Middle East and Africa Digital Wallet Market Size Zooming 3.5X During 2024-2030 to Touch USD 72.4 Billion by 2030

Published | 03 February 2024

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.

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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.

Don’t miss the business opportunity in the Middle East and Africa Digital Wallet Market. Consult our analysts to gain crucial insights and facilitate your business growth.

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.

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