With the ongoing Digitalization drive, Middle East is set to launch a new digitalized payment and thereby experience a great transitional phase from 2019 onward.
According to Simon Mark Haslam, CEO of the UAE-based payment solutions provider Network International, “The Middle East and African subcontinent is set to march into a record transition phase from cash to a complete digitalized payment driven world.”
Mr. Haslam stated that Network International in a survey had estimated that approximately a whopping 85 percent of transactions in the Middle East and African subcontinent happens through cash. He also stated that in UAE, as well as 50 percent of the transactions are a cash-based transaction. Thus, it acts as a lifeline for its huge population which is bolstered by young force and has sustained a lot of economic development in the recent period.
He also added that he believes in the turf’s potentiality and its adoption to the transitional phase from Cash to digitalized payment mode. He also states that the region is ripened to undergo the transitional period as the combination of rising disposable income with improvement in economic condition is playing perfect fiddle for the digitalized phase.
Mr. Haslam also stated that this transitional phase is quite similar to conditions as observed in Eastern Europe, Latin America and China, a decade ago wherein non-cash payment transactions have seen a phenomenal surge from a 10 to 40 percent hike.
He also adds to the point that “It’s here you’ve had those conditions, sizeable and young populations and improving economies, that you’ve seen that shift from cash to digital payments.” As well this may be the last region globally that yet has to undergo this transition off lately.
In 2018, Network International with under just $40 billion in volume processed approximately 680 million transactions across the Middle East and North Africa.
Network International, is also aiming to rev up e-commerce acceptance in the region with the launch of a new, multi-million-dollar online payment gateway. Network International N-Genius payment platform has been developed in UAE with global best practice standards responding to regional requirements such as multilingual, multi-currency, and white label branding capabilities, for clients across the Middle East and Africa.
According to Paul Clark, group head of product & innovation, Network International, states that “They are aiming and striving hard to develop a state-of-the-art acceptance platform to the payment ecosystem is key to our role of supporting accelerated e-commerce growth in the region.”
Thus, Network International is leaving no stone unturned in designing and producing a bug-free digital payment platform through a secured and encrypted payment modes, etc. and digitalizing whole payment arena. The Middle East and North African landscape are thus being transformed dynamically.
