Electronic and mobile payments in the Middle East and Africa witnessed an increase in adoption and value. The latest publication “Middle East and Africa Online Payment Methods 2021” provides insights into the current state and future trends of the online payment market in the Middle East and Africa.
New York, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific Online Payment Methods 2021 Post COVID-19" - https://www.reportlinker.com/p06130123/?utm_source=GNW
Among other finding, the publication reveals that even after the removal of social isolation measures, consumers planned to continue using mobile phones/smartphones for shopping.
E-payments worldwide gained momentum, especially after the onset of COVID-19, encouraging consumers to adopt and learn more about them
Online payments and alternative to cash are gaining momentum in the world, even more progressively after the onset of the pandemic in 2020. Among the top common payment methods in the world remain credit and debit cards. QR codes, which had been growing in acceptance globally, were projected to decline in usage frequency due to the acceleration of features such as card acceptance via NFC smartphones that are now easier to adopt. Another payment form that is gaining momentum presently is cryptocurrency. A recent survey cited in the report revealed that a significant share of young consumers became more open to this new currency in 2021 compared to the previous year and over 70% of them are ready learn more about it.
Consumers in the Middle East and Africa steadily increased their usage of online payments and acceptance of emerging payment forms grew.
The Middle East and Africa’s online payment industry has accelerated since the beginning of 2020. One of the major drivers was the COVID-19 pandemic. Consumers in the region were open to adopting digital payments and even trying new emerging ones such as cryptocurrency, biometrics, QR code and others, since these are fast, secure and contactless. Many surveyed consumers opted for using cryptocurrency more than they did last year. In addition, even after the removal of social distancing/social isolation measures, most shoppers still preferred to use mobile phones/smartphones to purchase.
Overall, a considerable portion of consumers from UAE chose online payments because they believed these help them save money. Whereas, in Israel, online shopping was preferred due to lower risks of COVID-19 infection in 2020.
Generally, in the countries of the two regions, card and mobile payments dominated. Namely, in South Africa and Egypt, the value of card payments was expected to grow steadily in the next several years. In Egypt, the number of electronic cards increased considerably from December 2017 and exceeded 40 million in December 2020.
In Morocco, local card payments prevailed foreign card payments. The value of digital transactions via Moroccan cards rose to over MAD 4 billion (about EUR 400 million) in the first 9 months of 2020, while online payments value with a foreign card declined from 2019 and reached slightly above MAD 225 million (over EUR 21 million) in the first 9 months of 2020.
Mobile payments also grew in acceptance in the two regions. Namely, in Jordan the transaction volume made via a mobile payment system increased in 2020 and was over 1 million in December 2020. Whereas in Kenya, the number of mobile payments continued to grow annually and equaled over 60 million at the beginning of 2021.
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