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GCC set for fintech surge, reveals Mastercard study
The GCC is set for a surge in the use of fintech apps during the current global health crisis as new figures from Mastercard reveal a 70 percent increase in the use of contactless payments in the MEA region.
Consumers are increasingly turning away from physical offerings during the ongoing COVID-19 outbreak, with startups and financial institutions continuing to offer services through digital channels.
According to research by Mastercard, 70 percent of respondents in the Middle East and Africa are now using contactless payments, with 81 percent confirming they will continue to do so once the pandemic is over.
David Parker, co-chief investment officer for the financial services sector at Bahrain Economic Development Board, said the GCC is set to see a trend toward fintech platforms in the coming months.
“At a time when few customers can access physical services, fintech platforms across the GCC are experiencing a surge in use — something we anticipate continuing well into the summer months.”
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Instant Payments and the Proliferation of QR-Driven Transactions
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Sustainable Growth and Building Strategic Capability in Digital Transformation
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Sygnum Completes First Live AI-Agent Driven Digital Asset Transactions by a Regulated Swiss Bank
Sygnum, a global digital asset banking group, today announced it has become the first Swiss regulated bank to use an AI agent to test live digital asset market transactions, with the client retaining custody, consent and control at every step. This is the latest initiative from AI@Sygnum which leads the development, integration and governance of agent-driven workflows across the group globally.
CMC Markets Launches Spectre Trading Account for Retail Clients
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