GCC set for fintech surge, reveals Mastercard study

The GCC is set for a surge in the use of fintech apps during the current global health crisis as new figures from Mastercard reveal a 70 percent increase in the use of contactless payments in the MEA region.

Consumers are increasingly turning away from physical offerings during the ongoing COVID-19 outbreak, with startups and financial institutions continuing to offer services through digital channels.

According to research by Mastercard, 70 percent of respondents in the Middle East and Africa are now using contactless payments, with 81 percent confirming they will continue to do so once the pandemic is over.

David Parker, co-chief investment officer for the financial services sector at Bahrain Economic Development Board, said the GCC is set to see a trend toward fintech platforms in the coming months.

“At a time when few customers can access physical services, fintech platforms across the GCC are experiencing a surge in use — something we anticipate continuing well into the summer months.”

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Author: Laimis Bilys