During the COVID-19 pandemic, the Middle East region has seen significant e-commerce growth, with consumers increasingly shopping online. “The move from the Gulf’s traditionally cash-dominated economies to digital payments is driven by a high percentage of digitally-native young people,” said Mo Ali Yusuf, Middle East, North Africa and Pakistan regional manager at Checkout.com. The firm’s CEO, Muhannad Ebwini, said he expects the Middle East's digital payments market to grow by 50-100% over the next five years until it reaches maturity. Partnerships between local fintechs, banks and international payments companies play a key role in driving digital payments growth in the region. Examples include digital remittance provider Rise, which raised a seven-figure investment in March 2020 led by Middle East Venture Partners, and Now Money.
Source: The North Africa Journal March 08, 2021 15:45 UTC