• About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Privacy Policy
  • Contact us
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
No Result
View All Result

The Middle East Is the Fastest Growing Real-Time Payments Market Globally, Finds ACI Worldwide Report

by CXO Staff
May 29, 2024
in News

The surge in real-time payments correlates with the region’s steady progress toward a cashless-economy

The Middle East Is the Fastest Growing Real-Time Payments Market Globally, Finds ACI Worldwide Report

For the second consecutive year, the Middle East is the fastest-growing real-time payments market globally, according to the 2024 Prime Time for Real-Time report, published by ACI Worldwide in partnership with GlobalData. In the Middle East, real-time payments are swiftly emerging as a bedrock of modern economies. With governments in the region implementing real-time payment schemes, businesses and consumers are experiencing tangible benefits, propelling the region into a new era of financial transformation and opportunity.

The region saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions, which is projected to grow to 3 billion by 2028, a 2023-2028 CAGR of 28.8%. Last year marked a significant milestone as Oman, Kuwait and Qatar each launched their national real-time payment schemes, joining the more established regional players such as Saudi Arabia, Bahrain and the UAE. With all six GCC member states now running real-time payment programmes, transaction value in the Middle East is projected to rise from US$230 billion in 2023 to US$903 billion by 2028. Bahrain is one of the most developed payment markets in the Middle East, with real-time payments accounting for nearly 50% of the total payment volume in the country and the majority of all electronic payments.

“Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernising and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments,” said Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA.

The surge in real-time and electronic payments signals the Middle East’s determined shift towards a cashless economy. In 2023, electronic transactions dominated, comprising over 50% of all transactions in the region and a staggering 95% of the transaction value. Notably, real-time payments accounted for 12% of the region’s electronic transactions last year, a figure set to soar to 22% by 2028, outpacing Europe and North America. The ACI report paints a compelling vision of a cashless economy — by 2028, cash-based transactions will dwindle to a mere 3% of all transaction value in the region.

Drawing on the insights gained from the report’s analysis of factors driving the success of real-time payments in the countries that currently lead global adoption, Rao said, “Active collaboration is the cornerstone of a thriving real-time payment ecosystem, fostering an environment where banks must navigate a delicate balance of competition and cooperation with emerging market players. The world’s most successful real-time payment schemes, exemplified by India’s achievements, showcase a myriad of real-time payment methods via QR codes, mobile apps, or online accounts, pushing the boundaries of innovative use cases. With the Middle East leading the world in real-time payments growth, financial institutions should seize the opportunity to carefully study these successes and extract valuable insights to inspire the launch of their own pioneering real-time payment solutions.”

Tags: ACI Worldwide Reportfeatured2GlobalData
ShareTweet

Related Posts

SentinelOne accelerates secure cloud migrations for AWS customers
Future

SentinelOne accelerates secure cloud migrations for AWS customers

SentinelOne announced that it has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Workload Migration Programme, a programme...

June 16, 2025
Genetec brings powerful new capabilities to Security Center SaaS
Future

Genetec brings powerful new capabilities to Security Center SaaS

Genetec announced new updates to Security Center SaaS, the company’s enterprise-grade Security-as-a-Service (SaaS) solution. Since its launch, Genetec has delivered...

June 16, 2025

Discussion about this post

Latest Issue

SentinelOne accelerates secure cloud migrations for AWS customers

SentinelOne accelerates secure cloud migrations for AWS customers

June 16, 2025
Genetec brings powerful new capabilities to Security Center SaaS

Genetec brings powerful new capabilities to Security Center SaaS

June 16, 2025
Milestone Systems acquires brighter AI, adding state-of-the-art anonymisation technology

Mindware expands Autodesk relationship

June 16, 2025

The most trusted source of strategic intelligence for IT decision makers in the Middle East.

About

  • About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Contact Us

Policies

  • Privacy Policy

© 2024 – CXO Insight Middle East. All Rights Reserved.

Facebook-f X-twitter Linkedin
Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden.

About

  • About Us
  • Site Map
  • Contact Us
  • Career

Policies

  • Help Center
  • Privacy Policy
  • Cookie Setting
  • Term Of Use

Join Our Newsletter

© 2024 – CXO Insight Middle East. All Rights Reserved.

Facebook-f Twitter Youtube Instagram

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Join our mailing list
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
No Result
View All Result
  • News
  • Opinions
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
  • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CX50 Oman
    • CXO50
    • ICT Awards
      • Dubai
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2023
    • All events
  • Videos
  • GITEX GLOBAL
  • Digital Magazine

© 2024 - CXO Insight Middle East. All Rights Reserved.