The market research report has added a new report on Middle East & Africa Online Payment Gateway Market regarding essential drivers influencing the revenue graph of this business sphere. Current Middle East & Africa Online Payment Gateway market trends in conjunction with geographic landscape, demand spectrum, compensation scale and growth chart of this vertical have also been included in this report.
The online payment gateway market in the Middle East and Africa is expected to grow at a significant CAGR of over 28% during the forecast period. Payment gateway is a technology used by merchants to accept debit and credit card payments and online purchases from customers.
The growth of the market is attributed to changing people’s preferences towards online transaction systems, increasing demand for mobile wallets, growing internet penetration coupled with growing population of young people, increasing people’s disposable income and increased government initiatives for cashless transactions.
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Market structure and competitive landscape
The growth of the online payment gateway market in the Middle East and Africa is characterized by the presence of players operating in the market. Some of the players operating in the market include ACI Worldwide Inc., PayPal Holdings Inc., Paymentwall Inc., CashU Services, Innovate 1 Pay Ltd., Payfast (Pty) Ltd., Adyen Australia Pty Ltd., Worldpay (Fidelity National Information Services , Inc.), Fiserv Inc., Telr Pte Ltd., Payfort/Amazon Payment Services, Checkout.com, The Direct Pay Online Group, and Vapulus Inc., among others.
Moreover, the recent outbreak of COVID-19 has accelerated the adoption of digital payment among the people in the region, which has facilitated the growth of the online payment gateway market.
The Middle East & Africa online payment gateway market has been analyzed based on payment gateway type, organization size, end user and region. Based on payment gateway type, the market is segmented into hosting and non-hosting.
The hosted segment is estimated to hold a major share of the market. Based on organization size, the market is segmented into micro and small, medium and large enterprises.
Further, on the basis of end-user, the market covers analysis of retailers, travel agencies, government, healthcare, and others. Geographically, the market covers the analysis of UAE, Saudi Arabia, Turkey, Egypt, South Africa, and Rest of Middle East & Africa. The UAE dominates the market owing to the government’s growing initiatives in digitization and electronic transactions.
These players are adopting various strategies such as mergers and acquisitions, product launches, and partnerships in order to strengthen their market share and gain a competitive advantage over other competitors in the market.
Mergers and acquisitions, partnerships and collaborations, product launches are some of the strategies followed by industry players. Some of the key developments in the Middle East and Africa online payment market include,
In January 2022, e-commerce company Noon launched Noon Payments – an online payment gateway, to help small and medium enterprises in Egypt by providing payment solutions.
In August 2021 Bahrain Financing Company merged with Finablr resulting in WizzFinancial. WizzFinancial (Prism Group) will operate as a fintech company and will cater to a wide range of clients in the region. This merger aimed to create a regional powerhouse with licenses to operate in more than 30 countries.
Q&A: Global Online Payment Gateway Market in Middle East and Africa
Q1. What is the CAGR that the Middle East & Africa Online Payment Gateways market is expected to register during the projected duration?
Answer: The online payment gateway market in the Middle East and Africa is expected to register a CAGR of 28% during the forecast period.
Q2. Who are the key players in the global Online Payment Gateways Market in the Middle East and Africa?
Answer: ACI Worldwide Inc., PayPal Holdings Inc., Paymentwall Inc., CashU Services, Innovate 1 Pay Ltd., Payfast (Pty) Ltd., Adyen Australia Pty Ltd., Worldpay (Fidelity National Information Services, Inc.), among others are the major players in the global online payment gateway market in the Middle East and Africa
For more details on this report: https://www.marketstudyreport.com/reports/middle-east-and-africa-online-payment-gateway-market-analysis-forecast-2019-2028
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