Experts discuss trends in payment industry

RITIKA SHARMA / Emirates Business

As technology continues to change the way in which payments are made across the Middle East, improved application performance and flexibility are expected to play an important role in making the region’s digital economy mature.
Experts at the Cards and Payments Middle East, and its co-located exhibitions — Retail Show Middle East 2016 and Ecommerce Show Middle East 2016 — discussed how traditional payments methods are undergoing dramatic changes in Middle East.
John Knuff, Vice President of Global Ecosystems at Equinix told Emirates Business on the sidelines of the E-commerce show, “Regulation and innovation have shaken up the traditional payments market, creating new revenue streams and purchasing options—making cash a thing of the past. The ease and availability of electronic payments have set high expectations for consumers. Platforms like Equinix can help you provide the speed and convenience customers expect as the electronic payments market expands.”
However, there still remains more use of traditional payment methods. Experts are positive about the ongoing trend that aim at a cash-less economic set up. Ozgur Ozvardar, the MENA VP and General Manager for Verifone told Emirates Business, “In the Middle East, we assume that 70 per cent of payments are still cash-based. But we observe a rapid growth and we foresee that it will continue increase with a high speed. When you consider the huge growth in payment systems in the world, we see a bright future for the industry.”
Talking to Emirates Business about the changes in the payment methods, Mohamed Anis Chemli, Telecom & Banking Solutions Director for GCC, Levant Gemalto, said, “We are in the times where connectivity is inevitable. Customers today expect instant one-click fulfillments when it comes to banking and payments. They expect seamless transactions that require minimal thought and input. We must keep this in mind while working towards the future of payments.
In context he said events like Cards & Payments Middle East “provide a platform to bring together leaders and best practice” so that customers can know about latest technologies in this sector.
Waqas Mirza, Managing Director, at Avanza Solutions, Avanza Solutions, which launched exciting products that are changing the banking and retail industries said, “Customers today are used to advanced interfaces such as smart phones and tablets, that perform an array of actions in real-time and current ATM softwares simply do not live up to this experience. Our Novus-xcite solution will revolutionize customer ATM experience, allowing them to update their Emirates ID at the touch of a button, while withdrawing cash, for example. They will also allow banks to enhance customer experience, without the need to invest heavily in retro-fitting existing equipment.”