UAE Business: PayerMax highlights the $1.6trn potential of PPP – Gulf Digital News

UAE Business: PayerMax highlights the $1.6trn potential of PPP – Gulf Digital News

A 100% digitised economy propelled by public private partnerships (PPP) is set to add $1.6 trillion to Middle East and North Africa’s (Mena) GDP and facilitate a 46% growth in GDP per capita, according to PayerMax.

At the recently concluded Seamless Middle East 2022, PayerMax, a world-leading omni-method global payment solution, put the spotlight on the importance of PPP to accelerate the digital economy.

In a keynote address, Sianna Wu, Senior Vice President, MEA of PayerMax underlined the role of digital payments in the digitised economy vision of countries in the Middle East.

Cashless society

Digital payments industry will play a key role in the digital economy by supporting the regional and national agenda of a cashless society whilst offering transparency, efficiency and convenience.

Wu said that consumers’ fast-evolving purchase habits, consumption behaviours and expectations are defined by the creator economy — where individual personality, reputation and self-actualisation via the world’s largest online platforms anchor their daily demands of technology, and payment methods.

Digital payment systems act as a fundamental infrastructure to support the development and accelerate the maturity of such emerging digital economies by making payments easier and convenient and, therefore, facilitate consumption to stimulate economic growth.

PPP the way forward

As digital payments become the norm,