Innovation in digital payments propels shift from cash to card
The gradual but steady migration of payments from cash to cards and other electronic modes is opening up huge business opportunities for Network International which leads the Middle East and Africa region by far with a combined revenue, five times larger than its closest competitor.
The company processed more than 600 million transactions in 2015, amounting to Dh91 billion in acquiring volumes. Currently only about 25 per cent of transactions in the region are card-based, representing an unprecedented opportunity for growth as increasing innovation in digital payments propels the migration from cash to cards.
Read more: MENA: Payments migration to open up huge opportunities
Future Market Insights (FMI), with sharp focus on emerging regions, delivers key insights on the Middle East and North Africa (MENA) digital transformation market in its recent report titled “Digital Transformation Market: MENA Industry Analysis and Opportunity Assessment 2014 - 2020”. The MENA IT market is anticipated to grow at a single-digit CAGR during the forecast period. In contrast, the MENA digital transformation market is expected to expand at a CAGR of 15.1% from 2014 to 2020. The contribution of the MENA digital transformation market to the overall MENA IT market is likely to increase from 10% to 16% by 2020, witnessing an increase of 600 BPS.
According to the latest findings by Gartner, governments in the Middle East and North Africa will spend USD 11.97 billion on IT products and services in 2015, an increase of 0.4 percent over 2014 spending of USD 11.92 billion.
This forecast includes spending on internal services, software, IT services, data centre, devices and telecom services. Government comprises local government and national government.
Telecom services, which include fixed and mobile telecom services, will be the largest overall spending category throughout the forecast period within the government sector. It is expected to be USD 5.2 billion in 2015– led by growth in mobile network services.
Read more: Gartner: Government IT spending in MENA region to reach USD 11.97 billion in 2015
MENA digital transformation market driven by rapid adoption in the BFSI sector. GCC digital transformation market expected to increase at 1.2 times the MENA digital transformation market.
Future Market Insights (FMI), with sharp focus on emerging regions, delivers key insights on the Middle East and North Africa (MENA) digital transformation market in its recent report titled “Digital Transformation Market: MENA Industry Analysis and Opportunity Assessment 2014 – 2020”. The MENA IT market is anticipated to grow at a single-digit CAGR during the forecast period. In contrast, the MENA digital transformation market is expected to expand at a CAGR of 15.1% from 2014 to 2020. The contribution of the MENA digital transformation market to the overall MENA IT market is likely to increase from 10% to 16% by 2020, witnessing an increase of 600 BPS.
The MENA IT market is anticipated to grow at a single-digit CAGR during the forecast period.
Future Market Insights (FMI), with sharp focus on emerging regions, delivers key insights on the Middle East and North Africa (MENA) digital transformation market in its recent report titled “MENA Digital Transformation Market Analysis and Opportunity Assessment, 2014 – 2020”.
In contrast, the MENA digital transformation market is expected to expand at a double-digit CAGR from 2014 to 2020. The contribution of the MENA digital transformation market to the overall MENA IT market is likely to increase from 10% to 16% by 2020, witnessing an increase of 600 BPS.