In an era dominated by digital transformation, the UAE’s payment landscape reveals a surprising trend: nearly three-quarters of all transactions still occur offline. This reality underscores a significant opportunity for growth in the digital payments sector, according to Marwan Nader, Director of Global Partnerships at PayerMax. Speaking at the sidelines of Seamless Middle East 2024, Nader highlighted the potential for expansion and the responsibilities it entails for payment providers and regulators alike.
Despite the rapid adoption of digital payment methods globally, the UAE maintains a substantial volume of offline transactions. “There’s a huge room for growth in digital payments. And that’s a great opportunity and responsibility as well on payments providers and regulators, basically to protect data privacy, to make sure that they combat fraud,” Nader explained to Khaleej Times.
The director pointed out that digital payments could significantly simplify and enhance the transaction experience, especially in regions where traditional banking infrastructures, like cards and digital wallets, are less prevalent. Countries like Egypt and Iraq, where many remain unbanked or lack access to conventional banking methods, could particularly benefit from alternative digital payment solutions.
As a gold sponsor of the event, PayerMax is positioning itself as a leader in innovation within the MENA region’s payments industry. “We’re building strong connections with potential partners and showing our commitment to the future of payments across the MENA region,” Nader stated.
The Middle East’s digital commerce sector is dynamically evolving, driven by the rise of mobile shopping and the integration of in-app and on-site payment solutions. PayerMax is at the forefront, offering seamless mobile payment options such as one-click checkout and supporting a wide array of payment methods including digital wallets and cash on delivery.
Security remains a paramount concern, and PayerMax is leveraging cutting-edge technology to safeguard transactions for businesses and consumers alike. Additionally, the company is exploring innovative technologies like AI and blockchain to enhance the security and efficiency of payments.
Highlighting the challenges and opportunities in emerging markets, Nader noted the fragmented payment systems and the high proportion of unbanked individuals which pose hurdles to digital expansion. However, the increasing penetration of smartphones and internet accessibility present significant growth opportunities for digital payments.
“Governments are even helping by pushing digital payments through programs and regulation changes, creating a favorable environment for businesses to embrace these solutions,” Nader concluded, underscoring the potential for digital payments to reshape economic activities in the UAE and beyond.
