The Middle Eastern and African markets promise high growth rates in mobile penetration and e-commerce not only because penetration is still lower than the global average, but also the population is much younger and enthusiastic. The MEA and India will drive the mobile boom next five years, but when it comes to e-commerce and digital payments, the richer Gulf countries seems to be leading the way to the high-tech payment methods.
Monitise, a developer of fintech systems who has aggressively entered the MEA market via the acquisition of Turkish Pozitron, reports that the users in GCC countries are already used to some ways of digital payment, but still very sceptical about paying digitally for online purchases. According to the infographic prepared by Monitise, mobile penetration in GCC is expected to grow by 180% whereas mobile purchases in Saudi Arabia and United Arab Emirates, two of the richest in the GCC, will hardly surpass 40% by the end of the year.
However, the company believes that the willingness to adopt mobile payments is really high in the region, with 4 out 5 people ready to fo for it provided that the security concerns are eliminated.