TALKING
‘‘ business
Merchants and their service partners must-have an intimate and detailed understanding of how each payment method performs in terms of authorisation rates in every country .
equal expertise within another and this fragmented approach can make broader regional growth and integration a challenge . The right partner can also help simplify the onboarding and integration process for merchants looking to succeed in each country across the region at speed .
In addition , merchants and their service partners must-have an intimate and detailed understanding of how each payment method performs in terms of authorisation rates in every country . For payment technology providers , it is advisable to see local partners not just as another vendor but as a strategic business partner . They will be instrumental to launch in the MENAP market successfully .
Getting the partnerships right is key to potentially unlocking a lucrative market with e-commerce and digital payments set to accelerate in the coming years .
The Checkout . com Connected Payments in MENAP report ( September 2020 ) revealed that the region , historically dominated by cash payments , presents a significant growth opportunity for the digital payments industry as the region ’ s online shoppers now prefer using digital payments rather than paying by cash on delivery .
The report shows that across eight countries , 47 % of consumers say they expect to shop online more frequently in 2021 . The report further reveals that a majority ( 53 %) of the region ’ s consumers most often pay for their online purchases using digital payments rather than cash on delivery ( 36 %) or bank transfers ( 10 %). Digital payments are by far the most preferred payment method with online shoppers in the GCC , including Bahrain ( 74 %), Qatar ( 66 %), the UAE ( 64 %), Kuwait ( 59 %) and Saudi Arabia ( 54 %). p
32 INTELLIGENTCIO AFRICA www . intelligentcio . com