What The Future Holds For Payments In The Middle East A connected cross border ecosystem is emerging. cross border payments are important in the middle east, with two of the world’s three largest remittance corridors located in the uae and saudi arabia. they handled $78 billion in payments in 2020, 6 equating to 7 percent of the gdp of the two nations combined. The future of payments in the region. reports show that changes in the payment preferences in the middle east and asia pacific will remain digital first even after the world recovers from the pandemic aftermaths. thus, they believe that at least 50% of all the new users of e wallets will continue using this pm later on instead of turning back.
The Future Of Payments In The Middle East Key Trends And Projections Mckinsey predicts that the most prevalent payment method in the middle east will be digital wallets, at 60%, with credit and debit cards being a close second. reports predict that the middle east will keep its new preferences with digital payments; at least half of the new digital wallet users will continue using this method rather than. Real time payment systems, though, are not new – japan introduced the first of its kind in 1973 – but the global acceleration towards instant payment delivery has truly taken hold in the last 15 years. the middle east has been no exception on that journey, with immediate payment systems being introduced across uae, saudi arabia and bahrain. Proliferation of digital wallets. with giants such as google pay, apple pay, and samsung pay being adopted by the mena region consumers, the digital wallet trend will continue through 2023. digital wallets will play a great role in ecommerce and pos purchases, as estimates state that 4.4 billion global consumers will use a digital wallet by 2023. Global findex data report that in 2021, 50% of the population over the age of 15 had made or received a digital payment in sub saharan africa and 45% in the middle east and north africa. in 2017, this was 37% and 34% respectively. one of the biggest benefits of the move towards digital payments is the wealth of data generated, as this can.
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