FYST, a “one-stop” payments consultancy for ecommerce businesses, has released the first part of a new three-part report, ‘The Map of World Payments’, that drills deep into ecommerce payment trends, with this instalment focusing on the MENA region, and shows how merchants serving these regions “can tap into more revenue opportunities by offering locally-used payment methods.”
FYST’s exclusive proprietary data, gathered across 10 different MENA region countries, and aims to shine a light on “the proportion of cards, bank transfers, digital wallets and other methods used for online purchases in each country.”
Crucially, FYST’s report “outlines which payment methods and card types are used in each country, demonstrating how important it is for merchants to be able to accept a wide array of locally-used payment methods to maximize transaction conversion rates and boost revenues.”
FYST’s report shows “that for ecommerce to be viable and successful, it requires high levels of internet and mobile network penetration, widespread supply chain logistics and transport infrastructure development, and the ability to accept digital payments through a range of methods.”
The MENA region reportedly has key differences “in ecommerce infrastructure from country to country.” But the common denominator driving ecommerce “as a whole is mobile commerce, which is set to comprise 70% of online transaction value by 2025″ in the area.”
According to FYST’s report, credit cards are “the most widely used online payment method across the MENA region, followed by bank transfers and cash-on-delivery.”
But with digital wallets gaining in popularity, and currently making up around 20% of online spending, digital wallet usage is quickly “catching up with credit cards and is set to overtake over the next few years.”
FYST’s data shows that:
- In Turkey, nearly 70% of ecommerce purchases in 2021 were conducted via mobile apps, and the domestic card payment scheme TROY is widely used alongside Visa and Mastercard for online transactions.
- In Kuwait, although ecommerce usage is growing, currently most Kuwaiti companies don’t sell online to consumers. The majority of ecommerce transactions are made through cash-on-delivery.
With the value of cross-border payments “anticipated to hit $250 trillion by 2027, the launch of FYST’s report is timely, as ecommerce businesses move beyond merely offering digital payment capabilities to seek full 360-degree advice and support, and first-hand market insights to help them unlock new opportunities in the fast-evolving ecommerce space.”
FYST claims that it “brings together leading payment and fintech innovators under one brand, combining unparalleled technical ingenuity, in-depth tailored advice to help fledgling businesses to scale up successfully.”
Ryta Zasiekina, CEO of FYST, comments:
“FYST’s ‘Map of World Payments’ report with its exclusive ecommerce trend data, shows that with the vast improvements to mobile and internet infrastructure over the past decade, there are opportunities for in-country and cross-border ecommerce merchants to expand online sales with the right payment acceptance strategies tailored to local markets.”