FinTech LIVE Dubai: Tausif Ahmed, Country Leader at Worldpay
At FinTech LIVE Dubai, Tausif Ahmed, Country Leader for Middle East & Africa at Worldpay, shared pivotal insights from the 10th edition of their Global Payment Report.
Drawing on proprietary research that surveyed 67,000 consumers and partnered with McKinsey, the session offered a comprehensive look into evolving payment behaviours, emerging technologies and shifting market dynamics across 40 countries.
Digital payments overtake cash and cards
Kicking off the session, Tausif introduced the landmark report, noting that it tracks consumer behaviour at checkout across multiple markets.
The report has earned a reputation as an industry benchmark, valued by merchants looking to refine their payment strategies.
It maps how alternative payment methods (APMs) – once niche offerings like digital wallets, buy now pay later (BNPL), and account-to-account transfers – have grown into mainstream solutions.
In 2014, digital payments represented just 34% of global e-commerce value.
A decade later, that figure has climbed to 66%, with projections to hit 80% by 2030. This shift is even more pronounced at the point of sale, where cash usage has plummeted from 44% in 2014 to 15% in 2024.
“We expect cash to make up only 11% of global POS transactions by 2030,” said Tausif, noting that some governments, like Norway’s, are stepping in to preserve access to cash.
A key factor behind this digital surge is smartphone proliferation.
From just over a billion users in 2014 to more than 4.2 billion in 2024, smartphones have tripled their share of global e-commerce transactions, rising from 19% to 57%.
Their influence is expected to continue growing, with mobile devices projected to account for 60% of e-commerce and 53% of POS transactions by 2030.
The role of fintech and big tech
The presentation highlighted how fintech and big tech players have driven transformation.
Back in 2014, wallets like PayPal, Alipay and Google Pay were still establishing themselves, accounting for 22% of e-commerce and only 3% of POS transactions, mostly concentrated in China.
A decade later, wallet usage has surged to US$15.7trn globally, representing 53% of e-commerce transactions, and is projected to reach 65% by 2030.
The BNPL model also received attention.
“BNPL is up 15,000% over the past ten years,” said Tausif, pointing out its meteoric rise from US$2.2bn in 2014 to US$342bn in 2024.
Notably, Germany and Sweden have adopted BNPL at a rapid pace, where it accounts for 20% and 23% of e-commerce spend, respectively.
Government-backed real-time payment schemes are also reshaping the landscape. Brazil’s Pix, India’s UPI, Poland’s BLIK and Thailand’s PromptPay were cited as leading examples.
In Thailand, these systems now handle 44% of e-commerce and 41% of POS transactions; in Brazil, the corresponding figures are 41% and 32%.
Tausif emphasised the importance of understanding how these systems are shaping consumer expectations and accelerating financial inclusion, especially in emerging markets.
Regional insights: Middle East and Africa
The session concluded with a regional focus on the Middle East and Africa.
“In Nigeria, access to banking increased by 50% in the past decade,” Tausif noted.
South Africa also saw a rise, with financial inclusion jumping from 54% in 2011 to 85% in 2021, largely driven by mobile accessibility.
In the Middle East and Africa, digital payments grew from 29% of transaction value in 2014 to 49% by 2024 and are forecast to hit 65% by 2030.
POS figures echoed this trend, rising from just 1% in 2014 to nearly 33% in 2024.
Saudi Arabia stands out as a market to watch.
“Digital wallets are on track to overtake debit and prepaid cards as early as 2025,” said Tausif. Apple Pay, PayPal, and STC Pay are the dominant platforms.
The Kingdom’s Vision 2030 aims for 80% non-cash transactions, a goal deemed achievable based on current projections.
In the UAE, credit cards continue to dominate with 34% of e-commerce and 35% of POS transaction value in 2024.
But with the launch of the ‘Aani’ real-time network in October 2024, developed with India’s NPCI, adoption trends could soon shift.
Similarly, the introduction of JAYWAN, a domestic debit scheme, marks a challenge to Visa and Mastercard’s dominance in the region.
As Tausif concluded, “Digital wallets are the name of the game right now. Super apps are emerging rapidly, and legacy systems need to adapt quickly.”
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