Amazon Payment Services unveils key trends shaping MENA payments industry
Updated 5/13/2024 3:50:00 AM
Arab Finance: Amazon Payment Services has released a comprehensive report on the evolving landscape of the payments industry in the region, titled "Leading Trends in Digital Payments: Driving the Real-Time Economy in MENA," as per an emailed press release.
The report is based on a study conducted by Davies Hickman Partners and sponsored by Amazon Payment Services.
The report forms part of the re:Imagine Payments thought leadership forum, an initiative aimed at educating merchants and stakeholders in the digital payments sector. It identifies key trends and their significance to businesses striving to enhance customer service and increase revenues.
The report highlights that customers in the MENA region are increasingly opting for digital payments over cash, leading to a surge in online retail sales. This trend is not only indicative of the region's rapid digital progression but also the transformative impact of technology on payment processes.
"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,” Peter George, Managing Director of Amazon Payment Services in MENA, said.
“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,” George added.
The report, which draws on quantitative data and insights from over 100 executives responsible for payments in businesses across Egypt, Saudi Arabia, and the UAE, outlines leading payment trends and their relevance to businesses in the region.
The in-depth interviews with these executives provided valuable insights, perceptions of the industry, and predictions for the future.
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