Omar bin brek Kuwait financial technology | conference & exhibition Digital payments - gcc Omar bin brek Kuwait financial technology | conference & exhibition

The largest segment in Financial Technology is payments According to the WorldPay Global Payment Report, 2017, over half of all online transactions will be made using alternative payment methods by 2021. The largest segment in Financial Technology is payments

Digital Foundation 3 The infrastructure for digital payments is well established in the Gulf region Smartphone penetration is ranked number 1 in the world. Almost 99% of GCC households have internet access. Cashless payments are identified as top governments priority. INTERNET Ever-growing FinTech eco-system in the GCC

MARKET OPPORTUNITY GCC accounts for 1% of global mobile payment transactions According to a research 77% of GCC residents would opt for an alternative method of payment. 77% 1%

Kuwait 🇰🇼 In Kuwait, One Pay and QuickPay enable customers to pay their bills using a dedicated mobile app. Furthermore, the National Bank of Kuwait made its contactless payment service NBK Tap & Pay available on specially-designed smart wristbands and stickers. In addition, Kuwait Finance House launched its KFH Wallet in 2017 enabling users to perform mobile payments at merchants’ NFC (Near-Field Communication) POS terminals in the country.

United Arab emirates 🇦🇪 In the UAE, Apple Pay, Samsung Pay, Emirates NBD Pay, FAB Payit wallet, Etisalat Wallet, Enoc VIP and Beam Wallet are currently being used. Apart from these wallets, Alibaba’s Alipay has also entered the UAE in collaboration with Mashreq. Customers coming into the UAE from East Asia are accustomed to paying with Alipay or UnionPay and having their cards accepted globally. Cashless payments have been identified as a top government priority in the UAE’s Vision 2021.

Government support and technology developments, together with very high smartphone penetration, will contribute to the development of FinTech start-ups in the GCC in particular.  The penetration of smartphones provided consumers with an easier way to interact with banks and financial institutions to gain real-time perspective into their financial dealings.