Middle East Online Payment Gateway Market Outlook Report 2020-2028 Featuring Telr Pte, Payfort International, Checkout.com, 2Checkout, PayTabs, CASHU, and Infibeam Avenues
The Middle East online payment gateway market registered a value of around USD 2300 Million in the year 2019 and is further estimated to reach around USD 9500 Million by the year 2028, by growing at a CAGR of 16.80%
Over the forecast period of 2020-2028, increasing internet penetration, advancements in online payment technology, rise in the use of mobile wallets in the region and increase in preference for online retailing.
The payment gateways transfer the information about the transaction between the bank and the payment portal and also enable enterprises to collect money through a bank selected by the customer, safely and securely. It acts as a mediator between e-commerce merchant website and a bank to authenticate online payments. Owing to advancements in mobile payment technology and the adoption of Internet of Things (IoT), a surge in automation of transaction processes is observed.
On the basis of organization size, the Middle East online payment gateway market is segmented into small & medium enterprises (SMEs) and large enterprises. The large enterprises segment registered the largest market share in the year 2019, on the back of high volume of transactions and the rising number of bulk transactions. The small & medium enterprises segment is growing on the back of increasing awareness among merchants for the rising incidences of payment frauds.
Increasing online transactions and rising demand for mobile wallets are anticipated to contribute to the growth of Middle East online payment gateway market. Different forms of online payment channels, high disposable income of the population in the region, government’s initiatives for cashless transactions, high speed internet and increasing penetration of smartphones, are the major factors contributing to the growth of the market in the Middle East region. Mobile wallets are gaining popularity as domestic and international tech players, telecom operators and local banks are committed to offer mobile wallet-based solutions, which further drives the growth of the market.