Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The Middle East and Africa online payment gateway market is anticipated to grow at a significant CAGR of more than 28% during the forecast period. Payment Gateway is a technology used by merchants to accept payments through debit and credit cards and online purchases from customers. The market growth is attributed to the changing preferences of the people towards online transaction systems, rising demand for m-wallet, rising internet penetration coupled with the growing youth population, growing disposable income of people, and increasing government initiatives in favor of cashless transactions. Moreover, the recent COVID-19 outbreak has accelerated the adoption of digital payment among the people in the region which has facilitated the online payment gateway market growth.
Market Segmentation
The Middle East and Africa online payment gateway market has been analyzed on the basis of payment gateway type, organization size, end-user, and region. Based on the payment gateway type, the market is segmented into hosted and non-hosted. The hosted segment is estimated to hold a prominent share in the market. Based on organization size, the market is segmented into micro & small enterprises, medium enterprises, and large enterprises. Further, on the basis of end-user, the market covers the analysis of retail merchants, 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 and Africa. UAE is dominating the market due to the rising initiatives by the government for digitization and e-transactions.
Market Structure and Competition Landscape
The growth of the Middle East and Africa online payment gateway market 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. These players adopt various strategies such as mergers and acquisitions, product launches, and partnerships in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and 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, Noon e-commerce company launched noon payments - an online payment gateway, to help small and medium businesses in Egypt by providing them with payment solutions.
• In August 2021, Bahrain Financing Company merged with Finablr resulting in the formation of WizzFinancial. WizzFinancial (Prism Group) will operate as a fintech company and cater to a broad range of customers in the region. This merger was aimed to create a regional powerhouse with licenses to operate in over 30 countries.
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