Security Remains at the Heart of Innovation: Amazon Payment Services Report

Amazon Payment Services has released its latest research on digital payments in the Middle East and Africa (MEA), revealing that faster transactions could boost revenues, with 81% of businesses affirming this, as highlighted in The Fintech Times. The report, titled «Leading Trends in Digital Payments: Driving the Real-Time Economy in MENA,» highlights the region’s rapid digital growth, driven by ambitious government strategies like Saudi Vision 2030 and We The UAE 2031.

Peter George, Managing Director of Amazon Payment Services in MENA, emphasized the importance of understanding payment transformation. «Our commitment to businesses goes beyond delivering robust and innovative payment solutions,» he said. «It extends to helping businesses understand how they can effectively embrace transformation within payments.»

The study, based on data from over 100 executives in Saudi Arabia, UAE, and Egypt, identified key trends shaping the future of payments. These include the rise of digital wallets, improved biometric authentication, and payment fraud reduction.

Key findings include:

• Speed: 81% of businesses believe faster transactions would increase revenue, with 83% highlighting the importance of fast checkouts for customer loyalty.
• Payment Options: Omni-pay advances, including open banking and central bank digital currencies, are rising. 89% of executives engage with fintechs to improve payments.
• Consumer Desires: 64% of executives view the real-time economy as crucial, with digital wallets preferred by 87% of customers.
• Security: Robust security measures, including biometric authentication and data privacy, are essential, with 68% of businesses focusing on earning customer trust.
• AI Adoption: AI-driven innovations, such as generative AI and augmented reality, are expected to transform payment methods, with 52% of executives anticipating significant changes within two years.

The report also outlines five building blocks for payment strategies: trust, choice, experience, behavioral change, and sustainability, underscoring the dynamic and evolving landscape of digital payments in MENA.