1. 📜 Overall Payments Landscape
The Middle East is one of the fastest-evolving payments regions — blending global card schemes, hyperlocal walletsWallets wallets See Digital Wallets., government-driven instant payment systems, and cashless transformation initiatives.
| Key Themes | Details |
|---|---|
| 🏦 Government-led innovation | Instant payments (e.g., Saudi Arabia’s SARIE, UAE’s Aani) |
| 💳 Cards still strong | VisaVisa visa A leading global payment technology company connecting consumers, businesses, and banks., MastercardMasterCard mastercard A global payments network enabling electronic transactions between banks, merchants, and cardholders. dominate, but local schemes growing |
| 📱 Wallet boom | Apple Pay, STC Pay, Careem Pay, and local wallets leading mobile adoption |
| 🪙 Crypto acceptance rising | UAE, Bahrain actively promoting crypto-friendly regulations |
| 🛍️ E-commerce surges | Noon, Amazon, Talabat pushing online paymentsOnline Payments online-payments Transactions conducted over the internet using card details, digital wallets, or online banking. |
| 💸 Cash declines | Rapid drop in cash transactionsTransactions transactions Interactions where value is exchanged for goods or services. post-COVID |
2. 📊 Top Payment Methods Snapshot
| Payment Method | Usage |
|---|---|
| Cards (debit/credit) | ~40–45% |
| Mobile Wallets | ~25–30% (growing fast) |
| Bank Transfers | ~15% |
| Cash | ~10–15% |
| Buy Now Pay Later (BNPL) | Emerging rapidly (~5% in UAE, Saudi Arabia) |
3. 📈 Country-by-Country Deep Dive
🇸🇦 Saudi Arabia
- Mobile Wallets: STC Pay, Apple Pay
- Instant Payments: SARIE (central real-time system)
- Cards: Mada (local scheme), Visa, Mastercard
- Acquirers: STC Pay, HyperPay, Geidea
🇦🇪 United Arab Emirates
- Mobile Wallets: Apple Pay, Google Pay, Careem Pay, PayBy
- Instant Payments: Aani (new system launched in 2023)
- Cards: Visa, Mastercard, Amex
- Acquirers: Network International, Mashreq Pay, Magnati
🇶🇦 Qatar
- Mobile Wallets: Qatar Mobile Payment System (QMP)
- Instant Payments: Qatar Mobile Payments (QMP)
- Cards: Visa, Mastercard, Amex
- Acquirers: QNB Merchant Services
🇰🇼 Kuwait
- Mobile Wallets: KNET Mobile Payment
- Cards: Visa, Mastercard, KNET
- Acquirers: KNET, NBK Merchant Services
🇴🇲 Oman
- Mobile Wallets: OmanNet Mobile Payment
- Cards: Visa, Mastercard, OmanNet
- Acquirers: OmanNet, Bank Muscat Merchant Services
🇧🇭 Bahrain
- Mobile Wallets: BenefitPay
- Instant Payments: Benefit Real-Time Payment Network
- Cards: Visa, Mastercard, Amex
- Acquirers: Arab Financial Services, Benefit Company
4. 🏦 Key Acquirers Across the Middle East
| AcquirerAcquirer acquirer A financial institution or payment processor that manages the merchant account, enabling businesses to accept card payments. Acquirers receive all transactions from the merchant and route them to the appropriate issuing bank. | Region Focus | Notes |
|---|---|---|
| Network International | UAE, Saudi, Jordan, Egypt | Largest regional merchantMerchant merchant An individual or business that accepts payments in exchange for goods or services. acquirer |
| Magnati | UAE, GCC | Merchant services and payment processing |
| Geidea | Saudi Arabia, Egypt | Fastest-growing POS and digital acquirer |
| HyperPay | Saudi Arabia, Jordan, UAE | Online payment gatewayGateway gateway A service that authorizes and processes card payments for online merchants. Examples include Stripe, Adyen, and PayPal. |
| Mashreq Pay | UAE | Mobile acquiring solutions |
| QNB Merchant Services | Qatar | Bank-led merchant services |
| Arab Financial Services (AFS) | Bahrain, Oman | Payments processorProcessor processor A company authorized to process credit and debit card transactions between acquirers and issuers. for banks |
📈 Middle East Payments Table
| Country | Top Wallet | Top Card Scheme | Top Acquirer |
|---|---|---|---|
| Saudi Arabia | STC Pay | Mada, Visa, Mastercard | Geidea, HyperPay |
| UAE | Apple Pay, Careem Pay | Visa, Mastercard | Network International, Magnati |
| Qatar | QMP | Visa, Mastercard | QNB Merchant Services |
| Kuwait | KNET Mobile Payment | Visa, Mastercard, KNET | KNET |
| Oman | OmanNet | Visa, Mastercard | OmanNet |
| Bahrain | BenefitPay | Visa, Mastercard | Arab Financial Services |
🌟 Final Thoughts
The Middle East’s payments ecosystem is experiencing hyper-innovation:
- Government-backed instant payment systems (Aani, SARIE) are redefining bank transfers.
- Mobile wallets like STC Pay, Careem Pay, and BenefitPay are exploding in popularity.
- Local card schemes (like Mada) coexist with global giants Visa and Mastercard.
- Crypto and CBDC pilots (especially UAE and Saudi Arabia) will further diversify payment rails by 2026.
Payments in the Middle East are mobile, real-time, and regulation-driven — and evolving faster than ever.
.