The payments landscape in the Middle East is heavily reliant on cash, despite the region’s digitally savvy population. However, the landscape is evolving and various factors are paving the way for digital payments to dominate in the region. A recent McKinsey report, titled ‘The future of payments in the Middle East’, states that this movement is driven by industry pressures, disruptive forces, changing payment patterns, and the increasing prospects for banks and fintechs in a rapidly evolving environment. In a similar development, Bahrain's cashless payments surge by 65% in August hitting almost $744m, after topping $3.62 billion in the first half of 2021, according to the Central Bank of Bahrain.
News source: Arabian Business