Dubai, United Arab Emirates: PayerMax shed light on the importance of public-private partnerships to accelerate the digital economy at Seamless Middle East 2022. In a keynote speech, Sianna Wu, Senior Vice President, MEA of PayerMax, highlighted the role of digital payments in digitizing economic vision of Middle Eastern countries.
The 100% digitized economy is expected to add $1.6 trillion to GDP in the MENA region and facilitate 46% growth in GDP per capita. The digital payments industry will play a key role in the digital economy by supporting the regional and national agenda of a cashless society while providing transparency, efficiency and convenience.
Wu said the rapidly changing shopping habits, consumption behaviors and expectations of consumers are defined by the creator economy, where personality, reputation and self-actualization through the biggest online platforms. world line anchor their daily demands for technology and payment methods. Digital payment systems act as fundamental infrastructure to support the development and accelerate the maturity of these emerging digital economies by making payments easier and more convenient and, therefore, facilitating consumption to drive economic growth.
As digital payments become the norm, Wu believes public-private partnerships are the way forward. She outlined three pillars of partnerships that will define and sustain the digital payments landscape and drive a behavioral paradigm shift at scale: public-private partnerships, multi-method payments, and collaboration to facilitate trust.
Through partnerships with local regulators, licensed financial institutions and telecom operators, global payments companies are able to unlock borderless growth by globalizing and scaling local payment methods, which ultimately fuels turn the three-sided ecosystem of merchants and users to transact in a safe and robust framework. and compliant environment.
On the other hand, MENA and Gulf countries have one of the highest smartphone penetration rates in the world, far outpacing the growth in bank account penetration. Therefore, it is essential that payment companies partner with and support private sector alternative payment methods that ensure maximum financial inclusion. For any merchant or payment company enabling the ecosystem in the region, it is imperative to partner with alternative payment institutions to secure the digital future of society.
Wu concluded by reiterating that payment companies, creative economy merchants, providers and regulators can act to encourage consumers to embrace cashless payments. By working together as an ecosystem to promote highly recognized and trusted payment institutions in the region – such as trusted local banks, locally issued debit cards, or telecom carrier-operated wallets – partners can reduce the trial barrier for new digital payment users.
At Seamless Middle East 2022, PayerMax showcased its unified omni-method payment solution and partner program to ecosystem and digital payments innovators while demonstrating the platform’s ability to deliver improved speed, flexibility and scalability. .
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PayerMax is the world’s first global omni-method payment solution, with over 350 payment methods across 5 continents focused on empowering the borderless #growth of the world’s most profitable digital merchants in developed markets.
Established in 2020, PayerMax is the first emerging market regulated digital payment provider serving online merchants with ambition beyond borders. PayerMax is headquartered in Singapore with regional headquarters and presence in the United Arab Emirates, Kingdom of Saudi Arabia, Shanghai, Malaysia, Indonesia, Philippines, Vietnam, Thailand and Brazil.