Payment Processing Solutions Market Is Expected To Reach USD 7,253.57 Million By 2027 Top Players are Mastercard, Network International, The Mint Corporation, FIS, GPS, Wirecard, PayPal, PayU
Pune, Maharashtra, India, June 17 2020 (Wiredrelease) Data Bridge Market Research — Payment processing solutions market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 9.1% in the forecast period of 2020 to 2027 and expected to reach USD 7,253.57 million by 2027. Increased digitalisation in the service sector to enhance the service experienced for the customers in MENA region is amplifying the growth of the market.Middle East & North Africa Payment Processing Solutions Market By Payment (E-Wallet, Credit Card, Debit Card, Prepaid Card), Organization Size (Large Organization and Small & Medium Organization), Vertical (Retail, Healthcare, Restaurant, Travel, Consumer Electronics, Telecommunication, Automotive, Energy & Utilities, Others), Country (U.A.E, Saudi Arabia, Israel, Egypt, Morocco, and Rest of Middle East & North Africa), Market Trends and Forecast to 2027.
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On the basis of payment, the market is segmented into e-wallet, credit card, debit card and prepaid card. The e-wallet is dominating the market as it seems major adoption by the banking and retail sectors to enhance the customer service experience. Rising trend of digitalisation is getting supported by the government as well as youth population which creates demand for the new e-wallet services as a result new players are entering the market.
in June, 2019, Noor Bank introduced eWallet for the customers through their partnership with Etisalat. The new digital payment service is used to attract the customers from the UAE country with help of fintech Company. Such initiative to improve the services for the customers is creating demand as well as opportunity to grow for the market.
On the basis of organization size, the market is segmented into large organization and small and medium organization. The tourism industry in Middle East region is growing at higher rate which helps large organization payment processing solutions to dominate the market as it is majorly used in airlines, malls, hotels, and restaurant among others. The companies are introducing advanced solution for the large organisation to facilities the customer.
in October, 2019, NCPI announced the expansion of the BHIM, RuPay, UPI and other payment solutions to the UAE and Singapore countries. Such initiative to facilities the Indian consumer in the UAE country is helping the segment to grow in the forecasted period.
On the basis of vertical, the market is segmented into retail, healthcare, restaurant, travel, consumer electronics, telecommunication, automotive, energy & utilities and others. The retail is dominating the market as there is major demand of e-wallet service form the youth population for the shopping purpose. The e-wallet, credit card offers provide benefits for the customers with faster transactions which are helping this segment to grow in the forecasted period.
Payment Processing Solutions Market Country Level Analysis
Middle East & North Africa market is analysed and market size information is provided by country, payment, organization size and vertical.
The countries covered in the payment processing solutions market report UAE, Saudi Arabia, Israel, Egypt, Morocco and Rest of Middle East & North Africa.
UAE is accounted largest market share for e-wallet as growing adoption of smartphones has replaced the cash transaction with e-wallet, due to its highly secure payment solutions. In addition to it, Saudi Arabia accounted largest market share for E-wallet due to the growing internet users which have increased the demand for the digital payment solutions. However, Israel is accounted largest market share for e-wallet due to the growing digitalization across the countries results in increasing demand for digital wallet.
in March, 2019, according to the World Tourism Organization (UNWTO) report almost 15,790 thousands International tourist visited the United Arab Emirates. Such huge number of the tourist visitors in the UAE is helping the country to enhance their service for the customers which increase the market demand.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Adaptation of Digital Payment Processing Solutions in Hospital and Clinical Sector
Payment processing solutions market also provides you with detailed market analysis for every country growth in installed base of different kinds of payment processing solutions, impact of technology and changes in payment processing solutions regulatory scenarios and their impact on the payment processing solutions market. The data is available for historic period 2010 to 2018.
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Competitive Landscape and Payment Processing Solutions Market Share Analysis
Payment processing solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, application dominance. The above data points provided are only related to the companies’ focus related to Middle East & North Africa payment processing solutions market. The major players covered in the report are Mastercard, Network International, The Mint Corporation, FIS, GPS, Wirecard, PayPal, PayU, First Data Corporation, Palladium Payment Services LLC, TELR PTE LTD, PAYFORT INTERNATIONAL FZ LLC, 2Checkout, InfibeamAvenues Limited, PayTabs, and Alipay.
In November 2019, Saudi Arabian Monetary Authority (SAMA) approved the new e-wallet operator to provide the advanced payment services for Saudi Arabia market. The Finablr subsidiary BayanBay got approval from the Saudi Arabia monetary society which allowed them to offer product for market. The service and product are used to facilitate the transactions for the customers in more efficient way.
Partnership, new launch and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for payment processing solutions through increasing application and demand of payment processing solutions in the market.
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