August 20206There are not many sectors that have experienced the transformative impact of technological innovations as much as finance. Today, the middle east is also privy to digital innovations in the financial sector with a significant push for cashless transactions and a range of payment options available to the consumers in the region from plastic cash to electronic and biometric payments.It was not long ago that cash reigned supreme, and the adoption of modern payment methods was a far cry in the region. However, with globalization, many international players entered and changed the payment landscape by issuing credit and debit cards and provisioning point of sale (POS) card terminals to merchants. Subsequently, Saudi Arabia pioneered the payment automation in the region by starting Saudi Arabian Riyal Interbank Express (SARIE) as the region's first real-time gross settlement (RTGS) system, for same-day value customer and interbank payments.The push for electronic payments and a robust digital finance ecosystem is the need of the hour in order to facilitate long-term changes in the economy of the region. This will help the region achieve financial inclusion by stimulating and enabling new types of economic activity. The next generation of entrepreneurs will be the biggest beneficiaries as it will allow them to start digitally-enabled businesses and use electronic payments to broaden the geographical reach of their products and services, and better manage their financial recordkeeping. Furthermore, A cashless economy can improve the transparency to a more considerable extent that can help drive up the government revenues to a large extent.In this edition of Banking CIO Outlook, we are including some of the players who are changing the payment landscape in the Middle East.Let us know your thoughts!Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com AUGUST - 19 - 2020, Volume 06 -06 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Sebastian Jacobsebastian@bankingciooutlook.comVisualizerManaging EditorJames RobertsonThe Transforming Payment Landscape of the Middle EastJames RobertsonManaging Editor editor@bankingciooutlook.comAbhilash PunnolipparambilCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAsher Blake
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