The Power Shift in Payments

Payments Pre Covid-19

Cash payments were strongly embedded within the GCC region before Covid-19 hit the continent. Cash transactions in UAE accounted for 72% of total transactions in 2019 (Zawya, 2019). Even though the UAE was steadily progressing towards digital finance, customers historically preferred cash with the belief that it is more convenient.

Payments Post Covid-19

‘Dirty’ cash transactions soon became a hazardous method of exchange due to the fear of passing the virus. Customers and service providers were introduced to change that was meant to happen over several years to all happening in just a few months.

The Future of Payments

It is clear that digital payments are here to stay. Banks and other services will need to provide relevant solutions to promote digital payments to meet the health requirements demanded by both governments and customers. This can be achieved through an e-commerce gateway experience to encourage online payments. Take Amazon as an example, the company uses an integrated e-payment gateway to perform a transaction digitally by just a click when purchasing a product or a service. It can also be an NFC enabled payment, for example, Apple Pay, Google Pay, and Samsung Pay; Each of these solutions allow transactions to be made directly from a phone that is linked either to a card or account.

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Aion Digital

Aion Digital

Aion is a financial technology company specializing in digital banking platforms. It is headquartered in Bahrain with business presence across the GCC.