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Dubai / Emirates Business
Digital payments will dethrone “cash as king†in the Middle East, and boost regional GDP by nearly $100 billion, industry experts announced ahead of GITEX Technology Week.
As Middle East countries accelerate their digital transformation agendas with nationwide high-speed technology connectivity, one of the biggest benefits will be quick and easy mobile payments. In the near future, Middle East residents will be able to pay for parking tickets and in-store purchases, top up mobile phone minutes and data, and send remittances via mobile apps.
Paolo Gagliardi, Chief Business Officer of the UAE-based financial technology startup Trriple, said: “Once fast, secure, and easy-to-use digital payments become mainstream, that means ‘cash is king’ no more in the Middle East. Using digital payments, consumers and merchants can save time and money, and gain real-time insights on transaction history and spending trends.â€