Middle East Online Payment Gateway Market of USD 2404.58 Million | Reach USD 9610.07 Million, 2028
Research Nester has released a report titled “Middle East Online Payment Gateway Market: Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
Online payment gateway is an intermediary between e-commerce merchant website and a bank to authenticate online payments. Rising prevalence of e-commerce industry, increasing cashless transactions, growing internet penetration and availability of secure online payment are some of the factors which contributes to the growth of online payment gateway in the Middle East region. The Middle East online payment gateway market registered a value of USD 2404.58 Million in the year 2019 and is further estimated to reach USD 9610.07 Million by the year 2028, by growing at a CAGR of 16.80% over the forecast period of 2020-2028. This growth is attributed to the increasing internet penetration, advancements in online payment technology, increasing use of mobile wallets in the region and rising preference for online retailing.
Based on end user, the Middle East online payment gateway market is segmented into retail, BFSI, travel & tourism, media & entertainment and others. The retail segmented accounted for the largest market share of 37.65% in the year 2019 and is estimated to record a CAGR of 18.14% during the forecast period. This segment’s growth is attributed to the advancements in e-commerce penetration in the past years, increasing consumer confidence in the authenticity of available online products, and the presence of domestic brands on shopping portals.
Increasing Online Transactions And Rising Demand For Mobile Wallets To Promote The Market Growth
Availability of different forms of online payment channels, high disposable income of the population in the region, government’s initiatives for cashless transactions, and increasing penetration of smartphones, are the major factors contributing to the growth of Middle East online payment gateway market. Mobile wallets offer a reliable, secure and convenient way to pay for the transactions. Moreover, with the launch of numerous mobile payment services in the region, there is a rising need amongst the operators to deploy online payment gateway solutions, which is further anticipated to drive the market growth.
However, lack of regulatory framework for online payment gateways, absence of payment security protocols, increasing number of cyber-attacks, and high setup cost of online payment gateways, are the various factors which are anticipated to hamper the growth of Middle East online payment gateway market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Middle East online payment gateway market which includes company profiling of Telr Pte Ltd., Payfort International FZ LLC, 2Checkout, PayTabs, CASHU, and Infibeam Avenues (NSE: INFIBEAM) among others.