Shoppers in the Middle East and Africa are gradually embracing online payments, even after COVID-19. Electronic payments around the world continue to grow even after the pandemic.
New York, July 13. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of Middle East and Africa Online Payment Methods 2022 Report – https://www.reportlinker.com/p05744698/?utm_source=GNW
According to the findings of the new report, the global online payments industry continues to grow, initially driven by the increased adoption of digital payments throughout the pandemic. Common payment methods remain predominantly card-based, with debit and credit cards ranking among the most preferred payment methods when shopping online. Another payment method that is currently gaining momentum in the world is the digital wallet, as more and more consumers are using it to pay for their online purchases. Due to the increasing use of digital wallets, e-merchants are also adapting the payment methods offered, with almost half of all e-commerce businesses already accepting digital wallets as payment methods and around a third plan to expand the adoption of their digital wallet in the future.
Consumers in the Middle East and Africa continue to embrace digital payments, overcoming major hurdles
The digital payment industry in the MEA region was already growing before the onset of the pandemic and its growth has been accelerated by the health crisis. Looking at the different regions of Africa during the pandemic, East Africa showed the highest mobile money transaction volume and North Africa the lowest in 2021, implying a big gap in the adoption of digital payment in different regions of Africa, as detailed in the report. Considering that, compared to the traditional banking sector, the mobile money sector in Africa has significantly improved accessibility and ease of use for its consumers, although lack of knowledge and relevance persist as the main barriers to having a mobile money account in that region. In the Middle East, cards and digital wallets are increasingly used by online shoppers.
The banking industry adapts to changing consumer preferences
As consumers increasingly opt for online payment methods, the bank is also moving towards the digital payment trend. More than a third of banking executives surveyed in the MEA region said their top priority for the coming years was to master digital marketing to improve their digital presence with consumers. About two-thirds expect digital wallets to be among consumers’ preferred payment methods in their respected markets within a few years.
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