Between 2021 and 2023, the overall digital payments market in Egypt is expected to increase at a compound annual growth rate (CAGR) of 19.6%
Amazon Payment Services, Amazon’s digital payments arm operating across the Middle East and North Africa (MENA) region, announced the launch of re:Imagine Payments, a thought leadership forum.
“What’s Next for Digital Payments in the Middle East and North Africa” is the first of the forum’s publications, and provides insights on digital payment trends across the United Arab Emirates (UAE), Saudi Arabia (KSA), and Egypt.
The white paper identified 14 of the fastest-growing industries in digital payments, looking at the different dynamics and drivers of these industries in the UAE, KSA, and Egypt.
Between 2021 and 2023, the overall digital payments market in Egypt is expected to increase at a compound annual growth rate (CAGR) of 19.6%; UAE by 18.3%; and 13.6% in the KSA.
Egypt saw a boost in online retail during that time period, pointing to climbing smartphone penetration rates, while the UAE witnessed an “instant payment revolution” and the KSA expanded its digital banking base.
According to the report, Egypt’s Consumer Foodservice industry grew by 37.4% CAGR between 2021 and 2023, compared to 45% seen between 2019 and 2021. The Travel Intermediaries industry was up by 33.6% compared to 18.7%, while the Insurance industry rose by 29.1% from 32.7%.
In Egypt, digital payments were found to promote financial inclusion with penetration of prepaid cards and mobile wallets approaching 40% of the adult population.
Sponsored by Amazon Payment Services, the white paper research was led by Euromonitor International (EMI) and Sixth Factor Consulting.
The forum is part of efforts to help merchants and anyone interested in the digital payments space to increase their knowledge and will include a series of engagements including, roundtable discussions, webinars, and white paper releases.
“Knowledge-sharing is crucial to promoting growth and innovation in an environment where payments technology is evolving faster than ever,” said Peter George, Managing Director for Amazon Payment Services in the Middle East and North Africa (MENA).
“The launch of re:Imagine Payments is intended to create a space for collaboration amongst existing and potential partners, including banks, card providers, government bodies and more, to engage, explore, and establish new solutions together.”
