State of payments 2016

PAYFORT State of Payments 2016 report to reveal new insights into Arab world’s buying habits

May 12, 2016

Report examines e-payment and e-commerce markets; adds extensive consumer survey to reveal region’s shopping behavior

PAYFORT, the leading online payment service provider in the Arab world, will soon publish its third “State of Payments in the Arab World” report, offering up-to-date data and insights in the region’s payment trends and buying habits. The new report, which will be released during Ecommerce Middle East Show in Dubai (31 May – 1 June), will identify key trends in the payments market the 2016 edition plus the findings of an extensive survey of consumer buying habits.

PAYFORT’s State of Payments in the Arab World has become the standard reference for payments and ecommerce trends in the region, being quoted in global, regional and local media and referred to on conference platforms across the world. In fact, thousands of businesses download the free online report each year. The 2016 edition of the report is expected to be even more popular, with the addition of an extensive section on key consumer buying data and insights into consumer behavior in the region.

“There seems to be a keen sense of anticipation about this year’s State of Payments report,” said Omar Soudodi, Managing Director of PAYFORT. “Online commerce has performed particularly well across the region over the past year, against a backdrop of economic, social and political challenges. This year’s report will detail exactly how the region’s online market has grown, which country markets have grown in size and which industry sectors have performed the best.”

Businesses have come to rely on the annual report for statistics and predictions about the Arab world’s payment and ecommerce markets. The State of Payments provides statistics and trends on payment transactions for the seven key Arab markets which PAYFORT operates in (Egypt, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia and the United Arab Emirates) and four key online business sectors (airlines, travel, ecommerce and entertainment).

The State of Payments 2016 report will also feature the findings of a new survey of consumer buying habits in the region, to include key influences for shoppers, buying behaviours and consumer preferences for products and services.

“The volume and variety of online purchases made in the Middle East continues to grow, with the number of online buyers increasing by nearly 14% from 2014 to 2015,” said Soudodi, “As competition grows and online consumers become more sophisticated, understanding the unique demographics and habits of Middle East consumers becomes all the more important for online businesses. This year’s State of Payments report will provide businesses with a broad range of useful information on Middle East consumers.”

As usual, The State of Payments in the Arab World report provides market size estimates for the past two years, plus a long term forecast, both by country market and by market sector. The report also addresses the payment transaction challenges faced by online businesses in a region that has quite varied rates of credit card adoption and different online payment preferences.

“PayFort’s goal is to help businesses in the region take their online sales and payment options to the next level, equipping them with the tools to offer their customers an increasingly wide range of secure, easy-to-use e-payment options,” said Soudodi, “We also strive to keep our clients updated on the dynamics of the market and what lies ahead for the Arab world. This report provides crucial information for business planning, both for existing online businesses and new players.”

The report’s analysis is derived from the markets in which PAYFORT operates. The report will be available at no cost for those who register at www.stateofpayments.com

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