Middle East & Africa Mobile Wallet and Payment Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

The Middle East and Africa Mobile Wallet and Payment Market size is expected to reach US$ 3,823.0 Million by 2031 from US$ 770.3 Million in 2023. The market is estimated to record a CAGR of 22.2% from 2023 to 2031.

Executive Summary and Middle East and Africa Mobile Wallet and Payment Market Analysis:

Digital payment methods are widely adopted across supermarkets, pharmacies, taxis, restaurants, cafes, and retail outlets in the Middle East and Africa. The introduction of Apple Pay service in the Middle East and Africa further triggers the use of mobile wallets. It enables quick transactions just by placing iPhones installed with the service near a payment terminal. Cards issued by multiple banks can be added to a single Apple Pay wallet. The Mastercard New Payments Index shows that 95% of customers in the Middle East and North Africa (MENA) use various types of digital payment methods, such as wearables, biometrics, digital wallets, QR codes, and contactless cards. In comparison to 2020, 88% of MENA customers now have additional payment options. Additionally, 3 out of 4 MENA consumers reported saving money through digital payments. Therefore, many governments are advancing their digital goals, leading to the evolution of digitalization and fintech companies in the Middle East and Africa.

Middle East & Africa Mobile Wallet and Payment Market: Strategic Insights

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. Proximity held the largest share of the market in 2023.
• By Technology, the Middle East and Africa Mobile Wallet and Payment Market is segmented into NFC, QR-based, Text-based, and Digital-only. QR-based held the largest share of the market in 2023.
• By End User, the Middle East and Africa Mobile Wallet and Payment Market is segmented into Personal and Business. Personal held the largest share of the market in 2023.

Middle East & Africa Mobile Wallet and Payment Market Players Density: Understanding Its Impact on Business Dynamics

The Middle East & Africa Mobile Wallet and Payment Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Middle East and Africa Mobile Wallet and Payment Market Outlook

Remitting money from one home country to another can be a time-consuming operation owing to the varied conversion rates, high remittance fees, and related taxes. A multi-currency wallet allows businesses to pay, receive, and save various currencies in a single digital wallet rather than maintaining separate accounts for each international currency. The multi-currency digital wallet eases the overseas payments and currency conversions. Moreover, the multi-currency wallet provides various guaranteed benefits for cross-border payments. These benefits include:

• Secured Payments - Multi-currency wallets provide enhanced security features and multiple authentication methods to protect account information and funds. It helps make secured overseas transfers and currency exchange.
• Convenience and Flexibility - Consumers can switch currencies, pay bills, and create transactions in multiple currencies without managing multiple accounts. Multi-currency wallet allows consumers to make smooth cross-border payments with one tap.
• No Foreign Exchange Hassles - Multi-currency wallet allows consumers to swap currencies without the stress of foreign exchange. This enables consumers to carry any currency for all their foreign transactions without difficulties.
• Reduced transaction costs - multi-currency wallets help in reducing international transaction expenses by eliminating currency translation fees. Furthermore, foreign transfers with banks incur additional prices and hidden fees; however, with a multi-currency wallet, consumers no longer have to bother with these unneeded costs.

Therefore, multi-currency mobile wallets allow businesses to ensure that there are no issues with promoting and distributing products and services worldwide. They also support businesses in enhancing customer experiences.

Middle East and Africa Mobile Wallet and Payment Market Country Insights

By country, the Middle East and Africa Mobile Wallet and Payment Market is segmented into Saudi Arabia, the United Arab Emirates, South Africa, and the Rest of Middle East and Africa. The Rest of Middle East and Africa held the largest share in 2023.

Iran, Iraq, Kenya, and Egypt are among the nations witnessing a significant adoption of mobile wallets rather than a basic mobile money service in the Rest of Middle East and Africa. The comprehensive finance services include features such as bill payments, savings, loans, and insurance. Telecoms and fintech companies are playing a crucial role in driving this transformation in the Rest of Middle East and Africa.

Middle East and Africa Mobile Wallet and Payment Market Company Profiles

Some of the key players operating in the market include 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.

These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Middle East and Africa Mobile Wallet and Payment Market Research Methodology

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations
• Industry trade journals and other relevant publications
• Government documents, statistical databases, and market reports
• News articles, press releases, and webcasts specific to companies operating in the market

Note:

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research
• Enhance the expertise and market understanding of the analysis team
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, Business Development Managers, Market Intelligence Managers, and National Sales Managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise