👀Where is the digitalization of payments advancing the fastest in the world⁉️

👀Where is the digitalization of payments advancing the fastest in the world⁉️
According to the World Economic Forum (WEF), the fastest-growing real-time payments market in the world is in the Middle East.

➡️Outlook: In 2022, the total value of real-time payments in the region reached USD 675 million. By 2027, it is projected to exceed USD 2.6 billion.

➡️Key drivers:

🔻The traditional banking system in the region is still underdeveloped, which has paved the way for the rapid adoption of alternative payment methods.

🔻The population is predominantly young: over half are under the age of 25, with a median age of 22—well below the global average of 28.

🔻Governments are making significant investments in infrastructure, facilitating the rollout of 5G technology and supporting digital transformation.

🔻In 2022, smartphone penetration in Gulf Arab countries stood at 76%, with forecasts suggesting it will reach 92% by 2030.

➡️According to the WEF, Bahrain🇧🇭 stands out as the leading example of digital payment adoption among consumers, thanks to the widespread use of the BenefitPay app.

➡️Other key insights:

🔻Between 2022 and 2027, mobile payments across the Middle East and Africa region are expected to grow at an average annual rate of 30.1%.

🔻India🇮🇳continues to lead global payment innovation. Thanks to the National Payments Corporation of India (NPCI) and the RuPay system, users can now make payments in several countries, including the UAE🇦🇪, France🇫🇷, and Peru🇵🇪. Click here for more on the success of India’s Unified Payments Interface (UPI).

🔻In China🇨🇳, according to GlobalData, individuals made transactions worth USD 2.2 trillion in 2023.

#news #financial_education #MiddleEast #Africa #India #China

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