Dr. Saeeda Jaffar, Board Member, Managing Director and Head of Middle East at Alvarez & Marsal, notes that research performed by Checkout.com at the end of last year suggested that digital commerce and the digital payment sectors in the Middle East region were “set for major growth in 2021.”
Jaffer pointed out that almost half or 50% of consumers are “likely to increase their online shopping over the next year as the pandemic continues.”
She also shared:
“There is now a growth opportunity for tech players in the region to fill this space. I have certainly started using a lot more digital payments, in particular mobile payments – have others noticed a change in their spending habits?”
Notably, MoneyGram International recently reached an agreement to provide international money transfer services via mobile wallet, Pay+.
As reported by Yahoo Finance, MoneyGram’s (MGI) Chairperson and Chief Executive, Alex Holmes noted that consumer demand for real-time payments and digital wallets keeps rising, so this expansion with Pay+ is another milestone on our journey to “lead the evolution of digital P2P payments.”
Holmes also mentioned that as their digital partners are “increasingly looking to utilize our modern, mobile and API-driven infrastructure, this integration through Pay+ will provide scale to its existing digital offerings and instant access to our cross border payments and money transfer services.”
Pay+ will be allowing consumers in the Middle Eastern nation of Oman to make convenient deposits, easy withdrawals, bill payments and fast fund transfers as well. This partnership will let customers transfer funds in near real-time, supported by access to the MoneyGram international network.
The partnership will become fully operational in April 2021, according to the announcement. Oman is notably one of the biggest markets for outbound cross-border payments/remittances and this latest partnership may help MoneyGram with further solidifying its presence in the fast-growing Middle East markets.
MoneyGram Global Chief Revenue Officer, Grant Lines remarked:
“Through this upcoming launch we are doubling down our efforts in key send corridors such as Oman and in turn providing new and innovative technologies and more digital payment options to consumers around the globe.”