Research Nester published a report titled “Middle East Online Payment Gateway Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the online payment gateway market in terms of market segmentation by organization size, payment gateway type and by end user industry.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Driven by the rising demand for online payment gateway in e-commerce industry, increasing internet penetration and availability of secure online payment options for both businesses and consumers, the Middle East online payment gateway market is anticipated to grow significantly in the coming years. 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. 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. The market is anticipated to grow in the upcoming years owing to 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 Middle East online payment gateway market is segmented by payment gateway type into hosted and non-hosted. The hosted segment is anticipated to record the largest market share over the coming years owing to the benefits provided by these systems, such as reduced merchant liability, better security and ready to use set-up for transactions. These systems help to curb fraudulent activities and focus more on the core business. The non-hosted segment is estimated to record significant growth over the coming years, owing to the preference of various businesses to have full control over the checkout process. Also, the non-hosted systems can be integrated with the billing solutions by using APIs, which is further anticipated to provide growth opportunities in the Middle East online payment gateway market.
Increasing Online Transactions And Rising Demand For Mobile Wallets To Drive The Market Growth
According to the International Trade Administration (export.gov), UAE is the leader in the e-commerce sector among all the GCC states. In the year 2018, e-commerce market in UAE was estimated to hit USD 10 billion. Further, the UAE Ministry of Economy has also estimated that among the total sales in the UAE, the e-commerce sector accounted for a share of 10%.
The market in the region is also influenced by the government initiatives promoting cashless transactions which has further contributed to the growth of e-payment process. Mobile wallets are the vital contributor to the digital payment network on the back of increasing penetration of smartphones, faster internet speeds and safe payment options.
However, lack of regulatory framework for online payment gateways and absence of payment security protocols to ensure secure online payments, are anticipated to hamper the growth of Middle East online payment gateway market.
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, Checkout.com, 2Checkout, PayTabs, CASHU, and Infibeam Avenues (NSE: INFIBEAM) among others. The profiling enfolds key knowledge of the companies which incorporates business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Middle East online payment gateway market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.