MENA Card Payment Market: Current Analysis and Forecast (2023-2030)

The MENA Card Payment market encompasses the dynamic landscape of financial technology innovation across the region. Also fueled by government initiatives and increasing smartphone penetration. The rise of fintech startups and mobile payment platforms is empowering consumers with convenient and secure alternatives to traditional cash transactions. Moreover, the young population's inclination towards technology adoption and the growing e-commerce sector are driving forces behind the burgeoning card payment market in the region.

The MENA Card Payment market is expected to grow at a steady rate of around 24.2%. This is mainly due to the supportive government initiatives and regulatory reforms aimed at promoting digital transformation and financial inclusion further fueling the expansion of the Card Payment market in MENA. As traditional banking methods give way to digital alternatives, Card Payment startups and established players alike are leveraging technology to meet the evolving needs of consumers and businesses, driving innovation, efficiency, and accessibility in financial services across the region. For instance, Qatar-based Card Payment KARTY has raised a Seed funding round of 2 million USD from local investors.

Based on the card type, the market is segmented into credit card, debit card, and others. Among them, the credit card is expected to grow at the fastest CAGR during the forecast period. credit cards offer various benefits such as reward points, cashback, and travel perks, incentivizing card usage and driving consumer spending. Additionally, credit cards facilitate online purchases and international transactions, enabling individuals to shop globally and participate in cross-border e-commerce, thus contributing to the growth of the card payment market.

Based on the application, the market is segmented into e-commerce, food & groceries, health & pharmacy, media and entertainment, and others. Among them, the e-commerce category dominates the MENA Card Payment market. As online shopping becomes increasingly popular, consumers are turning to electronic payment methods, including credit and debit cards, to make purchases securely and conveniently. eCommerce platforms are also integrating various payment gateways, making it easier for consumers to complete transactions using their preferred cards. With the growing digitization of commerce, eCommerce is expected to continue driving the expansion of card payments in the MENA market.

Based on the brand, the market is segmented into visa, MasterCard, and others. Among them, the visa category is expected to grow at the fastest CAGR during the forecast period. Due to Visa's innovative payment solutions, such as contactless payments and mobile wallets, cater to evolving consumer preferences and contribute to the growth of digital payments in the region. By partnering with banks, merchants, and technology providers, Visa continues to drive innovation and expand its presence in the MENA market, further boosting the adoption of card payments.

For a better understanding of the market adoption of the MENA Wealth Management industry, the market is analyzed based on its worldwide presence in countries such as UAE, Saudi Arabia, Egypt, Kuwait, and the Rest of the MENA Countries. UAE is expected to grow at the fastest CAGR during the forecast period. The UAE emerges as a dynamic hub for card payments in the MENA region. With a well-developed financial ecosystem and a high standard of living, the country offers a fertile ground for digital payment innovations. The government's focus on smart city initiatives and e-government services propels the adoption of cashless transactions. Contactless payments and mobile banking have gained widespread acceptance among residents and businesses alike, driven by convenience and efficiency. Moreover, the influx of tourists and expatriates contributes to the growing demand for card payment solutions, presenting lucrative opportunities for market players to expand their offerings and enhance customer experience. For instance, in December 2022, the new real-time payment technology would launch in the UAE early the following year to speed up financial transactions. The new Instant Payment Platform (IPP) will debut in the first quarter of 2023 with a trial group of authorized financial institutions and will be implemented in stages.

Some of the major players operating in the market include Emirates NBD, PayPal, Google, ACI Worldwide, SAMSUNG, Commercial International Bank, QNB, Samba Bank Limited, BanqueMisr, KUWAIT FINANCE HOUSE