The Middle East and North Africa (MENA) e-commerce market witnessed a 27% increase in payment volume and 44% increase in online transactions in 2018 over 2017, indicates data from global payment solutions company, Visa.
“With online shopping in the Middle East and North Africa estimated to grow nearly three-fold by 2022, the economic opportunity to be gained by modernising the e-commerce experience is massive for both merchants and banks. By pooling knowledge and working closely together, we must focus on redefining what online and mobile shopping means to today’s consumers, offering them more seamless, rewarding and secure experiences,” says Marcello Baricordi, Visa’s general manager for Middle East and North Africa.
Visa works closely with merchants, financial institution partners and governments, enabling them to unlock new commerce opportunities and develop seamless consumer solutions that leverage Visa’s APIs and one of the world’s largest payment processing and acceptance network.
“By leveraging Visa’s expertise, innovative digital solutions, analytics, as well as the largest global network of merchants, we can support our merchant and bank partners to design and deliver frictionless consumer experiences. We want to continue fostering an environment of learning and collaboration so that opportunities for e-commerce can be harnessed and capitalised by all players in the ecosystem,” adds Baricordi.