Digital Payment is the sending or receiving of a value or amount by means of electronic devices. All the transactions are completed online without the use of any hard cash. Digital payments can be done through various ways like UPI Apps, AEPS, USSD, Cards, E-Wallets etc. The digital payments add a lot of convenience and flexibility for the users, and at the same time come with less risks and tax cut benefits.
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Factors such as the flourishing middle-class people, huge tech savvy youth population and the need for a fast and convenient medium of transaction are the major factors driving the growth of the middle east digital payments market. The digital platforms have proved to be secure than the prevalent Cash transactions of the past and is boosting the acceptance of digital payment platforms in the region during the forecast period. Financial Experts agree on the fact that UAE would soon be the Middle East leader in digital payments after clear regulations were setup in UAE regarding digital payments in 2017 with the 2021 visions of the region in mind. UAE is planning for full 5G infrastructure in the coming years which would pave the path further for fast online payments.
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The market is currently booming with multiple players offering digital payment options and are providing competitive offers to capture more and more customer base. With around 80% adults not having bank accounts when the country saw digital payment’s advent for the first time, showed the potential the country has in terms of digital banking and payments industry. The smartphone penetration in the region is more that almost 100% and it is being leveraged by many and a proper value proposition was all that was needed to drive the digital payments market. Government initiatives for cashless economy is another major factor encouraging the use of digital payment options.
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The Middle East Digital Payments Market has been segmented by Mode, by Applications, by Components and key geographies. Based on type of Mode the market comprises of E-Wallets, Debit and Credit Cards, UPI, Online Banking and Others. The research report “Middle East Digital Payments market” provides in-depth analysis of the Middle East Digital Payments market based on Mode, Applications, Components and major geographies for the forecast period from 2018 to 2025. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the Middle East Digital Payments market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
- At what pace is Middle East Digital Payments market growing? What will be growth trend in future?
- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Middle East Digital Payments market?
- What are the various application areas and how they are poised to grow?
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