Mobile Wallet experience for MENA in 2021

How to offer a best-in-class Mobile Wallet experience for MENA:

The Middle East and North Africa are seeing a shift in consumer preferences, developing fintech companies, and supporting regulations that test the digital capabilities of banks and financial institutions. Consumers are going digital, creating new opportunities for the financial market to revolutionize fully integrated mobile wallets across smartphones, laptops, and tablets. A recent GSMA survey shows that the MENA region had 375 million unique mobile subscribers in 2017, which could increase to 459 million in 2025, while the number of smartphone connections could increase by 100%, from 49% to 74% in 2025.

How can banks and financial institutions provide the best mobile payment experience in a fast-growing market? Our post today will help you do that.

The scenarios for mobile wallets in MENA

Even if you think of the digital wallet as a tech buzzword, what do customers want to use mobile money for?

Banking services available

Consumers in the MENA region are willing to use mobile wallets to offer services such as:

• Open a bank account

• Apply for a loan

• Request a credit card

• Get product recommendations

• Savings / Deposit Visit

• Research budget

• Cancellation

Where can banks and financial institutions improve?

While it is possible to move on to less complex services such as checking balances and bank transfers, opening a checking account, getting a loan, and getting a credit card, there is no concrete digital workflow. safety.

Take advantage of loyalty programs and discounts

E-wallets attract many consumers because of the loyalty programs, refunds, and discounts they offer. It makes more sense for a bank or financial institution to digitize banking services such as debt, personal finance, and investments, but customers are turning to their banks to offer more than just bank reservations, bills, and tickets.

Some of the features that interest the mobile wallet user:

• Attractive loyalty programs

• Coupons

• Mobile payment for taxis and convenience stores

• Virtual prepaid card for secure payments

• Payments on personal accounts

• A personal advisor or relationship manager

• Message-based payments

• Take out a personal loan, a credit card, and a mortgage loan through your mobile phone

Where can banks and financial institutions improve?

The biggest gap for consumers is the understanding of products and services; the user interface is not easy to use. If there is a problem, you will be asked to reconnect to customer service and make it a partial digital experience. If banks and financial institutions can improve the availability, security, and awareness of digital solutions for their consumers by providing them with simple, integrated, end-to-end digital solutions, it will help them gain consumer confidence.

Ecommerce is the future

In 2017, e-commerce at MENA reached $8.3 billion, at an annualized rate of 25%. As expected, the number is expected to reach $28.5 billion by 2022. The UAE, the most technological country in the MENA region, has a penetration of 4.2% while Saudi Arabia and the United States of the United Arab Emirates have a penetration of 3.8%. the two sectors represent 60% of the e-commerce market.

Where can banks and financial institutions improve?

Consumers are looking for convenience and security when making an e-commerce transaction. Banks and financial institutions need to work on their integration with channel partners. Starting a mobile wallet as one of the payment options for your favorite brand can help you win the race in the long run.

Destination, cross-border destination

According to a report with the latest 2015 data on international migration stocks, 34.5 million international migrants, including registered refugees, live in the MENA region. Another statistical report from March 2017 – 4.9 million Syrian refugees in the MENA region. In addition, the conflict in Iraq and the Republic of Yemen led to internal displacement. According to the United Nations High Commissioner for Human Rights, Lebanon and Jordan received the largest number of refugees in the world in 2015.

It is also noteworthy that the shipping cost of $200 to the MENA region in 2017 is 7.4%. If we could reduce delivery costs and make it effortless, many migrants at MENA banks and financial institutions would be grateful.

Where can banks and financial institutions improve?

Banks and financial institutions must close the gap in order to provide the government with a solution. What banks need to understand is that ‘the untapped population’ in the form of migrants can be their customers, and if they’re on board with a simple account opening followed by a mobile earning solution, you’re not a ‘customer’. . , but also made financial withdrawals possible.

Electronics, fashion, and beauty in e-commerce

If we have to judge the choice of consumers in the shopping category on the e-commerce platform, electronics comes first, followed by Fashion and Beauty, and we prefer at least (or to a lesser extent) online shopping.

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