The report is called ‘Seizing the Digital Opportunity in MENA 2023’ and it represents a part of the company’s annual MENA Report series. It analyses the way the digital economy in the region has moved and developed in recent years, suggesting that merchants’ overall ability to fine and tune their payment and transaction performances represents a decisive feature in their development process.
The publishing also offers readers and customers a guide through the ways traders and merchants can improve the way they find opportunities for digital transformation. It includes methods of analysing how to take payments through AFTs in order to offer customers an enhanced experience, prioritising data and information security for their payments strategies, fighting fraud, as well as providing partner models for the expansion of digital commerce platforms.
Included in the report is the contribution from executives at companies including Azadea Group, Visa, AI-Futtaim Group, and others.
As digital payments in the MENA region continue to rise, the need for companies and businesses to collect and analyse digital payment data and information resulted in the industry as well. The data enables the potential to drive revenue benefits for companies, such as optimising the checkout procedure or evaluating internal operations and processes. By having an understanding of their payment data, merchants and traders will be able to have cost savings by identifying multiple types of costs, such as interchange, markup, scheme fees, and real-time FX fees.
Additionally, by using payment data to monitor the risk strategies and identify areas where it is necessary to apply an optimised execution, businesses and firms will be able to benefit from an improved fraud management process. According to the report, a quarter of clients in MENA had at least a payment declined online in the past year, despite having enough funds in their accounts.
The report also highlights how fintech companies and businesses can offer merchants and clients in the region improved ways of development through technology and new business models, focused on reducing costs, increasing speed, and removing friction.
The publication included interviews conducted with multiple business owners across the region, alongside insights from a regional survey based on the opinion of 15,000 customers managed back in July of 2022 and an additional survey of 4,000 clients held in February 2022. Checkout.com’s strategy of development
Global payments solution provider Checkout.com had multiple launches in the last couple of months, covering several geographic areas.
In May 2023, the company received a Retail Payment Services license from the Central Bank of the UAE. By securing an acquiring license, Checkout.com was allowed to offer its full proposition of service for merchants and traders in the UAE. This meant providing customers with acquiring solutions and products, payments aggregation tools, as well as cross-border fund transfers.
Earlier in the same month, Checkout.com received its 3DS 2.3.1. certification by EMVCo, in order to provide payment solutions and reduce the risks of fraud. Its Authentication toll was set to offer users an enhanced experience: the company was authorised to use proprietary AI for rolling out payment authentication support in a safer and more efficient way, fighting the risks of chargebacks and other threads.
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