This is How FinTech Firms Will Influence the Payment Future

This is How FinTech Firms Will Influence the Payment Future

Highlights





Non-Oil foreign trade in 2019 reached Dh1.4 trillion. Its trading roots have been tracked back to the 5th century.





Dubai is one of the world's largest trading hubs.

Non-Oil foreign trade in 2019 reached Dh1.4 trillion. Its trading roots have been tracked back to the 5th century. At that time, there was an established trading route stretching from Oman, through Dubai and onto Iraq. Even then, payment tools were used during trading. Every traded item had a value. Additionally, buyers wanted to know that sellers were reputable, and sellers wanted to know who their customers were.

Whilst forms of payment are different today, the principles behind sharing and receiving money, and needing mechanisms to make payments remain the same.

For decades, banks have been the main custodians of money flows between buyers and sellers. They have and continue to provide guarantees that money is coming from legitimate sources, whilst ensuring recipients receive payments.

The average consumer now makes 70 transactions a month. China, the United States of America, Japan, the United Kingdom and South Korea currently process the highest value of digital transactions in the world. However, higher rates of growth are expected from emerging markets in the coming years.

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