FinTech LIVE Dubai: Digital Payments Panel

July 23, 2024

undefined mins

We speak to Cem Soydemir of Swift and Omer Shatzky of Wix on the latest trends in digital payments from the GCC region

Earlier this year at FinTech LIVE Dubai, we spoke to Cem Soydemir, Head of Payments Go-To-Market, MEA, South & Central Asia at Swift, and Omer Shatzksy, Head of Risk & FinTech at Wix.com, on the ways digital payments are transforming the finance landscape in the GCC region.

Indeed, the rise of digital payments has transformed how consumers and businesses interact in the modern economy.

Consumers demand instant payments & business benefits

On the consumer side, there is a growing demand for instant, frictionless payments - both domestically and internationally. "Customers are now very used to having instant payments, peer-to-peer payments, faster payments, less costly payments and predictable payments," notes Cem.

This expectation has carried over to cross-border transactions as well, with consumers seeking transparency on fees and foreign exchange rates, reliable delivery and the ability to track payments.

The COVID-19 pandemic accelerated the shift to digital, with a surge in online shopping and mobile payments. As Omer explains: "There was a huge surge into online commerce, online shopping because we didn't have any option." This has made consumers more comfortable with digital wallets, buy-now-pay-later options and personalised checkout experiences.

For businesses, digital payments offer several advantages. Cem highlights how treasury management systems and APIs enable companies to make bulk payments efficiently, reducing operational costs. Omer adds that digital payments allow businesses to be open 24/7, receive instant authorisations and collect valuable customer data to tailor experiences.

However, the push for convenience must be balanced with robust security measures. As Omer, who heads risk management, explains: "I don't want to be the gatekeeper, right? I want to be the customer advocate that does push them to buy, but I want to make sure that the bad guys are being thrown away."

Advancements in tech promoting security in digital payments

Advancements in technology are helping strike this balance. Two-factor authentication, biometric challenges, tokenisation and risk-based approaches allow businesses to implement strong security while maintaining a smooth user experience for most customers.

"Depending on the ticket size, depending on the customer location, depending on who is the merchant I'm billing, I'm building a custom-made risk profiling in a way that only the higher risk will be getting more, I would say advanced or more difficulties down the road," Omer elaborates.

As digital payments continue to evolve, the industry faces the ongoing challenge of meeting consumer demands for speed and simplicity while protecting against fraud and data breaches.

Success will depend on leveraging new technologies and data analytics to create seamless yet secure payment experiences. By doing so, businesses can capitalise on the opportunities presented by the digital economy while safeguarding their operations and customers.