Middle East & Africa Contactless Payments Market Forecast to 2031 - Regional Analysis - by Payment Mode (Smartphones, Smart Cards, PoS Terminals, and Others), Components (Hardware, Solutions, and Services), and Industry Verticals (Retail, Hospitality, Healthcare, Transportation and Logistics, Media and Entertainment, and Others)

February 2025 | 90 pages | ID: MA8E9B2A45D4EN
The Insight Partners

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The Middle East & Africa contactless payments market was valued at US$ 2,505.03 million in 2023 and is expected to reach US$ 5,554.05 million by 2031; it is estimated to register a CAGR of 10.5% from 2023 to 2031.

Voice-Based Payments with Voice Match Confirmation Bolster Middle East & Africa Contactless Payments Market

Powered by machine learning (ML), artificial intelligence (AI), and neural language processing (NLP), voice assistants help accomplish tasks more easily in everyday life. Voice interaction is heading toward the finance industry. Voice payment is the process of speaking to an AI-powered device, such as a smartphone or speaker, and requesting it to make a payment. The device will identify the verbal request, act on it, and react with a confirmation.

A unique voice model is created on Google's servers and stored only on the devices where one has enabled Voice Match. Without a match, the device will treat the query as a guest query and will not provide any personal results. Google has introduced a new 'confirm with Voice Match' payment feature in the Google Assistant for smart speakers and displays, redefining contactless payments. Thus, voice-based payments with Voice Match confirmation are expected to be a new trend in the contactless payment market.

Middle East & Africa Contactless Payments Market Overview

Contactless payment is also prevailing in the MEA. According to the Emirates NBD, as of 2021, contactless payments accounted for 84% of all face-to-face card payment transactions in the UAE. Per the UAE Banks Federation, all banks in the UAE offer contactless chip cards and mobile wallets.

According to a 2021 report by Mastercard, over 85% of consumers in the Middle East & Africa (MEA) have experimented with new payment methods, including mobile wallets and devices that facilitate payments. In the evolving retail landscape, digital payments have transitioned from being a luxury to a necessity. Even before the COVID-19 pandemic, tech-savvy consumers were using their mobile phones for in-store purchases. However, the pandemic accelerated the shift to digital payments, as people sought to minimize physical touch points and cash usage. Consequently, governments in the MEA have introduced initiatives to promote touch-free payments, which is further driving the contactless payments market in the region.

Middle East & Africa Contactless Payments Market Revenue and Forecast to 2031 (US$ Million)

Middle East & Africa Contactless Payments Market Segmentation

The Middle East & Africa contactless payments market is categorized into payment mode, components, industry verticals, and country.

Based on payment mode, the Middle East & Africa contactless payments market is divided into smartphones, smart cards, pos terminals, and others. The smartphones segment held the largest Middle East & Africa contactless payments market share in 2023.

In terms of components, the Middle East & Africa contactless payments market is segmented into hardware, solutions, and services. The hardware segment held the largest Middle East & Africa contactless payments market share in 2023.

By industry verticals, the Middle East & Africa contactless payments market is divided into retail, hospitality, healthcare, transportation and logistics, media and entertainment, and others. The retail segment held the largest Middle East & Africa contactless payments market share in 2023.

Based on country, the Middle East & Africa contactless payments market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. The Rest of Middle East & Africa dominated the Middle East & Africa contactless payments market share in 2023.

