An online payment gateway is a facility that uses credit or debit cards to process the transaction and complete the payment step to the merchant through the merchant’s website/mobile app.
According to RationalStat’s analysis, the online payment gateway in the Middle East and Africa is estimated at $3 billion in 2020 and is expected to be successful at $21 billion through 2028, with an expansion to a CAGR of 28% from 2020 to 2028.
An online payment gateway is a facility that allows credit or debit cards to process the transaction and complete the payment step to the merchant through the merchant’s website/mobile app. The Covid-19 outbreak has shown the region that online payment gateways and e-commerce are the main stays. Saudi Arabia, Egypt and the United Arab Emirates are the main e-commerce markets in the region and offer lucrative opportunities for online payment gateway providers. The regional e-commerce market is estimated at US$22 billion in 2020 raised US$31 billion in 2021. The e-commerce market in the Middle East and North Africa is expected to reach US$48 billion by the end of 2023. Saudi Arabia is at the forefront in terms of regional e-commerce expansion with a healthy CAGR of 40%, followed through the UAE with a CAGR of 38%.
Reflecting the global market trend, the online payment gateway market in the Middle East and Africa is expected to experience a maximum expansion rate in the coming period. The gap between virtual and traditional invoices presents a huge opportunity for the expansion of the online payment gateway. marketplaceplace. The adoption of virtual invoices across small and medium-sized businesses in the region is expected to respond to the demand for online payment gateways in the coming years.
The culprits of the market expansion are:
Challenges that impact the expansion of the payment gateway in the region;
Regional summaries
Saudi Arabia has set itself the ambitious goal of achieving more than 70% of non-monetary or virtual transactions by the end of 2030; opening promising paths for players involved in the online payment gateway market in the Middle East and Africa. Digital invoices in the two largest economies accounted for 23% and 18% of total transactions in the UAE and Saudi Arabia, respectively. In Egypt, almost 65% of the population is still unbanked, and the government and central bank are trying to move towards monetary inclusion and modernize payment systems. Some of the region’s top online payment gateways include,
Large corporations around the world are looking to expand particularly into the domestic Middle Eastern market with local online payment gateway solutions. To increase their visitor base and build their presence in the market, corporations adopt strategies. Some of the notable occasions that have happened in the online payment gateway market in the Middle East and Africa in recent years include
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Source: https://store. rationalstat. com/store/middle-east-and-africa-online-payment-gateway-market-analysis-forecast/
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