Middle East & Africa Online Payment Methods 2020 and COVID-19’s Impact code:1480

Middle East & Africa Online Payment Methods 2020 and COVID-19’s Impact
OVERVIEW
TABLE OF CONTENTS
COMPANIES MENTIONED
Countries Covered: Egypt, Israel, Jordan, Kenya, Morocco, Nigeria, Oman, Saudi Arabia, South Africa, Tunisia, UAE
Pages: 93
Publication Date: 20/05/2020
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Questions Covered in the report:
  • What payment methods are preferred by online shoppers in the Middle East and Africa?
  • How does the COVID-19 pandemic influence the development of digital payments in this region and worldwide?
  • What are the top FinTech startups in the Middle East and Africa?
  • How fast are mobile money transactions growing in Kenya?
  • Which payment security measures are favored by the UAE’s digital buyers?

Key findings:

Middle East and Africa’s digital payments landscape transforms amid the outbreak

COVID-19 disrupts the dominance of cash payments in the Middle East & Africa

The top payment method used by consumers in the Middle East and Africa, both in-store and online, in 2019 was cash. Cash on delivery accounted for between one-half and two-thirds of E-Commerce transactions in countries such as Egypt, Morocco, and Saudi Arabia, according to the data cited in the yStats.com report. However, due to the coronavirus outbreak in Q1 2020, central banks, E-Commerce merchants, and payment companies across the region are encouraging consumers to use less cash and opt for e-payment means such as cards, digital wallets, and mobile money instead. As a result of these efforts, nearly two in three consumers surveyed in the UAE, Saudi Arabia, and South Africa in April 2020 reported transacting less with cash.

Contactless payments and mobile money on the rise

Among the top payment methods encountering strong growth during the pandemic are contactless cards and mobile wallets. However, due to the low financial account penetration in Africa, consumers on this continent are opting for alternative means to substitute cash, such as mobile money, the yStats.com report reveals. In 2019, Africa accounted for two-thirds of the world’s mobile money payment value. As of early 2020, the growth trend continued, as demonstrated by Kenya, where the number of mobile money accounts is now larger than the country’s total population.

African and Middle Eastern Fintechs attract investment 

FinTech startups in Africa raised hundreds of millions of U.S. dollars during 2019 to help transform the payments landscape in the region and drive financial inclusion. The best-funded startups include Kenya’s Tala and Nigeria’s Interswitch and Opay. Furthermore, one of the leading payment providers in the Middle East, Network International, held an IPO on the London Stock Exchange in 2019 and its revenues rose at a double-digit rate.

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1. Management Summary

2. Global Developments

  • COVID-19 Impact on Online & Mobile Payment, May 2020
  • The Impact of COVID-19 on Payments Revenues, incl. Payments Revenues in 2019, Pre-COVID-19 Forecast, and Payments Revenues Forecast Under The Impact of COVID-19, in USD billion, 2020
  • Post-COVID-19 Forecast for Digital Commerce & Payments Spending, in USD trillion, 2020f & 2021f Compared to 2019
  • Share of Respondents Who View Contactless as a Cleaner Way to Pay, in %, April 2020
  • Payment Methods Most Used When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2020
  • Payment Methods Used For the First Time When Shopping Online During The Pandemic, in % of Online Shoppers, by Selected Countries, April 2020
  • Criteria for Choosing a Payment Method in Online Shopping Which Became More Important Since The Pandemic Outbreak, in % of Online Shoppers, by Selected Countries, April 2020
  • Online & Mobile Payment Platform Revenues, in USD billion, 2019e & 2024f
  • Mobile & Online Remote Payment Value, in USD billion, by Selected Regions, 2024f
  • Mobile & Online Remote Payment Value, in USD billion, by Digital and Physical Goods, 2024f
  • Payment Methods Preferred in E-Commerce, in % of Online Shoppers, by Selected Regions, January 2019
  • Share of Online Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, January 2019
  • Share of Mobile Shoppers Who Had Abandoned a Shopping Cart Due to Their Preferred Payment Method Not Being Offered, in %, August 2019
  • Online Payment Fraud Losses, in USD million, by Segment, 2023f
  • Online Payment Fraud Prevention Software Spending, in USD billion, 2020f & 2024f
  • Number of Digital Wallet Users, in billions, 2019e & 2024f
  • Breakdown of Digital Wallets by Provider’s Main Industry, in %, 2019
  • Proximity Mobile Payment Users, in billions, and Penetration, in % of Smartphone Users, 2018 – 2023f
  • Value of Mobile Payment Transactions Authenticated via Biometrics, in USD billion, 2019e & 2024f
  • Overview of Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2019

