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Santhosh Rao , Senior Vice President , Sales – MEASA , ACI Worldwide 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 futureproofing 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 , cashbased 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 added : “ Active collaboration is the cornerstone of a thriving real-time payment ecosystem , fostering an environment where
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