The ACI report projected that by 2028, cash-based transactions will dwindle to a mere 3% of the total transaction value in the region
electronic payments
Latest in electronic payments
Abu Dhabi
FAB signs agreement to accelerate digital payment services in Saudi Arabia
The Abu Dhabi bank is collaborating with KSA fintech company Geidea and digital payment solutions company Magnati
Court Judgment
Dubai announces new travel ban and arrest warrant fine system
This new Dubai digital solution targets those found guilty solely of fines in criminal cases
banking fraud
Hefty fines in Dubai: Up to AED2 million for forging credit, debit cards
The crime can also result in imprisonment alongside hefty fines
BenefitPay
Bahrain makes push to become cashless society within a decade
Kingdom’s national electronic wallet, BenefitPay announced a 785% increase in the number of remittances through its Fawri+ service in 2020 – exceeding $5m
American Express
American Express launches contactless cards in the Middle East
Contactless payment cards will be rolled out across all MENA markets, says American Express
digital payments
Dubai’s Network International jumps in early trading after $1.4bn London IPO
Based on the sale price, the company will have a market value of $2.85bn
digital payments
Network International IPO range values firm at up to $3bn
Network International will be the first company of scale to test investor appetite in Europe’s lacklustre IPO market
cashless payment
Middle East ‘ripe’ for transition to digital payments, says Network Int’l CEO
Network International processed approximately 680 million transactions across the Middle East and North Africa in 2018
digital payments
India’s largest bank SBI inks payments deal with Hitachi
State Bank of India announces launch of joint venture for a card acceptance and digital payments platform
currency
UAE’s Network Int’l launches multicurrency payment option
Multicurrency Online uses geo-location services to automatically show the exact amount cardholders will be billed in their own currency
Dubai
Dubai-based payments firm Network International mulls IPO
In a statement to the DFM, Network International said that no decisions have been taken so far
