Middle East and Africa online payment gateway market

Middle East and Africa online payment gateway market

According to RationalStat’s analysis, the Middle East & Africa online payment gateway is estimated at US$ 3 billion in 2020 and is expected to reach US$ 21 billion by 2028, growing at a CAGR of 28% from 2020 to 2028.

An online payment gateway is a facility that authorizes credit or debit cards to process the transaction and complete the payment stage to the merchant through the merchant’s website/mobile app. The outbreak of Covid-19 has shown the region that online payment gateways and e-commerce are the backbones. Saudi Arabia, Egypt, and UAE are the leading e-commerce markets in the region and thus, offer lucrative opportunities for the online payment gateway providers. The regional e-commerce market is estimated at US$ 22 billion in 2020 and reached US$ 31 billion in 2021. The e-commerce market in the Middle East and North Africa is anticipated to touch US$ 48 billion by the end of 2023. Saudi Arabia is leading the way in terms of regional e-commerce growth with a healthy CAGR of 40%, followed by the UAE at 38% CAGR.

Mirroring the trend of the global market, the online payment gateway market in the Middle East & Africa is expected to witness a hefty growth