{"id":554396,"date":"2021-12-05T14:13:38","date_gmt":"2021-12-05T14:13:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/"},"modified":"2021-12-05T14:13:38","modified_gmt":"2021-12-05T14:13:38","slug":"next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/","title":{"rendered":"Next-gen fintech players in emerging markets are giving the old guard a run for their money"},"content":{"rendered":"

<\/a> The global digital payments race is heating up:<\/strong> Up-and-coming fintech firms in emerging markets are beginning to outpace Western financial companies who for years have controlled payment markets around the world, the Financial Times<\/a> reported. Payment technologies such as mobile wallets, scannable QR codes, and smartphone software for contactless transactions are proliferating across emerging economies, guided by a new generation of young, tech-savvy entrepreneurs responding to friendlier market dynamics shaped by both the pandemic and state-led pushes for financial inclusion.<\/p>\n

Covid has forced a change in the payments landscape around the world<\/strong>, causing the use of cash to fall and an increase in digital payments. This shift, coupled with governments in developing economies taking steps to increase financial inclusion, has stimulated innovation in the fintech space and enabled rapid growth in emerging economies. People who have made the shift to cards and mobile wallets have discovered the convenience of paying through digital methods, said Philip Benton<\/a>, financial services senior analyst at Omdia, and they have now formed new habits.<\/p>\n

Mobile payments exceeded ATM withdrawals for the first time ever in India last year<\/strong>, according to a report by S&P Global Market Intelligence, while Latin America expects a compound annual growth rate of 17.3% in digital payment transactions from 2020 through 2024, according to projections from Statista.<\/a> Debit and credit cardholders are forecast to rise by 5.8% in the Philippines between 2020 and 2024, according to Omdia, compared with forecast growth of 0.6% in the UK over the same period.<\/p>\n

Digital payments in Egypt are booming:<\/strong> Transaction volumes via e-payments platforms climbed more than 40% between 2020 and 2021 to hit USD 11 mn, according to data from Statista<\/a>. This will continue expanding at an annual compound growth rate of 14% over the next four years, reaching USD 19.4 bn by 2025.<\/p>\n

Follow the money:<\/strong> Egypt's fintech space has become one of the most vibrant parts of Egypt\u2019s burgeoning startup scene in recent years, with firms in the sector closing some huge investment rounds this year. MNT-Halan raised USD 120 mn<\/a> in what could be the region\u2019s largest-ever startup investment by a fintech firm, while Dopay closed a USD 18 mn series A<\/a> round. With its large unbanked population, the attractiveness of the Egyptian market also has foreign companies like JumiaPay<\/a> and UK-based Jumo<\/a> looking to set up shop.<\/p>\n

Even before covid, the digital payments market has been growing faster in Africa than in <\/strong>Europe<\/strong>. In Nigeria, the number of digital payment transactions grew from 66 mn in 2008 to 2 bn 2018<\/a>, while France\u2019s transactions only grew from 33 mn to 61.5 mn during the same period, according to data from Statista.<\/p>\n

Payment markets in emerging economies still face many challenges:<\/strong> Many continue to have low rates of financial inclusion, and according to the World Bank<\/a> around 1.7bn adults in emerging markets remain unbanked and do not use a mobile money provider. However, that figure is falling, with fintech helping make financial services more accessible to more people. Over the last decade, the unbanked population fell by 35%, mainly due to an increase in mobile money accounts, the World Bank reported.<\/p>\n

Policymakers in Egypt are trying to make fintech more accessible to all:<\/strong> The central bank has issued a number of rules to facilitate the use of mobile wallets<\/a> and contactless payments<\/a>, as well as make it easier to make payments and transfers<\/a> between different service providers. A greater legislative focus on financial inclusion is also attempting to create a friendlier environment for fintech businesses to establish themselves in Egypt, with new rules for licensing and governance<\/a> currently being discussed by lawmakers in the House.<\/p>\n","protected":false},"excerpt":{"rendered":"