3. Middle East & Africa

3.1. Regional

  • COVID-19 Impact on Online & Mobile Payment, May 2020
  • Attitudes to Contactless Payments During COVID-19 Outbreak, in % of Consumers, April 2020
  • Share of Adults Who Shopped for Products on New E-Commerce Websites Since COVID-19 Started, by Basics and Non-Basics, by Selected Countries, in %, April 2020
  • Share of Internet Users Who Have Food or Groceries Delivered to Their Homes More Frequently Due to COVID-19 Outbreak, by Selected Countries in MENA, March 2020
  • Share of Retail Banking Executives Who Believe That Cash Will Account for Less Than 5% of Transactions by 2025, in %, 2019
  • Top Factors Would Encourage Non-Online Shoppers to Purchase Online, in % of Non-Online Shoppers, 2019
  • Overview of Mobile Money Statistics in Africa, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Sub-Region, 2019
  • Number and Value of Transactions Processed by Network International Holdings,  in millions and in USD billion, and Total Revenues, in USD million, 2016 – 2019
  • Overview of Selected Leading FinTech Startups in the Payments Sector in MENA, incl. Company Name, Solution, Funding, Country and Year Established, September 2019
  • Total Investment Raised by African FinTechs, in USD million, 2018 & 2019
  • Overview of Selected Major FinTech Funding Rounds in Africa, by Country, 2019

4. Middle East

4.1. UAE

  • E-Commerce Payments Value, in AED billion, 2017-2022f
  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Breakdown of Preferred Payment Authentication Measures When Shopping Online, in %, February 2019
  • Digital Wallet Awareness, Ownership & Usage, in % of Online Payment Users, February 2019
  • Security Concerns Regarding Digital Wallets, in % of Online Payment Users, February 2019
  • Share of Online Shoppers Who Prefer Cash on Delivery, But Would Pay by Card of a mPOS Machine Was Available Upon Delivery, in %, February 2019
  • Attitudes to Contactless Payments During COVID-19 Outbreak, in %, April 2020

4.2. Saudi Arabia

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Payment Methods Used in E-Commerce, in % of Online Shoppers, 2019
  • Payment Methods Used in E-Commerce, in % of Online Shoppers, by Gender, 2019
  • Payment Methods Used in E-Commerce, in % of Online Shoppers, by Saudi and Non-Saudi and by Gender, 2019

4.3. Israel

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Share of Respondents Who Are Using Less Cash Since Adopting Mobile Payment Apps, in %, 2019
  • Products and Services Paid for via Mobile Apps, in % of Respondents, 2018 & 2019

4.4. Jordan

  • Share of Online Shoppers Paying by Cash on Delivery, in %, H2 2019
  • Mobile Payment Transaction Value, in JOD million, and Number of Transactions, in thousands, January 2019 – December 2019
  • Breakdown of Mobile Payment Transactions by Type, by Number and Value, in %, December 2019

4.5. Oman

  • Share of Online Shoppers Paying Online For Their E-Commerce Purchases, in %, 2019

5. Africa

5.1. South Africa

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Breakdown of Payment Methods Used in E-Commerce, in % of Online Shoppers, March 2020
  • Payment Methods Preferred in E-Commerce, in % of Internet Users, July 2019

5.2. Egypt

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Share of Online Shoppers Paying Online For Their E-Commerce Purchases, in %, 2019
  • Number of Meeza Cards Issued, in millions, July 2019, September 2019 & December 2019
  • Number of Mobile Wallet Accounts, in millions, Year-On-Year Growth Rate, in %, Unique Users, in millions, and Breakdown of Users by Gender and Age Group, in %, February 2019

5.3. Nigeria

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Electronic Payment Transactions, incl. Number, in millions, and Value, in NGN billion, by Type, 2019

5.4. Morocco

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Number of Online Payment Transactions, in millions, and Value, in MAD million, by Transactions with Moroccan Cards, Foreign Cards and Total, 2016 – 2019

5.5. Kenya

  • Breakdown of E-Commerce Transactions by Payment Methods, in %, August 2019
  • Mobile Payment Statistics, incl. Number of Transactions, in Millions, Value of Transactions, in KES Billion, Number of Accounts, in Millions, and Number of Agents, in Thousands, 2014 – 2019 & Q1 2020
  • Financial Account Penetration, by Type, in % of Adults, 2019

5.6. Tunisia

  • Share of Online Shoppers Paying Online For Their E-Commerce Purchases, in %, 2019
Read More
  • Interswitch Ltd
  • Jumia Technologies AG
  • Network International Holdings Plc
  • Noon AD Holdings
  • Opay
  • PalmPay Technology Co Ltd
  • Paytabs
  • Safaricom Plc
  • Visa Inc.
Read More

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