Middle East and Africa Real Time Payments Market Size (2024 - 2029)

The Middle East and Africa real-time payments market is experiencing significant growth, driven by an increase in digital payment adoption during the COVID-19 pandemic. The region is witnessing a rapid expansion of digital payment services, with the United Arab Emirates leading in mobile payment solutions. The transformation in mobile financial services is evident as consumers increasingly prefer real-time payment methods, facilitated by collaborations between banks and fintech companies. This shift is further supported by the rising trend of online shopping, prompting the development of innovative payment solutions across the region.

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Market Size of Middle East and Africa Real Time Payments Industry

Middle East and Africa Real Time Payments Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 13.70 %
Market Concentration Medium

Major Players

Middle East and Africa Real Time Payments Market Major Players

*Disclaimer: Major Players sorted in no particular order

MEA Real Time Payments Market Analysis

The Middle East and Africa Real-Time Payments Market are expected to grow at a CAGR of 13.7% over the forecast period (2022-2027). As per the Kaspersky Digital Payment survey, 93% of Middle East region Consumers have reported an increase in using digital payments and mobile banking amid the COVID-19 pandemic.

  • A study published by Checkout.com, a payment systems provider, in December 2020, which surveyed over 5000 consumers in the UAE, Saudi Arabia, Egypt, Bahrain, Jordan, Qatar, Kuwait, and Pakistan, found that 47% of consumers are likely to shop online more frequently over the next year. However,
  • The Middle East and Africa region is witnessing a burgeoning digital payment market with many market players offering various services. The United Arab Emirates (UAE), in particular, has observed a boom in the number of available mobile payment services.
  • Mastercard's recent report in the region "The Cashless Journey" stated that 63% of the retailers claimed an increase in foot traffic with a 68% increase in revenue with the acceptance of digital payments. Further, in the region, mobile financial services' transformation has been witnessed through payment methods such as Pay it, which is accepted across all the big brands in the UAE like Sharafdg, Emax, Jumbo, and Bodyshop, Babyshop, Cineroyal, Novo Cinemas, Joyalukkas.
  • With the rise in online shopping among South Africans, digital wallet providers are developing virtual payment solutions with fintech partners. Further, Telkom collaborated with Mastercard, Nedbank, and leading fintech enablement partner Ukheshe Technologies to launch this virtual prepaid card.
  • During the Covid -19 pandemic, consumers over the Middle East have adopted real-time payment methods. Many banks and E-commerce websites have offered customers the convenience of using real-time payment methods, which has resulted in an upsurge in using Real-time payments in the region.

MEA Real Time Payments Industry Segmentation

Real-time payments are also known as instant payments, faster payments, and immediate payments. Real-time payments allow immediate availability of funds to the beneficiary, and the transaction is irrevocable. The confirmation of the receipt of funds is instantaneous, and the balance is immediately deducted from the sender.

The Middle East and Africa Real Time Payments Market is Segmented By Type of Payment (P2P, P2B) and Country.

By Type of Payment
P2P
P2B
By Country
Saudi Arabia
United Arab Emirates
Kenya
Nigeria
Rest of Middle-East and Africa
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Middle East and Africa Real Time Payments Market Size Summary

The Middle East and Africa real-time payments market is experiencing significant growth, driven by the increasing adoption of digital payment solutions and mobile banking. The COVID-19 pandemic has accelerated this trend, with a substantial number of consumers in the region shifting towards digital payment methods. The United Arab Emirates stands out with a notable expansion in mobile payment services, while other countries like South Africa are seeing the development of virtual payment solutions in collaboration with fintech partners. The rise in online shopping and smartphone adoption further fuels the demand for real-time payment systems, which offer convenience and speed for both consumers and businesses.

The market is moderately concentrated, with major players such as PayPal Holdings Inc., Alphabet Inc., and Samsung Electronics Inc. holding significant shares. These companies are focusing on expanding their presence in foreign markets. The region's digital payment landscape is also supported by initiatives like Morocco's 5G network deployment and South Africa's virtual card launch. Real-time payment services are enhancing B2B transactions and improving liquidity management for businesses. As e-commerce continues to grow, the preference for digital payments over cash is expected to rise, driving further market expansion.

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Middle East and Africa Real Time Payments Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness-Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Evolution of the payments landscape in the country

    4. 1.4 Key market trends pertaining to the growth of cashless transaction in the country

    5. 1.5 Impact of COVID-19 on the payments market in the country

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type of Payment

      1. 2.1.1 P2P

      2. 2.1.2 P2B

    2. 2.2 By Country

      1. 2.2.1 Saudi Arabia

      2. 2.2.2 United Arab Emirates

      3. 2.2.3 Kenya

      4. 2.2.4 Nigeria

      5. 2.2.5 Rest of Middle-East and Africa

Middle East and Africa Real Time Payments Market Size FAQs

The Middle East and Africa Real Time Payments Market is projected to register a CAGR of 13.70% during the forecast period (2024-2029)

Paypal Holdings Inc.​, Samsung Corporation​, ACI Worldwide Inc., CIB Bank​ and Alphabet Inc. are the major companies operating in the Middle East and Africa Real Time Payments Market.

Middle East and Africa Real Time Payments Report Snapshots

Middle East and Africa Real Time Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)