According to The Insight Partners' research, the Middle East and Africa Mobile Wallet and Payment Market was valued at US$ 770.3 Million in 2023 and is expected to reach US$ 3,823.0 Million by 2031, registering a CAGR of 22.2% from 2023 to 2031.
Emergence of real-time payments in developing nations and payment solutions and demand for multi-currency mobile wallets are among the critical factors attributed to driving the Middle East & Africa mobile wallet and payment market growth.
Efficient and secure ways to make transactions are increasing the demand for real-time payments (RTPs). These technologies have made payments more convenient, quick, and secure, as well as eliminating the need for cash or cheques. The acceptance of RTPs has enabled rapid payment between businesses and organizations. Users can initiate payments at a minimal or no cost using a mobile number or QR code, eliminating the necessity for bank account details. Countries, including Kenya is increasingly demanding mobile wallets and payment solutions to conduct transactions in real-time. The usage of mobile devices has been one of the most significant advances in real-time payment systems. With the growth of smartphones and mobile payments, consumers can easily send and receive payments on the go, eliminating the need for a computer or physical card reader. The growing popularity of quick and secure mobile payment solutions helps consumers improve their cash flow management. Here are a few available methods: Mobile Wallets and P2P Payment Apps - Mobile wallets and person-to-person (P2P) payment apps are gaining significant traction. These services enable quick and easy payments using mobile devices. For instance, Apple Pay is one of the most popular mobile wallets, allowing users to save credit and debit card information on their iPhones and pay with a single tap. P2P payment apps, such as Venmo and PayPal, allow users to send money on a single tap. Digital Currencies - Digital currencies offer innovative and secure real-time payment options. They provide users with the benefits of lower transaction fees, faster processing times, and decentralized networks. These digital currencies remove the need for intermediaries, such as banks and other clearing houses. Recently, virtual currencies such as Bitcoin, Ethereum, and Ripple have gained popularity. These currencies allow secured transactions in real time. In addition to guaranteeing transactional security, these solutions deliver greater benefits to consumers and businesses. Thus, RTP solutions are emerging as a significant trend in the Middle East & Africa mobile wallet and payment market.
On the contrary, the increasing number of phishing attacks hampers the growth of Middle East & Africa mobile wallet and payment market.
Middle East and Africa Mobile Wallet and Payment Market Segmentation Analysis:
- By Type, the Middle East and Africa Mobile Wallet and Payment Market is segmented into Proximity and Remote. The Proximity segment is projected to expand at 22.5% CAGR during 2023 - 2031.
- By Technology, the Middle East and Africa Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. The QR-based segment is projected to expand at 22.4% CAGR during 2023 - 2031.
- By End User, the Middle East and Africa Mobile Wallet and Payment Market is segmented into Personal and Business. The Personal segment is projected to expand at 22.7% CAGR during 2023 - 2031.
By country, the Middle East and Africa Mobile Wallet and Payment Market is categorized into Saudi Arabia, the United Arab Emirates, South Africa, and the Rest of Middle East and Africa. The Rest of Middle East and Africa is projected to expand at 22.4% CAGR during 2023 - 2031.
Key players operating in the Mobile Wallet and Payment Market are Alphabet Inc, Telefonaktiebolaget LM Ericsson, Thales SA, Apple Inc, Visa Inc, ACI Worldwide Inc, AT&T Inc., Mastercard Inc, Samsung Electronics Co Ltd, FIS Global, PayPal Holdings Inc, PayU, American Express Co, Bharti Airtel Ltd, PhonePe Pvt Ltd, Paytm E-Commerce Pvt Ltd, Early Warning Services, LLC, Alipay, One MobiKwik Systems Limited, and Software Group, among others.
- In 2023, In partnership with Ericsson, Mobily, the leading digital partner of the international technical conference LEAP 23, announced, during LEAP 23, the launch of Mobily Pay recently in the Kingdom of Saudi Arabia (KSA). Mobile Pay is a mobile financial service that is available to all the users in the Kingdom to conduct personalized financial services like contactless payments, money transfers, international remittance, digital card payments, cash-back, bill payments, mobile top-up, and more, secure and at their convenience.
- In 2024, Zelle soared with $806 billion transaction volume, up 28% from the prior year.
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