Do you have a Digital Wallet?
© Payfort
A digital wallet is a payment method via a digital platform, eliminating the need for cash or cards as you can pay through your mobile phone. Making payments more convenient. Payfort, an online payment platform, explains to us the status of digital payments in the Middle East.
Digital wallets are safer than other payments method as they are difficult to steal and they also offer the convenience of organizing accounts and payments digitally.
At the moment, the technology is about downloading an app, connecting it to your card and using it the same way you use the contactless card or issuing the payment by pressing a button in your app.
Payfort argues that for the development of digital wallets and their use, 3 elements are at play: technology, demographics and innovation
The main challenge is technology. Getting more people to use more smartphones and to increase penetration of having a bank account with a connectable card.
The demographics are helping digital wallets spread in the MENA region, as the young generation in the region expects its smartphone to do everything for them so they are more and more likely to adopt the digital payment methods. This is where innovation also comes in to solve any problems that might happen with the application and use of digital payments.
Digital wallets are safer than other payments method as they are difficult to steal and they also offer the convenience of organizing accounts and payments digitally.
At the moment, the technology is about downloading an app, connecting it to your card and using it the same way you use the contactless card or issuing the payment by pressing a button in your app.
Payfort argues that for the development of digital wallets and their use, 3 elements are at play: technology, demographics and innovation
The main challenge is technology. Getting more people to use more smartphones and to increase penetration of having a bank account with a connectable card.
The demographics are helping digital wallets spread in the MENA region, as the young generation in the region expects its smartphone to do everything for them so they are more and more likely to adopt the digital payment methods. This is where innovation also comes in to solve any problems that might happen with the application and use of digital payments.