Euromonitor - Digital Payments in MENA 2023

The report highlights the significant growth and future prospects of digital payments in the Middle East and North Africa (MENA) region. This growth is driven by several factors, including the widespread use of smartphones, government initiatives to promote cashless transactions, and the emergence of fintech companies. These factors have created a favorable environment for the adoption of digital payments. One key aspect emphasized in the report is the role of fintech entities and small and medium-sized enterprises (SMEs) in driving digital payments in the region. Fintech companies are leveraging the generation gap and catering to the evolving needs of digital consumers, while SMEs are embracing digital payment solutions to enhance their competitiveness and reach a wider customer base. The report identifies several key payment themes that are driving the growth of digital payments in the MENA region. These include the rise of mobile wallets, which provide convenient and secure payment options for consumers, as well as the increasing popularity of contactless payments, enabling quick and seamless transactions. E-commerce is also a significant driver, with consumers increasingly embracing online shopping and digital payment methods. Additionally, peer-to-peer transfers are gaining traction, allowing individuals to send and receive money digitally.