Online Payments in the Middle East Rise by 22%
Payfort, an Amazon-owned Online Payment Gateway in the Middle East, just conducted a region-wide survey that showed something quite remarkable. The survey concluded that online transactions in the Middle East rose by 22% in 2016, on the back of a surge in payments for events and entertainment.
The findings of the survey showed that Saudi Arabia led the growth with a 27 % increase in online payments. Egypt, however, recorded a rise of 22%, while the UAE saw a 21% jump.
Overall, events and entertainment was the fastest growing segment, registering a 33% growth in transactions. During 2016, a total of $30.4 billion of goods and services were purchased online in seven countries, a 22% jump from the $24.9bn garnered in online sales during 2015.
The UAE had the biggest share of the value of online transactions at $12.4bn, Saudi Arabia with $8.3bn and Egypt with $6.2bn.
The biggest concern of online consumers remained security, with more than 50% of cash-on-delivery customers polled saying that they would switch to online payments if they deemed it secure enough, according to the survey.