Middle East & North Africa Digital Payments Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Middle East & North Africa Digital Payments Market is expected to grow at a CAGR of 15.39% over the forecast period. The region's market growth is driven by the increasing prevalence of smartphones, social interactions, and enablement programs by necessary merchants to close the gap between the physical and digital worlds.
Key HighlightsThe Middle East and North Africa 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.
In November 2022, Mastercard announced the introduction of Samsung Wallet, a digital wallet solution in Qatar that allows mobile payment services and more to complete secure contactless payments at several online, on-site, and in-store outlets around the world. It will be equipped with additional features shortly, including the ability to store sensitive documents such as IDs, electronic keys, and boarding passes with just one swipe.
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