11-Apr-18, PaymentsSource
Digital payments in the Middle East are at a watershed as regulations, culture and technology all shift, opening the door for innovative companies to disrupt one of the oldest payment ecosystems in the world.
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In the Middle East, opportunities for innovation in payments are plentiful. More than 80% of brick-and-mortar retail payments and 65% of e-commerce payments are still made in cash, and smartphone adoption exceeds 100% in several countries, according Global Growth Markets research.
Pairing those facts with the socioeconomic and demographic realities of the region, household incomes above the global average and the share of young people the highest on the globe, suggests all the makings of an ideal environment for safe, secure and convenient alternative payments.