The rise in the adoption and number of digital payments could be attributed to new technology and increased digitization
Arab advisors also cited the Covid-19 pandemic as one of the accelerants for this rise
Analysts at Jordan-based Arab Advisors Group have said digital payments in Egypt and Saudi Arabia are on the rise, according to a statement from the analyst group.
It said the rise in the adoption and number of digital payments could be attributed to new technology and increased digitization.
Arab advisors also cited the Covid-19 pandemic as one of the accelerants for this rise. The pandemic has forced people to opt for forms of payment that encourage social distancing.
In its reports Digital Payments in Egypt and Digital Payments in Saudi Arabia, Arab Advisors apparently analyzed the countries’ regulatory frameworks governing digital payments.
They also took a look at services offered in these countries by digital-payment key players, including communication service providers, said the group in its statement.
Arab Advisors said it also looked at recent key events and digital-payment indicators in both countries.
The statement quoted Arab Advisors Group’s Deputy General Manager Hiba Rabadi as saying: “New technology and increased digitization have given rise to growth in digital payments, the leading segment of financial technology.”
Dana Shekem, an analyst with the group, said: “This has been accelerated out of the need presented by the Covid-19 pandemic. There have been many developments and breakthroughs in the digital payment sector in the analyzed markets, Egypt and Saudi Arabia.”
More and more countries in the Middle East and North Africa region are adopting digitization in payments.
Just days ago, the UAE’s central bank issued its fourth set of regulations to firm up the country’s digital-payment infrastructure and framework.