Market Size of Egypt Mobile Payments Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 72.74 Billion |
Market Size (2029) | USD 157.86 Billion |
CAGR (2024 - 2029) | 16.76 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Egypt Mobile Payments Market Analysis
The Egypt Mobile Payments Market size is estimated at USD 72.74 billion in 2024, and is expected to reach USD 157.86 billion by 2029, growing at a CAGR of 16.76% during the forecast period (2024-2029).
A mobile payment, also known as mobile money, mobile money transfer, or mobile wallet, is any of several payment processing services governed by financial rules and executed from or through a mobile device as the primary type of digital wallet.
- Egypt collaborates with various worldwide payment solution companies to create the world's first "cashless city." To stimulate the development of its retail sector, the government was forced to invest in and increase the scope of mobile transactions.
- The growing acceptance of sound wave-based mobile payments throughout the country will likely boost the market growth. Instead of using conventional technologies like banking apps, NFC, or card terminals, sound waves that hold encrypted information about the payments handle proper wave-based payment transactions.
- Other significant causes include the rising importance of mobile devices, not just for POS shopping but also for mobile checkout, and the incorporation of P2P payments into messengers and social networks. High convenience and usefulness on mobile devices are becoming increasingly popular, particularly in mobile-first countries.
- However, security worries about mobile payment options are expected to hamper industry expansion. The growing number of high-profile data breaches worldwide is projected to hinder the growth of the mobile payment industry over the forecast period. Customers prefer to make payments using debit or credit cards to avoid data leaks. Some consumers use debit or credit cards rather than make contactless payments.
- The COVID-19 pandemic increased demand for remote, mobile payment services since most national banks shifted to digital channels to deliver customer services. Before the pandemic, Egyptians were more reliant on currency. However, the pandemic prompted a more significant than ever push toward cashless and mobile payments.
Egypt Mobile Payments Industry Segmentation
A mobile payment is a cash payment made for a product or service using a portable electronic device such as a smartphone, and technology can also be used to send money to friends or family members, among other things.
The Egypt mobile payments market is segmented by type (proximity payment and remote payment). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Type (Market share in percentage based on relative adoption) | |
Proximity | |
Remote |
Egypt Mobile Payments Market Size Summary
The Egypt mobile payments market is experiencing significant growth, driven by the increasing adoption of digital payment solutions and the government's push towards a cashless economy. The market is characterized by the collaboration with global payment solution companies to develop initiatives like the "cashless city," which aims to enhance the retail sector through expanded mobile transaction capabilities. The rise of sound wave-based mobile payments, which offer an alternative to traditional methods like banking apps and NFC, is expected to further propel market expansion. The convenience of mobile devices for both point-of-sale and mobile checkout transactions, along with the integration of peer-to-peer payments into messaging and social networking platforms, is contributing to the growing popularity of mobile payments in Egypt.
Despite the promising growth prospects, the market faces challenges, particularly concerning security concerns that may deter consumers from fully embracing mobile payment options. The COVID-19 pandemic has accelerated the shift towards digital payment methods, as banks and businesses adapted to remote service delivery. The Egyptian e-commerce sector is also expanding, supported by advancements in payment infrastructure and increased internet penetration. The government's Vision 2030 strategy aims to promote cashless payments through initiatives in e-commerce and digital manufacturing. The market is fragmented, with key players like Mastercard, Visa, and PayPal leading efforts to expand their consumer base. Recent developments, such as new e-payment services and partnerships, are expected to enhance financial inclusion and improve the quality of financial transactions in the country.
Egypt Mobile Payments Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Market Sizing and Estimates of Egypt Mobile Payments Market
-
1.3 Industry Attractiveness - Porter's Five Forces Analysis
-
1.3.1 Bargaining Power of Suppliers
-
1.3.2 Bargaining Power of Buyers
-
1.3.3 Threat of New Entrants
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
1.4 Assessment of COVID-19 Impact on the market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type (Market share in percentage based on relative adoption)
-
2.1.1 Proximity
-
2.1.2 Remote
-
-
Egypt Mobile Payments Market Size FAQs
How big is the Egypt Mobile Payments Market?
The Egypt Mobile Payments Market size is expected to reach USD 72.74 billion in 2024 and grow at a CAGR of 16.76% to reach USD 157.86 billion by 2029.
What is the current Egypt Mobile Payments Market size?
In 2024, the Egypt Mobile Payments Market size is expected to reach USD 72.74 billion.