Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Bangladesh’s e-commerce sector is set for significant growth, with the “Digital Bangladesh” initiative driving increased adoption of digital payments. However, challenges remain, including a heavy reliance on cash-on-delivery payments and low financial literacy. Addressing these issues will unlock the full potential of the sector and integrate Bangladesh into the global market.
PayTabs has launched a platform to help SMEs accept digital payments securely and efficiently. With features like payment links and QR codes, the platform streamlines transactions and enhances business workflows. This collaboration with Mastercard advances Egypt’s digital payments sector and promotes financial inclusion for SMEs across the region.
JoPACC’s 2024 report shows a 77.2% increase in digital payments in Jordan, with significant growth in instant payments and mobile wallet usage. The total value of transactions reached 79.95 billion JOD, reflecting the country’s shift towards a more digital financial ecosystem, with a focus on inclusivity and efficiency.
Pakistan’s digital payment channels processed 88% of retail transactions in Q2-FY25, with a 12% increase in transaction volume and a 28% rise in value. Mobile banking apps, e-money wallets, and branchless banking services played a pivotal role in driving growth. SBP’s initiatives continue to fuel financial inclusion and efficiency.
NPCI International Payments Ltd (NIPL) has partnered with Fonepay to launch UPI-enabled cross-border payments between India and Nepal. Indian consumers can now make UPI payments in Nepal, while Nepalese merchants can accept UPI payments from Indian customers, fostering stronger economic ties and enhancing digital payment integration between the nations.
The Telecommunications Regulatory Authority has warned citizens to avoid SMS and electronic messages that contain links to payment sites, as they may compromise banking card data and lead to financial theft. Payments should only be made through secure channels like commercial bank apps or the “eFawateercom” platform.
The Alipay+ partnership in Sri Lanka enables over 400,000 LANKAQR merchants to accept cross-border mobile payments from tourists using 14 international e-wallets. This initiative supports Sri Lanka’s tourism growth and enhances payment convenience for visitors. The launch is set to drive more foreign exchange and digital transformation in the country.
A new Mastercard report forecasts Africa’s digital payments economy will reach $1.5 trillion by 2030. Key initiatives focus on empowering SMEs, boosting the fintech sector, and enhancing cross-border payments. The report highlights rising internet penetration and financial inclusion, driving Africa’s shift toward digital transaction adoption.
Visa’s latest ‘Stay Secure’ study shows that 94 percent of Kuwaiti consumers are taking extra steps to secure their digital transactions. The study also reveals a significant rise in confidence towards digital payments, with 79 percent of consumers expecting increased usage, despite the growing scope of digital fraud.
Al Ahli Bank of Kuwait-Egypt has partnered with Visa to enhance digital payment solutions in Egypt. The strategic agreement will introduce new products, focusing on innovation and security to cater to diverse customer needs. The partnership aims to boost Egypt’s digital transformation and promote the adoption of electronic payments.