Credit card market share in POS and e-commerce in 4 countries in MEA in 2023
Physical credit cards were used significantly more for e-commerce than in-store payments in selected countries in Africa and the Middle East in 2023. This popularity is somewhat surprising when compared to the relatively low penetration rates for credit cards within countries in the region. Religious concerns initially made it difficult for credit cards to find acceptance in Africa and the Middle East. Banks tried to change this, both by creating Shariah-compliant cards as well as offering rewards programs or discounts. Islamic finance is especially large in Saudi Arabia, owning nearly one third of Islamic banking assets.