Cashing in on E-Wallets in the Middle East
The Covid lockdown in the Gulf has boosted digital banking activities in the region, where the Fintech market is expected to reach USD 2.5 billion by 2022.
In March alone, Bahrain’s national electronic wallet, BenefitPay, witnessed a 1,257% year-on-year increase in transfer value, amounting to USD 274 million.
In Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA) issued licences to two new e-wallet services, HalalaH and BayanPay, and also increased the monthly e-wallet transfer limit from USD2,670 to USD5,330.
How can the Fintech sector further cash in on the growth of e-wallets in the Middle East?
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