The eCommerce market in MENAP is growing at an exponential rate, according to the report. In 2020, 47% of customers predicted that they would buy online more regularly in the coming year. In 2021, about 83 percent of respondents indicate they’ll keep or even increase their present level of eCommerce spending through 2022, indicating a permanent shift in consumer behavior.

The demand for innovative and secure digital commerce solutions has accelerated, requiring Fintechs to evolve and grow faster than ever due to the onset of the COVID-19 pandemic. Working alongside startups, financial companies and leading payments technology companies such as Visa will ensure we can address these challenges and innovate new solutions that will drive financial inclusion across the GCC region.

It simplifies payments and diversifies revenue streams for all kinds of UAE businesses, including pharmacy chains with existing payment systems – any PayBy merchant can create a payment link on POS to send to their customers.

The Amazon Fintech Lab has been designed with the specific intention of supporting innovation in fintech through networking and collaborating with DIFC’s community of SMEs, financial institutions and start-ups throughout an ongoing program of events during which different stakeholders and teams will be hosted in a variety of forums to discuss the different payment pain-points .

The rise of marketplaces and aggregation concepts in the Middle East reflect a booming global trend, and it requires the right payment platforms to support and complement its growth.