. Key Market Trends High Proliferation of Smartphones and Internet Penetration to Drive the Market Growth The global mobile connections surpassed the global population mark. For instance, according to the GSMA, the global mobile connections in 2019 stood at 8.98 billion, and it is increasing significantly with prominent growth rates in Middle East and North Africa.
Key Topics Covered: 1 INTRODUCTION 2 RESEARCH METHODOLOGY 3 EXECUTIVE SUMMARY 4 MARKET DYNAMICS 4.1 Market Overview 4.2 Market Drivers 4.2.1 High Proliferation of Smartphones and Social Interactions (News - Alert) 4.2.2 Enablement Programs by Key Retailers to Bridge the Gap Between Physical and Digital World 4.2.3 Launch of Real-time Payment Systems in Key GCC and North African Countries 4.2.4 Growing Emphasis on Customer Satisfaction and Convergence (News - Alert) of Global Trends in the Region 4.3 Market Restraints 4.3.1 Operational Challenges Involving Cross-border Payments and Relative Lack of Digital Literacy in Key Emerging Countries in the Region 4.4 Value Chain Analysis 4.5 Porter's Five Forces Analysis 4.6 Key Regulations and Standards in the Digital Payment Industry 4.7 Assessment of Impact of COVID-19 on the Middle East & North Africa Digital Payments Market 4.8 Key Base Indicators 4.8.1 Digital Literacy 4.8.2 Population Index 4.8.3 Strong Presence of Expatriate Workers in the Middle East Region 4.9 Major Case Studies and Implementation Use-cases 5 CURRENT PAYMENT LANDSCAPE IN MIDDLE EAST & NORTH AFRICA 6 MARKET SEGMENTATION 6.1 COUNTRY 6.1.1 Saudi Arabia 6.1.2 Egypt 6.1.3 Morocco 6.1.4 Turkey 6.1.5 UAE 6.1.6 Rest of Middle East (Iran, Iraq, Kuwait, Qatar, and Bahrain) 6.1.7 Rest of North Africa 7 COMPETITIVE LANDSCAPE 7.1 Company Profiles 7.1.1 Paypal Holdings Inc. 7.1.2 Samsung Corporation 7.1.3 ACI Worldwide Inc. 7.1.4 CIB Bank 7.1.5 Alphabet Inc. (Google Pay) 7.1.6 Apple Inc. 7.1.7 First Data 7.1.8 Fawry 7.1.9 Mastercard (MasterPass) 7.1.10 ACI Worldwide 8 INVESTMENT ANALYSIS 9 MARKET OPPORTUNITIES AND FUTURE TRENDS For more information about this report visit https://www.researchandmarkets.com/r/xmbe1z
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