Market Share of MENA Digital Payments Industry
The Middle East and North African digital payments market is moderately concentrated and dominated by a few major players like Paypal Holdings Inc., Alphabet Inc., ACI Worldwide Inc., Samsung Electronics Inc., and CIB Bank. These significant firms, holding a sizable market share, are concentrating on growing their international consumer base. These businesses are utilizing strategic collaboration projects to expand their market share and profitability. Mid-size and smaller businesses are, however, expanding their market presence by gaining new contracts and tapping into new markets due to technical improvements and product innovations.
- May 2024: Access Bank Group, a multinational bank, partnered with payments giant Mastercard to introduce an innovative solution. This collaboration aims to enhance access to cross-border payments and remittances involving the African continent. Leveraging the Mastercard Move Partner Programme's network and treasury capabilities, which is a global community of technology innovators focused on digital payments, Access Bank's initiative, Access Africa, seeks to provide individuals and businesses with instant, traceable, seamless, and cost-effective international transactions.
- January 2024: Paymob, a financial services enabler operating in the Middle East, North Africa, and Pakistan (MENA-P), partnered with Mastercard to boost digital payment acceptance in MENA countries. This strategic collaboration capitalizes on Paymob's robust payments infrastructure and Mastercard's cutting-edge technology. Together, they aim to promote affordable solutions for micro, small, and medium-sized enterprises (MSMEs) in pivotal markets. The partnership's highlights include accelerating the adoption of Tap on Phone, enhancing the e-commerce gateway, and introducing payment link solutions.
MENA Digital Payments Market Leaders
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Paypal Holdings Inc.
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Samsung Corporation
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ACI Worldwide Inc.
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CIB Bank
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Alphabet Inc. (Google Pay)
*Disclaimer: Major Players sorted in no particular order
