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Africa Online Payment Methods 2023

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Description

Countries Covered: South Africa, Egypt, Nigeria, Morocco, Kenya.

Pages: 64

Publication Date: 01/11/2023

Questions Covered in the Report: 

  • 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?

Key Findings:

By 2025, wallets used for online payments are expected to contribute 22% of Africa’s electronic payment revenue: new yStats.com report.

Digital payment adoption varies by region and country

When examining the different regions in Africa, Eastern Africa displayed the highest mobile money transaction volume in 2022, while Northern Africa had the lowest, indicating a significant discrepancy in digital payment adoption across the continent, as outlined in the yStats.com report. Specifically, less than 1 in 10 adults in Egypt reported making a digital payment in 2022, whereas nearly 8 in 10 adults in Kenya did the same. In comparison to the traditional banking sector, the mobile money sector in Africa has greatly improved accessibility and ease of use for consumers. However, challenges such as a lack of knowledge and relevance continue to be the primary barriers to mobile money account ownership in this region.

Real-time payments in Egypt are expected to grow significantly

As consumers increasingly opt for online payment methods, digital payments, and alternative payment methods are gaining popularity. In South Africa, the value of digital payments is projected to nearly double between 2022 and 2027, with a double-digit CAGR. In Egypt, the number of real-time payment transactions is expected to experience triple-digit CAGR in the same period, indicating substantial growth, according to the new yStats.com report. Nonetheless, not all African countries have high digital payment adoption, as cash remains the dominant online payment method in Morocco, and the percentage of mobile money users in Kenya who made merchant payments in physical stores is more than four times higher than those who made payments online.

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

  • Digital Payments Value, in USD billion, 2022 & 2027f
  • Breakdown of Online Payment Methods, in %, 2022
  • Share of Adults That Made a Digital Payment, in %, 2022
  • Share of Adults That Have a Mobile Money Account, in %, 2022
  • Share of Adults That Used a BNPL Service, in %, Q3 2022

3.3. Egypt

  • Share of Adults That Made a Digital Payment, in %, 2022
  • Number of Digital Wallets, in millions, Q2 2022* & Q3 2022
  • Number of Online Transactions Carried Out Using Digital Wallets, in millions, Q2 2022* & Q3 2022
  • Number of Real-Time Payment Transactions, in millions, 2022 & 2027f
  • Value of Fawry’s Revenue, in EGP million, 2021 & 2022
  • BNPL Use, in % of Respondents, July 2022

3.4. Nigeria

  • Share of Adults That Made a Digital Payment, in %, 2022
  • Number of Real-Time Payment Transactions, in billions, 2022 & 2027f
  • Share of Mobile Money Account Owners, in % of Adults, 2022
  • Mobile Money Users Who Made a Merchant Payment Online, by Gender, in %, 2022
  • Electronic Payment Transactions, incl. Number, in millions, and Value, in NGN billion, by Type, 2022

3.5. Morocco

  • Share of Adults That Made a Digital Payment, in %, 2022
  • Breakdown of Online Payments Methods, in %, 2022
  • Number of Online Transactions Made with Bank Cards, in millions, and Value, in MAD billion, by Domestic Credit Cards and Domestic and Foreign Cards (Total), January 2019 – September 2022

3.6. Kenya

  • Share of Adults That Made a Digital Payment, in %, 2022
  • Mobile Money Users Who Made a Merchant Payment in a Physical Shop vs Online, in %, 2022
  • Mobile Money Users Who Made a Merchant Payment Online, by Gender, in %, 2022
  • Mobile Payment Statistics, incl. Number of Transactions, in Millions, Value of Transactions, in KES Billion, Number of Accounts, in Millions, and Number of Agents, in Thousands, 2012-2022

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