GCC payments industry set to leapfrog other economies in 2021

GCC payments industry set to leapfrog other economies in 2021

  Enhanced digitalisation and tech adoption across the region sees digital transactions increasingPayments made via Bahrain's BenefitPay set to exceed US$4billion this year49 per cent increase in online shopping for UAE consumers reported earlier this year37 per cent of financial transactions in KSA are now digital, according to SAMA Manama, December 14 2020: After a year of increased digitalisation and major shifts in the FinTech landscape, the GCC payments industry is set to leapfrog other major economies in 2021.The region has traditionally relied heavily on cash but is now looking to overtake the adoption of digital payments in other parts of the world. As the foundations for digitalisation of payments are still developing across the GCC and wider Arab world, COVID-19 has had a catalysing impact on the adoption of FinTech - particularly in the payments space.Dalal Buhejji, Financial Services Director at the Bahrain Economic Development Board said: "There is no doubt COVID-19 has catalysed digitalisation across the region, and the way Gulf citizens spend has changed for good."While no-one could have predicted a pandemic, the Gulf has been well prepared. In Bahrain we laid the groundwork for coping with this shift in consumer behaviour when we brought in a number of