The Middle East is an ever evolving region but amid the political and economic instability which continues to challenge the region, the banking and payments industry has been flourishing. With oil prices forecast to remain low in the coming years, there is a renewed focus on developing alternative industries in oil-dependent countries, and financial services is one of the prime areas of focus.
Traditionally a cash-heavy region, credit cards began to gain a foothold in the early years of the millennium as banks tapped into the potential presented by expatriate professionals arriving to work in the Arab Gulf states. The consumer credit patterns of this segment, coupled with the high spending and frequent travelling of a wealthy elite, has formed the basis for a highly profitable credit cards industry.
Verisk Financial Research's Merchant Acquiring Middle East report takes a data-driven look at the government initiatives, regional variations, payments infrastructure, demographic trends, and key players driving the region's cards markets.
Merchant Acquiring Middle East provides a commentary on the key themes in each country's cards and payments market, plus a regional benchmarking overview including:
Databanks going back to 2010 for each country feature:
Merchant Acquiring Middle East is essential reading for cards and payments professionals seeking to understand and profit from developments in the region's merchant services market.
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