Amazon Payment Services, a regional leader in digital payments operating across the Middle East and North Africa (MENA), has shared its latest research on recent and upcoming changes shaping the payments industry. The report, titled ‘Leading Trends in Digital Payments: Driving the Real-Time Economy in MENA’, identifies key trends and shows why they matter to businesses looking to serve customers better and boost revenues. Based on a study designed and conducted by Davies Hickman Partners and sponsored by Amazon Payment Services, this report comes as part of the re:Imagine Payments thought leadership forum, designed to help inform merchants and those interested in digital payments.
The MENA region remains one of the most dynamic and fast-growing in the world, with ambitious government strategies and visions, including the Saudi Vision 2030 and We The UAE 2031. In MENA, as elsewhere, customers are making more digital payments, with less cash being used in-store, and online retail sales rising. Technology continues to revolutionise the payment processes.
“The region’s own digital trajectory is rapidly moving forward,” said Peter George, Managing Director of Amazon Payment Services in MENA. “Our commitment to businesses goes beyond delivering robust and innovative payment solutions, and extends to helping businesses understand how they can effectively embrace transformation within payments. This report outlines leading trends and valuable industry findings shared directly from inspiring leaders across today’s regional landscape, setting merchants up for success to enhance their customer experience and achieve sustainable business growth.”
Based on quantitative data and insights from over 100 executives responsible for payments in businesses across Saudi Arabia, the United Arab Emirates (UAE), and Egypt, the report outlines leading payment trends, indicating their relevance to businesses in the region. In-depth interviews with these executives in MENA provided insights, perceptions of the industry, and predictions.
Digital payment enhancements are taking on critical importance for businesses in the region: 81% of businesses surveyed in the report said if payment transactions were faster, revenues would increase. One reason for this is that customers are often busy and time-poor. If a transaction takes too long, they may stop short of completing it. Similarly, 83% of executives said that fast checkout and payment completion are important factors in building customer loyalty. With almost a third of businesses expecting to grow more than 20% in 2024, digital payment innovations take on significance for sustainable success.
The top five predicted drivers of change, as ranked by the executives, are the introduction of bank accounts linked to national identity, the growing use of digital wallets, better payment experiences, payment fraud reduction, and improved biometric authentication. The report also highlights four leading trends expected to play a major role in business and customer payment decisions over the next five years:
- Omni-pay advances—more ways to pay, enabled by governments and fintechs
- Experience uplift—better payment interactions for digital customers
- Security centricity—earning trust reliant on payment safety
- Adapting to artificial intelligence (AI)—targeting more efficient payments
