While paper payments continue to lose share to card and electronic transactions in Middle East and Africa, driven by the ongoing digitalisation of the financial industry in the region, cash still remains the main personal payment method in a number of countries, especially the African nations. Nevertheless, electronic and card payments are expected to continue gaining ground in the coming years, particularly given the stated ambitions of many countries to become cashless economies.
This report comes in PPT.
The rise in card payments in Saudi Arabia is a direct result of the government's push towards a cashless society. Promoting digital payments is a key part of Vision 2030, which aims to reduce cash usage and boost electronic payments to account for 70% of all transactions by 2025.
Al Etihad Payments, a subsidiary of the Central Bank, has launched Aani, an instant payments platform designed to transform digital transactions in the United Arab Emirates. By providing instant fund transfers and settlements within 10 seconds, Aani aims to enhance the efficiency and convenience of digital payments.
Israel’s new Regulating the Practice of Payment Services and Payment Initiation law is aimed at boosting competition, reducing costs and driving innovation in the payments industry. The law opens the market to non-banking entities, including global fintechs, enabling services like digital wallets that accept salaries, earn interest and facilitate instant transfers.
The financial inclusion rate in Egypt continues to flourish, which will support ongoing developments in financial cards over the forecast period. This allows for further growth in the financial sector overall, alongside support from the ongoing development in internet penetration, digital products, e-commerce and m-commerce.
This is the aggregation of Financial Cards and Payments, Mobile Payments, Transactions, and Consumer Lending.
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