INFOGRAPHIC evolving landscape of digital payments in MENA and the imperative for businesses to continue learning to adapt , innovate , and grow . next five years by the executives surveyed . Overall , 89 % of the executives said they engage with fintech to improve payments for their business .
81 % of businesses surveyed in the report said if payment transactions were faster , revenues would increase . One reason for this is that customers are often busy and time-poor . If a transaction takes too long , they may stop short of completing it . Similarly , 83 % of executives said that fast checkout and payment completion are important factors in building customer loyalty . With almost a third of businesses expecting to grow more than 20 % in 2024 , digital payment innovations take on significance for sustainable success .
Fintech innovation and payment fragmentation , where a business is able to offer multiple payment choices across different points of sale and media , were rated among the top 10 payment drivers of change for the
Consumers want immediate access to goods and services , often facilitated by digital technology . This real-time economy was rated the top consumer driver of change by the executives in the report , 64 % of whom said it would be very important over the next two years .
One key building block is the growing use of digital wallets , which 87 % of the executives surveyed said were becoming the preferred way for customers to pay . Improving payment experiences through social commerce is another growing priority . 59 % of executives would like to advance social commerce , while 54 % say that their customers would likely use livestreaming to buy products and services promoted by social media influencers . p
Source : Leading Trends in Digital Payments , Driving the Real-Time Economy in MENA
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