Crypto and BNPL Are Top Middle East Fintech Trends: Report

Crypto and BNPL Are Top Middle East Fintech Trends: Report

Over 80% of consumers in the UAE and Saudi Arabia reported that they would be willing to use crypto and buy now pay later (BNPL) services, according to Visa’s CEMEA COVID-19 Impact Tracker. This interest in what are relatively new fintech trends in the Middle East comes amidst the backdrop of rising online spending in the region.

According to the report, 64% of respondents in UAE highlighted an increase in online spending, while 87% said that they would continue shopping online beyond the pandemic.

Similarly in Saudi Arabia, 61% saw their online spending increase, while 90% would continue to shop online post pandemic, the report noted. Subsequently, consumer attitudes towards digital payments, consumer finance and crypto have demonstrated a largely positive outlook.

Source: Visa

“Our research shows how the COVID-19 pandemic has transformed the way the region’s consumers spend their money, with many of these significant behavioural changes likely to continue after the pandemic is over,”

a statement from Visa said.

Mobile payments is the most popular payment method in the Middle East

Consumers in the UAE and Saudi Arabia are increasingly relying on online shopping for both essential and non-essential purchases. In this backdrop, digital payments continue to be the preferred way to conduct transactions, especially