Thales SA, Infineon Technologies AG, Ingenico Group SA, IDEMIA France SAS, PAX Technology, Visa Inc, and Mastercard Inc are some of the leading companies operating in the Middle East & Africa contactless payments market.
1. INTRODUCTION

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Secondary Research
3.2 Primary Research
  3.2.1 Hypothesis formulation:
  3.2.2 Macro-economic factor analysis:
  3.2.3 Developing base number:
  3.2.4 Data Triangulation:
  3.2.5 Country level data:

4. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET LANDSCAPE

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
  4.3.1 Hardware Providers
  4.3.2 Solution and Service Providers
  4.3.3 Logistics and Supply Chain Management Providers
  4.3.4 End Users
  4.3.5 List of Vendors in the Value Chain

5. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET - KEY MARKET DYNAMICS

5.1 Market Drivers
  5.1.1 Increase in Government Initiatives to Promote Digital Payments
  5.1.2 Efficiency and Cost-Effectiveness of Contactless Payments
5.2 Market Restraints
  5.2.1 Potential Security Concerns and Limitations
5.3 Market Opportunities
  5.3.1 Technological Advancements in Contactless Payments
  5.3.2 IoT-Embedded Contactless Payment
5.4 Future Trends
  5.4.1 Voice-Based Payments with Voice Match Confirmation
5.5 Impact of Drivers and Restraints:

6. CONTACTLESS PAYMENTS MARKET - MIDDLE EAST & AFRICA ANALYSIS

6.1 Middle East & Africa Contactless Payments Market Revenue (US$ Million), 2021-2031
6.2 Middle East & Africa Contactless Payments Market Forecast Analysis

7. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY PAYMENT MODE

7.1 Smartphones
  7.1.1 Overview
  7.1.2 Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.2 Smart Cards
  7.2.1 Overview
  7.2.2 Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.3 PoS Terminals
  7.3.1 Overview
  7.3.2 PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
7.4 Others
  7.4.1 Overview
  7.4.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

8. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY COMPONENTS

8.1 Hardware
  8.1.1 Overview
  8.1.2 Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
8.2 Solutions
  8.2.1 Overview
  8.2.2 Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
8.3 Services
  8.3.1 Overview
  8.3.2 Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

9. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET ANALYSIS - BY INDUSTRY VERTICALS

9.1 Retail
  9.1.1 Overview
  9.1.2 Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.2 Hospitality
  9.2.1 Overview
  9.2.2 Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.3 Healthcare
  9.3.1 Overview
  9.3.2 Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.4 Transportation and Logistics
  9.4.1 Overview
  9.4.2 Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.5 Media and Entertainment
  9.5.1 Overview
  9.5.2 Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
9.6 Others
  9.6.1 Overview
  9.6.2 Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)

10. MIDDLE EAST & AFRICA CONTACTLESS PAYMENTS MARKET - COUNTRY ANALYSIS

10.1 Middle East & Africa
  10.1.1 Middle East & Africa: Contactless Payments Market - Revenue and Forecast Analysis - by Country
    10.1.1.1 Middle East & Africa: Contactless Payments Market - Revenue and Forecast Analysis - by Country
    10.1.1.2 South Africa: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.2.1 South Africa: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.2.2 South Africa: Contactless Payments Market Breakdown, by Components
      10.1.1.2.3 South Africa: Contactless Payments Market Breakdown, by Industry Verticals
    10.1.1.3 Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.3.1 Saudi Arabia: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.3.2 Saudi Arabia: Contactless Payments Market Breakdown, by Components
      10.1.1.3.3 Saudi Arabia: Contactless Payments Market Breakdown, by Industry Verticals
    10.1.1.4 United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.4.1 United Arab Emirates: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.4.2 United Arab Emirates: Contactless Payments Market Breakdown, by Components
      10.1.1.4.3 United Arab Emirates: Contactless Payments Market Breakdown, by Industry Verticals
    10.1.1.5 Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
      10.1.1.5.1 Rest of Middle East & Africa: Contactless Payments Market Breakdown, by Payment Mode
      10.1.1.5.2 Rest of Middle East & Africa: Contactless Payments Market Breakdown, by Components
      10.1.1.5.3 Rest of Middle East & Africa: Contactless Payments Market Breakdown, by Industry Verticals

