The evolving payments landscape in the Middle East

Abstract

The Middle East has some of the fastest growing economies in the world and possesses unique demographic characteristics. Owing to this rapid development and a growing awareness of global trends, both companies and individuals are demanding faster and cheaper methods of making payments. To their credit, most of the Central Banks in the region are already taking the initiative of upgrading their payment and settlement systems. This paper focuses on the efforts of the Gulf Cooperation Council countries to promote more efficient methods of payment, forge a common currency framework, develop new financial hubs and address the requirements of the large expatriate workforce in the region.