The global digital payments race is heating up: Up-and-coming fintech firms in emerging markets are beginning to outpace Western financial companies who for years have controlled payment markets around the world, the Financial Times reported. Payment technologies such as mobile wallets, scannable QR codes, and smartphone software for contactless transactions are proliferating across emerging economies, […]<\/p>\n","protected":false},"author":1,"featured_media":554397,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[633,290,183,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-enterprisepm","tag-financial-inclusion","tag-fintech","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"af333f12-a33e-491d-b4ed-5c6909244729","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/12\/579.jpg","photo_position":"above","related_issue":[554386],"teaser":"","voice_url":""},"yoast_head":"\nNext-gen fintech players in emerging markets are giving the old guard a run for their money - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next-gen fintech players in emerging markets are giving the old guard a run for their money\" \/>\n<meta property=\"og:description\" content=\"The global digital payments race is heating up: Up-and-coming fintech firms in emerging markets are beginning to outpace Western financial companies who for years have controlled payment markets around the world, the Financial Times reported. 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The use of digital payments and remittance transfers, digital savings, deposits and lending, and so-called InsurTech have\u2026","rel":"","context":"In "MONEY"","block_context":{"text":"MONEY","link":"https:\/\/enterpriseam.com\/egypt\/category\/money\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/531.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641185,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/14\/innovators-established-players-now-partnering-in-fintech-development\/","url_meta":{"origin":554396,"position":2},"title":"Innovators, established players now partnering in fintech development","author":"enterpriseam admin","date":"14 September 2017","format":false,"excerpt":"We are now entering into the third wave of fintech, Jeff Gido, global head of the Financial Technology sector in Goldman Sachs\u2019 Investment Banking, said in a recently emailed note. \u201cIf the first wave was characterized by startups attempting to disrupt traditional financial services, and the second wave was when\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568016,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/15\/payment-news-roundup-from-visa-amazon-industry-outlook\/","url_meta":{"origin":554396,"position":3},"title":"Payment news roundup from Visa, Amazon + industry outlook","author":"enterpriseam admin","date":"15 December 2020","format":false,"excerpt":"We have a bunch of news from the payments space that you need to know about, whether you\u2019re in retail, e-commerce or a budding fintech bro:Digital payments and buy-now-pay-later schemes are here to stay, predicts Visa in its Middle East 2021 payments industry predictions report (pdf). The payments giant expects\u2026","rel":"","context":"In "PAYMENTS"","block_context":{"text":"PAYMENTS","link":"https:\/\/enterpriseam.com\/egypt\/category\/payments\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571688,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/egypt-led-fintech-startup-tribal-credit-joins-visas-fintech-fast-track-program\/","url_meta":{"origin":554396,"position":4},"title":"Egypt-led fintech startup Tribal Credit joins Visa\u2019s Fintech Fast-Track program","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"STARTUP WATCH- Tribal Credit, a Silicon Valley-based fintech startup co-founded by two Egyptian entrepreneurs, has joined Visa\u2019s Fintech Fast-Track program, which is designed to help fintech businesses scale up with support from Visa\u2019s experts and resources, according to an emailed statement (pdf). The startup, founded by Amr Shady and Mohamed\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":575132,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/04\/mobile-operators-are-bidding-to-become-africas-bankers\/","url_meta":{"origin":554396,"position":5},"title":"Mobile operators are bidding to become Africa\u2019s bankers","author":"enterpriseam admin","date":"4 October 2020","format":false,"excerpt":"Africa\u2019s mobile network operators are using the pandemic as a chance to (literally) bank on the continent\u2019s huge growth potential. Despite mobile operators\u2019 revenues shrinking since the onset of the coronavirus, companies are looking to a new source of income as mobile payments increase: banking. Mobile operators are perfectly positioned\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/33.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554396","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=554396"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/554396\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/554386"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/554397"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=554396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=554396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=554396"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=554396"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=554396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}