Rise of Digital Banking and Payments in the Middle East

Rise of Digital Banking and Payments in the Middle East

Rise of Digital Banking and Payments in the Middle East

The story of digital banking and payments in the Middle East is a rather interesting one. Although digital banking and payments in this region had started a little later than most other places, the financial services landscape is rapidly changing. The recent years have seen an unprecedented increase in the number of digital banking and payments initiatives. A high literacy rate coupled with wide access to smartphones and customers wanting to avoid the hassles of conventional banking has accelerated their growth.

In GCC countries, UAE has taken lead in digital financial services space with many banks investing in multiple digital initiatives. These range from the launch of digital-only banking platforms to the strengthening of the existing net-banking services. CBD Now, an initiative