Buy-now-pay-later platforms helping MENA combat the COVID-19 recession

mena pay platforms covid recession
uae-top-picks

Buy-now-pay-later platforms helping MENA combat the COVID-19 recession

On the other hand, it has proved to be a blessing for some business models, particularly in the technology industry, driving unprecedented growth over the past few months.Among the lucky ones is the fintech market, which has made significant gains. The pandemic forced physical outlets to shut down for an extended period, and concerned consumers avoided traditional shopping even as stores reopened, paving the way for remote and cashless payment solutions. Europe saw a 72% increase in the use of fintech applications in just one week early during the pandemic, as per a study by deVere Group. A similar trend was observed in MENA, where the fintech market is projected to hit USD 2.5 billion by 2022.THE RISE OF AN EGYPTIAN UNICORN"As a result of the recent pandemic, online shopping spiked 55% globally as people tend to shift more towards contactless interactions and started using pickup areas and delivery services to avoid the risk of being infected,“ says Ashraf Sabry, CEO of Fawry Banking and Payment Technology Services.This digital payments and fintech platform recently became Egypt's first-ever technology unicorn - its market value hit EGP 20 billion (USD 1.3 billion) after quadrupling during the pandemic.Given the developing nature of the