Africa Contactless Payments Market Analysis by 2031
Africa Contactless Payments Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 781.72 Million |
| Market Size by 2031 | US$ 1536.57 Million |
| Global CAGR (2023 - 2031) | 8.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Africa
|
| Market leaders and key company profiles |
Africa Contactless Payments Market News and Recent Developments
The Africa contactless payments market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Africa contactless payments market are listed below:
- IBA Group a.s. announced TapXphone is among the first 10 solutions globally to comply with the PCI MPoC Solution requirements. This means tapXphone meets the latest security standards for processing mobile payments on commercial off-the-shelf (COTS) devices. PCI MPoC Solution is a key certification within the MPoC security standard. Created by the PCI Council, it sets the compliance criteria and best practices that ensure tapXphone meets all necessary requirements, including secure development, proper maintenance, strict security standards, and ongoing system checks.
(Source: IBA Group a.s., Press Release, September 2024)
- Mastercard and AF Payments, Inc. (AFPI), the company behind Beep cards, announced a strategic partnership to enable contactless acceptance of Mastercard cards in the Metro Rail Transit Line 3 (MRT-3 Line) and buses for the first time in the Philippines. In support of the government's goal to accelerate the digitization of payments, and in line with the Bangko Sentral ng Pilipinas' Digital Payments Transformation Roadmap, the 'Mastercard-Beep EMV Contactless Acceptance in Transport Partnership' aims to broaden contactless acceptance in the Philippines. This initiative is expected to bring greater convenience to the consumer commuting experience, simplifying access and enabling travelers to tap in and tap out with their Mastercard card.
(Source: Mastercard, Press Release, February 2024)
Africa Contactless Payments Market Report Coverage and Deliverables
The "Africa Contactless Payments Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- Africa contactless payments market size and forecast at regional, and country levels for all the key market segments covered under the scope
- Africa contactless payments market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Africa contactless payments market analysis covering key market trends, regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Africa contactless payments market
- Detailed company profiles
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