Five Turkish banks have adopted Russian payment system, Erdogan says

LONDON: A recent Mastercard report revealed an increase in the use of digital payment methods in the Middle East and North Africa.

Mastercard’s New Payments Index 2022 revealed that 85% of consumers in the MENA region have used at least one emerging payment method in the past year, including smartphone mobile wallets, buy now, pay later, biometrics and wearable technology devices enabling payment.

While traditional payment methods remain popular, 19% of MENA consumers said they used less cash in the past year.

According to the report, security is a key factor when deciding which payment methods to use. Other factors are ease of use, rewards and promotions.

Sustainability is also a key factor in the region, with 31% of MENA consumers citing social and environmental benefits as factors.

BNPL disbursements are increasingly being used as a budgeting tool in the region, according to the report. Around 45% of MENA consumers said they are comfortable with BNPL today.

“Consumers want the flexibility and convenience of BNPL, but with the sense of security that comes with a trusted provider like a bank or payment network,” the report notes.

Consumers in the MENA region are also turning to fintech, with 73% of them using open banking to meet their daily financial needs.

Additionally, 64% agreed that using biometrics rather than a card or device makes payments easier.

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