The Europe and MEA Payment Gateway Market is expected to grow from US$ 7,499.32 million in 2021 to US$ 20,697.69 million by 2028; it is estimated to grow at a CAGR of 15.9% from 2022 to 2028.
The payment gateway industry has recorded robust growth in the Middle East and Africa, with new providers and platforms being launched at a rapid pace. Vendors in the Middle East and Africa payment gateway market are focusing on extending their product and service portfolio in untapped segments. For instance, in October 2020, Stripe acquired Paystack, an online payment processing company in Nigeria, to expand its presence across South Africa. The Middle East and Africa is expected to hold a significant position in the payment gateway industry due to their growing investments in strengthening logistics networks infrastructures. With rapidly changing technology landscape, consumers are demanding convenient digital payments methods, especially those simplifying the payment acceptance for merchants, thereby completing transactions with greater efficiency. Innovation such as open banking infrastructure, regulatory norms, and establishments of standards for payments and data transmission are estimated to propel the Middle East and African payment gateway market. The expansion of a digital economy will further promote e-commerce and digital payments and boost the demands for simplified omni-commerce payment systems and technologies. Along with the rising mobile phone penetration, many countries in MENA are accepting real-time payment technologies due to the benefits they offer. Governments in the Middle Eastern countries are actively working to encourage consumers to choose cashless transaction methods. A digital wallet app, STC Pay, has been launched recently in Saudi Arabia, which allows people to make digital payments in restaurants and stores.
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Europe and MEA Payment Gateway Market: Strategic Insights
Europe and MEA Payment Gateway Market
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Market Size 2021
US$ 7,499.32 Million
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Market Size 2028
US$ 20,697.69 Million
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Regional Overview
- Europe
- Middle East and Africa
Market Segmentation
Type
- Online and POS/Traditional
Business Model
- Payment Facilitator
- Acquirer
- ISO Model
Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
End User
- BFSI
- Media and Entertainment
- Consumer goods
- Retail and E-commerce
- Travel and Hospitality
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Europe and MEA Payment Gateway MarketReport ScopeEurope and MEA Payment Gateway Market Report Scope
Report Attribute
Details
Market size in 2021
US$ 7,499.32 Million
Market Size by 2028
US$ 20,697.69 Million
Global CAGR (2022 - 2028)
15.9%
Historical Data
2019-2020
Forecast period
2022-2028
Segments Covered
By Type - Online and POS/Traditional
By Business Model - Payment Facilitator
- Acquirer
- ISO Model
By Enterprise Size - Large Enterprises
- Small and Medium Enterprises
By End User - BFSI
- Media and Entertainment
- Consumer goods
- Retail and E-commerce
- Travel and Hospitality
Regions and Countries Covered
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
Adyen
Amazoncom, Inc.
Apexx Fintech Limited
Bluesnap Inc.
Ecommpay
Mypos World Ltd
Paytabs
STRIPE
TOMATO PAY
Customize This Report To Suit Your Requirement
You will get customization on any report - free of charge - including parts of this report, or country-level analysis, Excel Data pack, as well as avail great offers and discounts for start-ups & universities
Europe and MEA Payment Gateway Market: Strategic Insights
-
Market Size 2021
US$ 7,499.32 Million -
Market Size 2028
US$ 20,697.69 Million
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Regional Overview
- Europe
- Middle East and Africa
Market Segmentation
Type - Online and POS/Traditional
Business Model - Payment Facilitator
- Acquirer
- ISO Model
Enterprise Size - Large Enterprises
- Small and Medium Enterprises
End User - BFSI
- Media and Entertainment
- Consumer goods
- Retail and E-commerce
- Travel and Hospitality
- Get Top Key Market Trends of this report.This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
Europe and MEA Payment Gateway Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 7,499.32 Million |
| Market Size by 2028 | US$ 20,697.69 Million |
| Global CAGR (2022 - 2028) | 15.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
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| Regions and Countries Covered | Europe
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| Market leaders and key company profiles |
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Business Model, Enterprise Size, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Egypt, Ethiopia, France, Germany, Italy, Lebanon, Nigeria, Russian Federation, Saudi Arabia, South Africa, United Arab Emirates, United Kingdom
Frequently Asked Questions
The rapidly changing digital payment landscape is fueling the adoption of mobile banking channels and digital wallets. Stores are rapidly adopting digital payment applications such as PayPal, Samsung Pay, Apple Pay, and Google Pay to accept payments. Further, the proliferation of smartphones and increasing investments by internet service providers are propelling the use of digital wallets in Europe, and the Middle East and Africa. Growing cash transactions in countries in the Middle East is further leading to the promotion of mobile banking channels and digital wallets. The UAE has observed a boom in the number of mobile payment services in recent years. A mobile operator, Etisalat offers Etisalat Wallet, while Emirates NBD bank offers NBD Pay, a mobile contactless payment service based on near-field communication (NFC). The concentration of wealth in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE is a significant factor fueling the adoption of digital payments in these countries.
