PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428496
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428496
Middle East and Africa Digital Wallet Market, By Type ; By Application ; By Country, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
Middle East and Africa Digital Wallet Market Size Zooming 3.5X During 2024-2030 to Touch USD 72.4 Billion by 2030
Middle East and Africa Digital Wallet Market is flourishing because of the deepening penetration of smart phones and internet and a growing focus on bringing large segments of unbanked and underbanked individuals to digital banking.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Digital Wallet Market size at USD 20,526.37 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Digital Wallet Market size to boom at a robust CAGR of 19.73% reaching a value of USD 72,381.27 million by 2030. The increasing use of smartphones and the introduction of digital wallets with enhanced security and encryption for online payments are two key growth factors for the Middle East and Africa Digital Wallet Market. Additionally, it is projected that the Middle East and Africa Digital Wallet Market will be driven by the expanding e-commerce industry and the increasing incorporation of innovative features, including artificial intelligence, in online payment systems, during the period in analysis.
Opportunity: Increasing number of digital wallets
The Middle East and Africa region is emerging as a lucrative market for digital wallets with the increasing volume of online transactions in these countries. ACI Worldwide statistics indicate that in 2022, there were 352 million real-time online transactions in the Kingdom of Saudi Arabia, 276 million in Bahrain, and 37.2 million in the UAE. As a result, various digital wallet platforms are launching their services in these countries to tap into the growing market opportunities. For instance, Apple Pay recently launched its services in Morocco, making it the second African country after South Africa to have Apple Pay service.
Middle East and Africa Digital Wallet Market
Segmental Coverage
Middle East and Africa Digital Wallet Market - By Application
Based on application, the Middle East and Africa Digital Wallet Market is segmented into money transfer, recharge, movie booking, food ordering, and others. The money transfer segment accounts for the highest market share by application. Digital wallets gained significant traction in the market after the COVID-19 outbreak as an effective contactless payment method, eliminating the use of cash. Furthermore, the emergence of separate merchant accounts on digital payment platforms that provide benefits such as easy bulk transfers and reconciliation of payments, zero balance, and zero monthly charges further promotes the adoption of digital wallets in the Middle East and Africa Market.
Middle East and Africa Digital Wallet Market - By Country
The in-depth research report on the Middle East and Africa Digital Wallet Market covers the market in a number of major countries in the region, including Saudi Arabia, the UAE, Qatar, Kuwait, South Africa, Nigeria, Algeria, and the rest of MEA. Saudi Arabia dominates the Middle East and Africa Digital Wallet Market. The Kingdom is the leading real-time payment market in terms of transaction volumes, followed by Bahrain, which leads the market in terms of consumer adoption of digital wallets and online payments, according to a report published by ACI Worldwide. The growth of digital wallets in these countries is mainly attributed to the favorable policies of the government and central banks for financial and economic growth.
Competitive Landscape
Major players operating in the Middle East and Africa Digital Wallet Market include Saudi Digital Payment Company (STC Pay), Emirates Digital Wallet (Klip), Vodafone Qatar Q.S.C., Orange S.A., HyperPay Inc., Google, Apple Inc., Samsung, Skrill Limited, and FNB.
These companies employ various strategies to further enhance their market share, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East and Africa Digital Wallet Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Digital Wallet Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. Middle East and Africa Digital Wallet Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Deepening Mobile Phone Penetration
- 3.2.1.2. Large Segments of Unbanked and Underbanked Individuals
- 3.2.2. Restraints
- 3.2.2.1. Limited Digital Infrastructure in Certain Regions
- 3.2.3. Opportunities
- 3.2.3.1. Growing Urbanization and Young Population
- 3.2.3.2. Growing Trend of E-Commerce
- 3.2.4. Challenges
- 3.2.4.1. Security Concerns
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. Middle East and Africa Digital Wallet Market Overview
- 4.1. Market Size & Forecast, 2019-2030
- 4.1.1. By Value (USD Million)
- 4.2. Market Share and Forecast
- 4.2.1. By Type
- 4.2.1.1. Closed Wallet
- 4.2.1.2. Semi-closed Wallet
- 4.2.1.3. Open Wallet
- 4.2.2. By Application
- 4.2.2.1. Money Transfer
- 4.2.2.2. Recharge
- 4.2.2.3. Movie Booking
- 4.2.2.4. Food Ordering
- 4.2.2.5. Others
- 4.2.3. By Country
- 4.2.3.1. Saudi Arabia
- 4.2.3.2. UAE
- 4.2.3.3. Qatar
- 4.2.3.4. Kuwait
- 4.2.3.5. South Africa
- 4.2.3.6. Nigeria
- 4.2.3.7. Algeria
- 4.2.3.8. Rest of MEA
- 4.2.1. By Type
5. Competitive Landscape
- 5.1. List of Key Players and Their Offerings
- 5.2. Middle East and Africa Digital Wallet Market Share Analysis, 2023
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Escalating Geopolitical Tensions on Middle East and Africa Digital Wallet Market
7. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 7.1. Saudi Digital Payment Company (STC Pay)
- 7.2. Emirates Digital Wallet (Klip)
- 7.3. Vodafone Qatar P.Q.S.C
- 7.4. Orange S.A.
- 7.5. HyperPay INC
- 7.6. Google
- 7.7. Apple Inc.
- 7.8. SAMSUNG
- 7.9. Skrill Limited
- 7.10. FNB
- 7.11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents, By Region
- 9.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
- Figure 1 Middle East and Africa Digital Wallet Segmentation
- Figure 2 Middle East and Africa Digital Wallet Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 Middle East and Africa Digital Wallet Market Size, By Value (USD Million), 2019-2030
- Figure 5 Middle East and Africa Digital Wallet Market Share, By Type, By Value, 2019-2030
- Figure 6 Middle East and Africa Digital Wallet Market Share, By Application, By Value, 2019-2030
- Figure 7 Middle East and Africa Digital Wallet Market Share, By Country, By Value, 2019-2030
List of Tables
- Table 1 Middle East and Africa Digital Wallet Market Size, By Value (USD Million), 2019-2030
- Table 2 Middle East and Africa Digital Wallet Market Share, By Type, By Value, 2019-2030
- Table 3 Middle East and Africa Digital Wallet Market Share, By Application, By Value, 2019-2030
- Table 4 Middle East and Africa Digital Wallet Market Share, By Country, By Value, 2019-2030
- Table 5 Saudi Digital Payment Company (STC Pay) Company Overview
- Table 6 Saudi Digital Payment Company (STC Pay) Financial Overview
- Table 7 Emirates Digital Wallet (Klip) Company Overview
- Table 8 Emirates Digital Wallet (Klip) Financial Overview
- Table 9 Vodafone Qatar P.Q.S.C Company Overview
- Table 11 Vodafone Qatar P.Q.S.C Financial Overview
- Table 12 Orange S.A. Company Overview
- Table 13 Orange S.A. Financial Overview
- Table 14 HyperPay INC Company Overview
- Table 15 HyperPay INC Financial Overview
- Table 16 Google Company Overview
- Table 17 Google Financial Overview
- Table 19 Apple Inc. Company Overview
- Table 20 Apple Inc. Financial Overview
- Table 21 SAMSUNG Company Overview
- Table 22 SAMSUNG Financial Overview
- Table 23 Skrill Limited Company Overview
- Table 24 Skrill Limited Financial Overview
- Table 25 FNB Company Overview
- Table 26 FNB Financial Overview
