Payments innovations and trends in the Gulf Cooperation Council

Abstract

Payments are a key enabler for any economy and play a vital role in the lifeblood of the Gulf Cooperation Council (GCC). As payments technologies are rapidly changing, incumbents are trying to intermediate themselves into more parts of the payments value chain, while new entrants and innovators continue to introduce ‘disruptive’ offerings. In light of this, the results of a ground-breaking survey by Network International, the region’s leading payments service company, are timely. The first of its kind, the survey analysed the payments innovations trends in the GCC and neighbouring countries, with the aim of determining the key innovation drivers for merchants and financial institutions in the region, as well as their observations of the issues and opportunities that the current payment trends offer.