11. COMPETITIVE LANDSCAPE

11.1 Company Positioning & Concentration
11.2 Heat Map Analysis by Key Players

12. INDUSTRY LANDSCAPE

12.1 Overview
12.2 Market Initiative
12.3 Product Development

13. COMPANY PROFILES

13.1 Thales SA
  13.1.1 Key Facts
  13.1.2 Business Description
  13.1.3 Products and Services
  13.1.4 Financial Overview
  13.1.5 SWOT Analysis
  13.1.6 Key Developments
13.2 Infineon Technologies AG
  13.2.1 Key Facts
  13.2.2 Business Description
  13.2.3 Products and Services
  13.2.4 Financial Overview
  13.2.5 SWOT Analysis
  13.2.6 Key Developments
13.3 Ingenico Group SA
  13.3.1 Key Facts
  13.3.2 Business Description
  13.3.3 Products and Services
  13.3.4 Financial Overview
  13.3.5 SWOT Analysis
  13.3.6 Key Developments
13.4 IDEMIA France SAS
  13.4.1 Key Facts
  13.4.2 Business Description
  13.4.3 Products and Services
  13.4.4 Financial Overview
  13.4.5 SWOT Analysis
  13.4.6 Key Developments
13.5 PAX Technology
  13.5.1 Key Facts
  13.5.2 Business Description
  13.5.3 Products and Services
  13.5.4 Financial Overview
  13.5.5 SWOT Analysis
  13.5.6 Key Developments
13.6 Visa Inc
  13.6.1 Key Facts
  13.6.2 Business Description
  13.6.3 Products and Services
  13.6.4 Financial Overview
  13.6.5 SWOT Analysis
  13.6.6 Key Developments
13.7 Mastercard Inc
  13.7.1 Key Facts
  13.7.2 Business Description
  13.7.3 Products and Services
  13.7.4 Financial Overview
  13.7.5 SWOT Analysis
  13.7.6 Key Developments

14. APPENDIX

14.1 Word Index
14.2 About The Insight Partners
LIST OF TABLES

Table 1. Middle East & Africa Contactless Payments Market Segmentation
Table 2. List of Vendors
Table 3. Middle East & Africa Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Table 4. Middle East & Africa Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Payment Mode
Table 5. Middle East & Africa Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Components
Table 6. Middle East & Africa Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million) - by Industry Verticals
Table 7. Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Country
Table 8. South Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 9. South Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 10. South Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 11. Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 12. Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 13. Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 14. United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 15. United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 16. United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 17. Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Payment Mode
Table 18. Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Components
Table 19. Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million) - by Industry Verticals
Table 20. Heat Map Analysis by Key Players
Table 21. List of Abbreviation

LIST OF FIGURES

Figure 1. Middle East & Africa Contactless Payments Market Segmentation, by Country
Figure 2. PEST Analysis
Figure 3. Middle East & Africa Contactless Payments Market - Key Market Dynamics
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Middle East & Africa Contactless Payments Market Revenue (US$ Million), 2021-2031
Figure 6. Middle East & Africa Contactless Payments Market Share (%) - by Payment Mode (2023 and 2031)
Figure 7. Smartphones: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 8. Smart Cards: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 9. PoS Terminals: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 10. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 11. Middle East & Africa Contactless Payments Market Share (%) - by Components (2023 and 2031)
Figure 12. Hardware: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 13. Solutions: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 14. Services: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 15. Middle East & Africa Contactless Payments Market Share (%) - by Industry Verticals (2023 and 2031)
Figure 16. Retail: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 17. Hospitality: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 18. Healthcare: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 19. Transportation and Logistics: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 20. Media and Entertainment: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 21. Others: Contactless Payments Market - Revenue and Forecast to 2031 (US$ Million)
Figure 22. Middle East & Africa: Contactless Payments Market Revenue, by Key Countries, (2023) (US$ Mn)
Figure 23. Middle East & Africa: Contactless Payments Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 24. South Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 25. Saudi Arabia: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 26. United Arab Emirates: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 27. Rest of Middle East & Africa: Contactless Payments Market - Revenue and Forecast to 2031(US$ Million)
Figure 28. Company Positioning & Concentration


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