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MENA Digital Payments Market Size (2024 - 2029)

The Middle East and North Africa (MENA) card payments market is experiencing significant growth, driven by the increasing use of smartphones and digital enablement programs that bridge the gap between physical and digital transactions. Despite a historically slow adoption of digital payments due to a preference for cash and a gradually modernizing banking sector, favorable conditions and regulatory support are fostering expansion in the market. Initiatives by central banks in the region are facilitating the deregulation of digital payment services, while the pandemic has accelerated shifts in consumer behavior towards digital methods. Challenges such as data security and digital literacy remain, but the overall market size is poised for substantial growth as digital payment acceptance continues to rise.

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Market Size of MENA Digital Payments Industry

Middle East & North Africa Digital Payments Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 226.53 Billion
Market Size (2029) USD 380.86 Billion
CAGR (2024 - 2029) 10.95 %
Market Concentration Medium

Major Players

Middle East & North Africa Digital Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

MENA Digital Payments Market Analysis

The MENA Digital Payments Market size is estimated at USD 226.53 billion in 2024, and is expected to reach USD 380.86 billion by 2029, growing at a CAGR of 10.95% during the forecast period (2024-2029).

The regional market鈥檚 growth has been driven by the increasing prevalence of smartphones, social interactions, and enablement programs by necessary merchants to close the gap between the physical and digital worlds.

  • The adoption of digital payments in MENA has been relatively slow compared to other regions worldwide. This is due to the population's growing inclination to use cash and the banking industry's gradual modernization. However, favorable conditions in the regional market can spur the take-up of digital payments and disrupt the traditional payment value chain.
  • Moreover, policymakers in both developed and developing MENA countries are getting involved in providing the necessary regulatory framework and infrastructure to support the growth of digital payments in the regional market. The central banks of Egypt, Bahrain, the United Arab Emirates, and Saudi Arabia have adopted specific initiatives to deregulate digital payment services.
  • Furthermore, a transformation of mobile financial services has been witnessed in the region through payment methods, such as Careem Pay in the United Arab Emirates. A digital wallet app recently launched by Saudi Arabia's telecommunications company, STC Pay, allows people to send money to other users and digitally pay to restaurants and stores.
  • Despite the rapid rise of digital payments, the market faces challenges related to data security and increased fraud in online payments. A relative lack of digital literacy in crucial emerging countries may hinder the growth of the digital payments market in the Middle East and North Africa.
  • However, the availability and reach of payment infrastructure and acceptance networks can impact the card payments market. A lack of widespread point of sale (POS) terminals, reliable payment gateways, and digital payment infrastructure can limit the adoption and usage of cards, especially in smaller merchants and rural areas. These factors are influencing the growth of the market.

MENA Digital Payments Industry Segmentation

Digital payments are a method of payment made through digital means. In digital payments, the payer and payee both use digital means to send and receive money. They are also called electronic payments. No hard cash is involved in digital payments.

The Middle East and North African digital payments market is segmented by country (Saudi Arabia, Egypt, United Arab Emirates, Turkey, Morocco, and Rest of the Middle East and North Africa (Iran, Bahrain, Qatar, Oman)). The scope of the study covers an analysis of the payments landscape, digital transaction value and total user base, market breakdown of digital transactions - MPOS and digital commerce, and major e-wallet service providers. The market sizes and forecasts are provided in value terms (USD) for all the above segments.

By Country
Saudi Arabia
Analysis of the Payments Landscape in Saudi Arabia (Cash and Non-cash)
Digital Transactions Value and Total User Base (2019-2029)
Market Breakdown of Digital Transactions - mPOS and Digital Commerce
Major E-wallet Service Providers in Saudi Arabia (BayanPay, HalalaH, STC, etc.)
Market Outlook
Egypt
Analysis of the Payments Landscape in Egypt (Cash and Non-cash)
Digital Transactions Value and Total User Base (2019-2029)
Market Breakdown of Digital Transactions - mPOS and Digital Commerce
Major E-wallet Service Providers in Egypt - (QNB Al-Ahli, CIB, UB, Audi2Pay, etc.)
Market Outlook
United Arab Emirates
Analysis of the Payments landscape in the United Arab Emirates (Cash and Non-cash)
Digital Transactions Value and Total User Base (2019-2029)
Market Breakdown of Digital Transactions - mPOS and Digital Commerce
Major E-wallet Service Providers in UAE- (Beam, Etisalat Wallet, Emirates Digital Wallet, Trriple, Bridg, Samsung Pay, and WePay)
Market Outlook
Turkey
Analysis of the Payments Landscape in Turkey (Cash and Non-cash)
Digital Transactions Value and Total User Base (2019-2029)
Market Breakdown of Digital Transactions - mPos and Digital Commerce
Major E-wallet Service Providers in Turkey - (BKM Express, MobileExpress, Pay Cell, etc.)
Market Outlook
Morocco
Analysis of the Payments Landscape in Morocco (Cash and Non-cash)
Digital Transaction Value and Total User Base (2019-2029)
Market Breakdown of Digital Transactions - mPos and Digital Commerce
Major E-wallet Service Providers in Morocco
Market Outlook
Rest of Middle East and North Africa (Iran, Bahrain, Qatar, Oman)
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MENA Digital Payments Market Size Summary

The Middle East and North Africa (MENA) digital payments market is experiencing significant growth, driven by the increasing penetration of smartphones and the internet, which are facilitating the shift towards mobile wallets and digital payment solutions. The region's market is evolving as policymakers and central banks in countries like Egypt, Bahrain, the United Arab Emirates, and Saudi Arabia implement regulatory frameworks and initiatives to support and deregulate digital payment services. Despite the initial slow adoption due to a cash-centric culture and gradual banking modernization, the pandemic has accelerated the shift towards digital payments, as cash is viewed as a potential health risk. This shift is further supported by the rise of mobile financial services and digital wallet apps, which offer convenience and security, encouraging consumers to embrace cashless transactions.

