Mapping the Middle East Payments Ecosystem: An Inventory of Players and Service Providers

The Middle East payments ecosystem has evolved rapidly in recent years, influenced by e-commerce growth, accelerated digitisation and government policy support. Below is a systematic inventory of the key players and service providers in the region's payments ecosystem:

I. Core participants

  1. Traditional banking institutions
  • Emirates NBD (UAE)
  • Qatar National Bank (Qatar)
  • Al Rajhi Bank (Saudi Arabia)
    Characteristics: Leading POS acquiring and cross-border remittance business

  1. National Payment Network
  • Saudi Payments Network (mada) - Saudi domestic debit card network
  • UAE Switch - UAE Domestic Clearing System
  • KNET - Kuwait National Payment Platform

  1. Central Bank Digital Currency Project
  • Dubai Digital Wallet (Digital Dirham)
  • Saudi Central Bank (SAMA) Aber Project

II. Mainstream international payment service providers

  1. global giant

II. Mainstream international payment service providers (continued)

  1. global giant

    • Visa/Mastercard: Dominates the high-end consumer market in the Middle East, issuing co-branded cards in partnership with local banks.
    • PayPal: It mainly serves cross-border e-commerce and freelancers, but is restricted in some countries (e.g. Saudi Arabia).
    • Stripe: Layout through UAE and Saudi Arabia with support for localised payment methods (e.g. mada).

  2. Cross-border payment specialists

    • Checkout.com: Headquartered in Dubai, it focuses on Middle East e-commerce payment optimisation.
    • PayFort (acquired by Amazon): Mainstream gateway covering six Gulf countries.
    • 2C2P: South-East Asian context, expanding alternative payment programmes in the Middle East in recent years.

  3. China Offshore Service Providers

    • Alipay/WeChat Pay: penetration in tourist hotspots and Chinese shopping areas; wallet solutions with local banks.
    • PingPong, Lianlian International: RMB settlement channel for Middle East cross-border e-commerce.

III. Local digital wallets and buy now pay later (BNPL)

  1. Head Electronic Wallet
  • STC Pay (owned by Saudi Telecom): over 8 million users, holds the first digital banking licence in Saudi Arabia
  • BeIN Money (Qatar): A Super App to Integrate the Sports and Entertainment Ecosystem
  • OmanPay (national QR code system promoted by the Central Bank of Oman)

  1. BNPL track representative:
  • Tamara (Saudi Arabia, unicorn valued at over $1bn)
  • Tabby (UAE, expanded to Egypt)
  • Cashew (Kuwait, specialising in the high-end retail scene)

IV. Infrastructure and technology providers

  1. Acquiring and issuing technology
  • Geidea (Saudi POS faucet)