Africa Online Payment Methods Market Report 2024: Eastern Africa Leads in Mobile Money Transactions in Africa

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Feb 15, 2024, 11:45 ET

DUBLIN, Feb. 15, 2024 /PRNewswire/ -- The "Africa Online Payment Methods 2024" report has been added to ResearchAndMarkets.com's offering.

Online Payment Wallets are Set to Contribute 22% of Africa's Electronic Payment Revenue by 2025

Eastern Africa led in mobile money transactions in Africa

In 2022, Eastern Africa demonstrated the highest volume of mobile money transactions among African regions, while Northern Africa exhibited the lowest, highlighting a notable contrast in digital payment adoption across the continent. Specifically, Egypt had less than 10% of adults engaging in digital payments, whereas Kenya saw nearly 80% participation.

The mobile money sector in Africa has significantly enhanced consumer accessibility and usability compared to traditional banking. Nevertheless, obstacles like limited awareness and perceived usefulness remain the foremost hindrances to mobile money account ownership in the region.

Digital payments in South Africa are expected to grow significantly

As online payment methods become increasingly popular among consumers, digital payments and alternative payment solutions are gaining traction. In South Africa, the value of digital payments is forecasted to nearly double between 2022 and 2027, with a double-digit CAGR.

Similarly, in Egypt, the number of real-time payment transactions is expected to undergo a triple-digit CAGR during the same period, indicating significant expansion. However, digital payment adoption varies across African countries, with cash remaining the dominant online payment method in Morocco. Additionally, in Kenya, the percentage of mobile money users making merchant payments in physical stores is over four times higher than those making online payments.

Key Questions Answered

What percentage of Africa's electronic payment revenue is projected to come from online payment wallets by 2025?
How much electronic payment revenue in Africa is expected to be generated through online channels by 2025?
What is the anticipated CAGR for digital payments in South Africa from 2022 to 2027?
What is the forecasted CAGR for real-time payment transactions in Egypt from 2022 to 2027?

Country Coverage: South Africa, Egypt, Nigeria, Morocco, Kenya.

Key Topics Covered:

1. Management Summary

2. Global Developments

Overview of the Online and Mobile Payment Trends, September 2023
B2C E-Commerce Payment Value, in USD trillion, 2023e & 2027f
Preferred Online Payment Methods For E-Commerce Purchases, in % of Adults, June 2022
Preferred Payment Method When Shopping Online, in % of Respondents, October 2022
Value of Contactless Card Transactions, in USD trillion, 2022e & 2027f
Virtual Card Transaction Value, in USD trillion, 2022e & 2027f
BNPL B2C E-Commerce Sales, in USD billion, 2022e & 2027f
Number of BNPL Users, in millions, 2022e & 2027f
Value of Digital Wallet Transactions, in USD trillion, 2023e & 2028f
Total Number of OEM Pay E-Commerce Transactions, in USD billion, Growth in Transactions, in %, & Average Transaction Volume Per OEM Pay User, in USD, 2026f
Share of OEM Pay E-Commerce Transactions Stemming From Purchases of Digital Goods, in %, 2026f
Top Reasons Because of Which Respondents Are Likely to Abandon Checkout, in % of Adults, June 2022
Most Accessible vs Most Preferred Online Payment Method, in % of Adults, June 2022
Share of Consumers Agreeing With the Following Statements Related to Security of Online Payment, in %, April 2023
Share of Consumers Agreeing With the Following Statements Related to Digital and Mobile Wallets, in %, April 2023
Top Consumer Expectations at Checkout When Making Online Purchases, incl. "Payment Methods", in % of Respondents, October 2022
QR Code Payment Transaction Value, in USD billion, 2023e & 2028f
Cryptocurrency Payment Value, in USD billion, 2020-2025f
Mobile Money Statistics, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Region, 2022

3. Africa

3.1. Regional

Online & Mobile Payment Trends, October 2023
Mobile Money Statistics in Africa, incl. Number of Live Services, Registered Accounts, in millions, Active Accounts, in millions, Transaction Volume in millions, and Transaction Value, in USD billion, and Year-on-Year Growth, in %, by Sub-Region, 2022
Electronic Payment Revenue Breakdown, by Payment Method, in %, 2025f
Revenue From Electronic Payments, in USD billion, 2025f
Total Funding Raised by African Tech Startups, in USD billion, 2021 & 2022
Startups Funding, by Sector, in USD million, 2022

3.2. South Africa
3.3. Egypt
3.4. Nigeria
3.5. Morocco
3.6. Kenya

For more information about this report visit https://www.researchandmarkets.com/r/obodno

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