Carding Forum
Professional
While some governments strive to keep up with the digital age, many Middle Eastern countries are outrunning it and emerging as leaders in the innovation market. In recent years, e-government has become one of the most widespread innovations in the region.
It all started with successful initiatives in the United Arab Emirates (UAE), then expanded to the Kingdom of Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, Pat Patel writes in his blog. In particular, the UAE has made the biggest leap in terms of e-government development in the world - it has risen in the ranking from 49th place in 2010 to 28th in 2012. Dubai's Smart Government story is one of many e-government success stories in Dubai, for which the UAE received the United Nations Civil Service Award in 2021.
Currently, there is an opportunity for businesses and consumers to receive additional benefits from investments in the payment infrastructure of the region, which should complement the electronic initiatives of the state.
In the main, the Middle East still has a growing, fragmented payments ecosystem, with a high proportion of cash and checks, but also rapidly growing card transactions. There is now an opportunity to increase the volume and efficiency of the clearing and settlement infrastructure and increase access to them. At the heart of this opportunity is the need to invest in real-time payment systems. The benefits of such systems are varied - from reduced costs of doing business in the region to convenient secure access to payment systems for consumers, companies and government (both through the services of banks and without them).
Launching national payment services such as FAST, which recently launched in Singapore, or Faster Payments Service, which launched in the UK in 2008, will mean building infrastructure to support a range of new banking and payment services not currently found in the Middle East. At the macro level, the introduction of such technology will bring tangible benefits to national economies by increasing the liquidity and efficiency of the payment system, which, in turn, will support GDP growth. These benefits will be particularly beneficial for national governments (tax increases and cuts in treasury or treasury costs), as well as central banks and other stakeholders in the electronic payments industry.
Already, mobile technology is the most important catalyst for fundamental change around the world. The countries of the Middle East also have an advantage here. According to a recent Google study, the mobile penetration rate in the Persian Gulf is estimated at 180% (there are several SIM cards for every citizen - ed.). This is higher than in Russia (160%), USA (108%) and China (78%). There is a great opportunity for businesses and e-payment companies to leverage the high penetration of mobile communications to develop value-added payment services for all citizens.
It all started with successful initiatives in the United Arab Emirates (UAE), then expanded to the Kingdom of Saudi Arabia, Qatar, Oman, Kuwait and Bahrain, Pat Patel writes in his blog. In particular, the UAE has made the biggest leap in terms of e-government development in the world - it has risen in the ranking from 49th place in 2010 to 28th in 2012. Dubai's Smart Government story is one of many e-government success stories in Dubai, for which the UAE received the United Nations Civil Service Award in 2021.
Currently, there is an opportunity for businesses and consumers to receive additional benefits from investments in the payment infrastructure of the region, which should complement the electronic initiatives of the state.
In the main, the Middle East still has a growing, fragmented payments ecosystem, with a high proportion of cash and checks, but also rapidly growing card transactions. There is now an opportunity to increase the volume and efficiency of the clearing and settlement infrastructure and increase access to them. At the heart of this opportunity is the need to invest in real-time payment systems. The benefits of such systems are varied - from reduced costs of doing business in the region to convenient secure access to payment systems for consumers, companies and government (both through the services of banks and without them).
Launching national payment services such as FAST, which recently launched in Singapore, or Faster Payments Service, which launched in the UK in 2008, will mean building infrastructure to support a range of new banking and payment services not currently found in the Middle East. At the macro level, the introduction of such technology will bring tangible benefits to national economies by increasing the liquidity and efficiency of the payment system, which, in turn, will support GDP growth. These benefits will be particularly beneficial for national governments (tax increases and cuts in treasury or treasury costs), as well as central banks and other stakeholders in the electronic payments industry.
Already, mobile technology is the most important catalyst for fundamental change around the world. The countries of the Middle East also have an advantage here. According to a recent Google study, the mobile penetration rate in the Persian Gulf is estimated at 180% (there are several SIM cards for every citizen - ed.). This is higher than in Russia (160%), USA (108%) and China (78%). There is a great opportunity for businesses and e-payment companies to leverage the high penetration of mobile communications to develop value-added payment services for all citizens.
