Middle East and Africa Real Time Payments Market Size Expands at CAGR of 9.88% to Surpass USD 57.5 Million by 2030

Published | 23 February 2024

Middle East and Africa Real Time Payments Market is expanding rapidly due to increasing digitalization, growing demand for faster and more secure transactions, regulatory support, and rising consumer expectations.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Real Time Payments Market size at USD 29.75 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Middle East and Africa Real Time Payments Market size to grow at a CAGR of 9.88% reaching a value of USD 57.51 million by 2030. The Middle East and Africa Real-Time Payments Market is thriving due to the widespread use of smartphones and the embrace of cloud-based solutions for speedy transactions. Rising customer expectations for swift payment settlements, coupled with substantial investments from financial institutions and governments, are fueling the adoption of real-time payment solutions. The integration of innovative technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) into digital payment platforms further contributes to the escalating demand for real-time payment solutions in the region.

Opportunity – Micropayments and digital currencies

In the dynamic landscape of the Middle East and Africa Real-Time Payments Market, the surge in micropayments and the widespread adoption of digital currencies emerge as potent growth drivers. As consumers and businesses increasingly embrace seamless, instantaneous transactions, the market experiences a transformative shift. The integration of micropayments and digital currencies fosters financial inclusion but also fuels the demand for efficient, secure, and real-time payment solutions. The trend reshapes the payment ecosystem, opening new avenues for innovation and positioning the region as a frontrunner in the Middle East and Africa Real-Time Payments Market.

Impact of Escalating Geopolitical Tensions on Middle East and Africa Real Time Payments Market

Escalating geopolitical tensions in the Middle East and Africa have significantly impacted the Real Time Payments (RTP) Market. Heightened uncertainties and conflicts have disrupted economic activities, hindering the growth of RTP systems. In the Middle East, political instability in countries like Syria and Yemen has impeded the development of robust payment infrastructures. Additionally, incidents such as the Gulf diplomatic crisis and regional power struggles have created an environment of financial insecurity, deterring investments in RTP solutions. In Africa, conflicts in regions like the Sahel and political unrest in countries like Sudan have similarly hampered the advancement of real-time payment technologies. These geopolitical challenges have introduced volatility, regulatory uncertainties, and a reluctance among businesses to adopt and invest in RTP systems, slowing down market expansion.

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Middle East and Africa Real Time Payments Market   

Segmental Coverage

Middle East and Africa Real Time Payments Market – By Nature of Payment

Based on nature of payment, Middle East and Africa Real Time Payments Market is divided into Person-to-Person (P2P), Person-to-Business (P2B), and Business-to-Person (B2P) segments. The person-to-person (P2P) segment is the largest nature of payment in the Middle East and Africa Real Time Payments Market. The P2P segment involves direct electronic transfers of funds between individuals, facilitating quick and convenient transactions. The P2P segment reflects the region's increasing reliance on real-time payment solutions for personal transactions, emphasizing the growing trend of individuals leveraging digital platforms for seamless financial interactions. The P2B and B2P segments also play crucial roles, but the prominence of P2P transactions highlights the changing dynamics of consumer behavior and the adoption of innovative payment methods in the region.

Middle East and Africa Real Time Payments Market – By Enterprise Size

By enterprise size, Middle East and Africa Real Time Payments Market is divided into Small and Medium-sized Enterprises (SMEs), and Large Enterprises segments. The large enterprises segment stands out as a leading enterprise size segment, indicating a significant market presence and demand in the category. It suggests that large businesses in the region are actively participating in and driving the real-time payments market, potentially leveraging advanced payment solutions for their operations. The emphasis on the large enterprises segment highlights the substantial impact of real-time payments on the business landscape in the Middle East and Africa.

Competitive Landscape

Middle East and Africa Real Time Payments Market is fiercely competitive. Major companies in the market include Network International, PayTabs, MFS Africa, Interswitch, Emirates NBD, Iyzico, and Peach Payments. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Middle East and Africa Real Time Payments Market.

Don’t miss the business opportunity Middle East and Africa Real Time Payments 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 statistics of Middle East and Africa Real Time Payments Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Middle East and Africa Real Time Payments Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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