The MENA digital payments market is moderately concentrated, with major players like PayPal Holdings Inc., Alphabet Inc., ACI Worldwide Inc., Samsung Electronics Inc., and CIB Bank dominating the landscape. These companies are expanding their global consumer base through strategic collaborations and partnerships, such as Mastercard's initiatives in Egypt and Qatar, to enhance digital payment infrastructure and services. The market is also witnessing the introduction of innovative payment solutions, like Samsung Wallet, which offers secure contactless payments and additional features for storing sensitive documents. As the region continues to embrace digital transformation, the demand for efficient and secure digital payment methods is expected to rise, supported by advancements in technology and infrastructure.

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MENA Digital Payments Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Industry Value Chain Analysis

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Intensity of Competitive Rivalry

      5. 1.3.5 Threat of Substitutes

    4. 1.4 Market Drivers

      1. 1.4.1 High Proliferation of Smartphones & Social Interactions

      2. 1.4.2 Enablement Programs by Key Retailers to Bridge the Gap Between Physical and Digital Worlds

      3. 1.4.3 Launch of Real-time Payment Systems in Key GCC and North African Countries

      4. 1.4.4 Increasing Emphasis on Customer Satisfaction and Convergence of Global Trends in the Region

    5. 1.5 Market Challenges

      1. 1.5.1 Operational Challenges Involving Cross-border Payments

      2. 1.5.2 Relative Lack of Digital Literacy in the Key Emerging Countries in the Region

    6. 1.6 Market Opportunities

      1. 1.6.1 Decline in Unbanked Population in the Region

      2. 1.6.2 New Entrants to Drive Innovation Leading to Higher Adoption

    7. 1.7 Key Regulations and Standards in the Digital Payments Industry

    8. 1.8 Assessment of Macroeconomic Factors on the Market

    9. 1.9 Key Base indicators

      1. 1.9.1 Digital Literacy

      2. 1.9.2 Population Index

      3. 1.9.3 Strong Presence of Expatriate Workers

    10. 1.10 Major Case Studies and Implementation Use-cases

      1. 1.10.1 Entries of Kuwait Finance House and Mashreq Bank

      2. 1.10.2 Dhofar's Entry into the Digital Payment Ecosystem

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Country

      1. 2.1.1 Saudi Arabia

        1. 2.1.1.1 Analysis of the Payments Landscape in Saudi Arabia (Cash and Non-cash)

        2. 2.1.1.2 Digital Transactions Value and Total User Base (2019-2029)

        3. 2.1.1.3 Market Breakdown of Digital Transactions - mPOS and Digital Commerce

        4. 2.1.1.4 Major E-wallet Service Providers in Saudi Arabia (BayanPay, HalalaH, STC, etc.)

        5. 2.1.1.5 Market Outlook

      2. 2.1.2 Egypt

        1. 2.1.2.1 Analysis of the Payments Landscape in Egypt (Cash and Non-cash)

        2. 2.1.2.2 Digital Transactions Value and Total User Base (2019-2029)

        3. 2.1.2.3 Market Breakdown of Digital Transactions - mPOS and Digital Commerce

        4. 2.1.2.4 Major E-wallet Service Providers in Egypt - (QNB Al-Ahli, CIB, UB, Audi2Pay, etc.)

        5. 2.1.2.5 Market Outlook

      3. 2.1.3 United Arab Emirates

        1. 2.1.3.1 Analysis of the Payments landscape in the United Arab Emirates (Cash and Non-cash)

        2. 2.1.3.2 Digital Transactions Value and Total User Base (2019-2029)

        3. 2.1.3.3 Market Breakdown of Digital Transactions - mPOS and Digital Commerce

        4. 2.1.3.4 Major E-wallet Service Providers in UAE- (Beam, Etisalat Wallet, Emirates Digital Wallet, Trriple, Bridg, Samsung Pay, and WePay)

        5. 2.1.3.5 Market Outlook

      4. 2.1.4 Turkey

        1. 2.1.4.1 Analysis of the Payments Landscape in Turkey (Cash and Non-cash)

        2. 2.1.4.2 Digital Transactions Value and Total User Base (2019-2029)

        3. 2.1.4.3 Market Breakdown of Digital Transactions - mPos and Digital Commerce

        4. 2.1.4.4 Major E-wallet Service Providers in Turkey - (BKM Express, MobileExpress, Pay Cell, etc.)

        5. 2.1.4.5 Market Outlook

      5. 2.1.5 Morocco

        1. 2.1.5.1 Analysis of the Payments Landscape in Morocco (Cash and Non-cash)

        2. 2.1.5.2 Digital Transaction Value and Total User Base (2019-2029)

        3. 2.1.5.3 Market Breakdown of Digital Transactions - mPos and Digital Commerce

        4. 2.1.5.4 Major E-wallet Service Providers in Morocco

        5. 2.1.5.5 Market Outlook

      6. 2.1.6 Rest of Middle East and North Africa (Iran, Bahrain, Qatar, Oman)

MENA Digital Payments Market Size FAQs

The MENA Digital Payments Market size is expected to reach USD 226.53 billion in 2024 and grow at a CAGR of 10.95% to reach USD 380.86 billion by 2029.

In 2024, the MENA Digital Payments Market size is expected to reach USD 226.53 billion.

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