The State Bank of Pakistan’s Q3 FY 2023-24 report shows digital transactions comprising 83% of total retail payments, with 844 million transactions worth PKR 128,470 billion processed by banks and EMIs. Mobile and internet banking saw significant growth, and Raast processed 140 million transactions worth PKR 3,437 billion, highlighting rapid digital adoption.
E-wallet usage in Jordan increased by 6%, reaching 2.17 million users, according to the Central Bank of Jordan. Eight payment companies and 19 banks facilitate digital transactions. E-wallets offer security and convenience, particularly popular among younger users, although some users find they spend more due to losing track of expenses.
stc pay Bahrain achieved PCI DSS v4.0 certification, highlighting its commitment to secure digital payment transactions. The rigorous audit by a Qualified Security Assessor ensured compliance with global standards. This milestone reinforces stc pay’s position as a leader in the digital payment landscape, providing customers with a secure and reliable financial platform.
stc pay Bahrain has achieved PCI DSS v4.0 certification, the latest global security standard for protecting payment card data. This certification highlights stc pay’s commitment to providing a secure digital payment experience. The rigorous audit ensures compliance and enhances customer trust, solidifying stc pay Bahrain’s leadership in the digital payment landscape.
Sri Lanka has become the fastest adopter of digital payments in South Asia, with a 20% increase in digital transactions since 2019. Visa Corporation highlights significant growth, particularly in tap-and-pay transactions. Despite high consumer spending, there remains a need for education on cashless payments for merchants and consumers.
Dopay secures $13.5M to expand its digital payroll platform for unbanked workers in Egypt, aiming to enhance financial inclusion and launch new services.
Algeria’s “Switch mobile” project enables instant interbank transfers and account-to-account payments via QR codes, connecting bank and Algeria Post applications. This initiative, part of the National Electronic Payment Strategy, aims to enhance financial inclusion and modernize payment methods in Algeria.
Madayn has partnered with Sadad Electronic Payment Gateway to introduce electronic payment services for investors and business owners. This agreement includes installing self-service payment machines at Masar Service Centres, promoting digital transformation, and enhancing user experience. The partnership also involves training national cadres and providing maintenance opportunities for SMEs.
HSBC has launched Omni Collect, a new e-commerce digital payment platform in the UAE, in partnership with Saudi-based FinTech Geidea. Omni Collect allows HSBC business clients to access card receivables and gain insights into collections data, simplifying payment processes across multiple channels and enhancing business decision-making.
ZainCash has implemented Temenos core banking and payments solutions to enhance its digital services in Iraq. The platform will help ZainCash scale rapidly, offer new services, and promote financial inclusion by reaching 3 million users, including the unbanked population, by the end of the year.