Growing number of partnerships and collaborations among the banks and e-commerce giants in the MEA is anticipated to provide significant growth opportunities for the payment gateway market players. In July 2020, Oman Air and BankDhofar partnered to launch an e-commerce payment gateway solution that enables customers of the airline to process their online bookings using debit cards. The customers also receive instant notifications about payment transactions. In September 2019 CCAvenue, the digital payment gateway platform of Infibeam Avenues, collaborated with Riyad Bank to provide digital payments in Saudi Arabia. CCAvenue.com is an established digital payment facilitator in India and the UAE. It is focusing on the expansion of its business in Saudi Arabia with an aim to spur the growth of the e-commerce sector in the Middle East and Africa. CCAvenue's payment platform will cater to the retail, petroleum, real estate, tourism, hospitality, finance, and education industries. In February 2020, Mashreq, a leading financial institution in the UAE, signed an agreement with NIUM, a leader in cross-border digital payments, to expand its QuickRemit service. The companies in the partnership aim at leveraging immediate payment capabilities to instantly facilitate the payments of their customer to Europe, Singapore, and the UK by using SEPA Instant Credit Transfer, FAST (Fast and Secure Transfer), and Faster Payment Services, respectively. Mashreq has also become the first bank in the UAE to offer instant credit facility to more than 30 countries with this new initiative. Another payments solutions provider, Network International partnered with TerraPay, a payments company, to propel the use of mobile wallets and other e-commerce channels across the UAE.
Based on Type, the payment gateway market is segmented into Online, POS/Traditional. The payment gateway market was dominated by the online segment in 2020.
With the surge in digital payment options, a large number of businesses and consumers are adopting real-time payment solutions. Therefore, market players such as Adyen and Amazoncom, Inc among others are focusing on the payment gateway infrastructure to enable these quick and effective payments. There is a growing requirement for a core infrastructure that supports a range of new banking and real-time payment services. Such infrastructure also offers benefits to the region’s economy by increasing liquidity and efficiency of payment systems. Central banks in the MEA are striving to facilitate convenient transactions for businesses and consumers. For instance, Bahrain launched an immediate payments service in 2015 which has recently witnessed significant growth with the significant surge in the volume of transactions made through its network. GhIPSS Instant Pay (GIP), Ghana's real-time payment solution, experienced a six-fold rise in year-on-year transaction volumes during the first half of 2020. Further, a surge in cross-border operations has augmented the demands for a smooth, inexpensive, and quick payment processes, which is bolstering the adoption of real-time payment systems.
The major companies in payment gateway market are Adyen; Amazoncom, Inc.; Apexx Fintech Limited; Bluesnap Inc.; Ecommpay; Mypos World Ltd; and Paytabs.
The major end users in payment gateway includes BFSI, Media and Entertainment, Consumer goods, Retail and E-commerce, Travel and Hospitality, and Others. In terms of market share, the market was dominated by the retail and ecommerce segment in 2020.
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