DATA SECURITY PAYMENTS
Rewards in Real-Time Johnson Sasikumar Deputy CEO, Paytabs Group outlines the positive effects of real-time payments across our region
H
ow does our region ra n k a g a i n st ot h e r wo r l d m a r ket s i n terms of payment modernisation?
The Middle East is fast catching up with leading global markets in payment modernisation. Regulatory bodies and frameworks like Saudi Arabia’s SAMA and the UAE’s Central Bank’s efforts to create real-time payment infrastructures are propelling the region forward, making it a competitive player. The region’s key fintech players like PayTabs provide exceptional real time payment solutions that are simple, secure and scalable to drive local commerce and power financial inclusion across the region via our modernised payment orchestration platform which is capable of processing payments worth billions in split seconds.
How will real-time payments benefit the economies of our region? Real-time payments have the potential to significantly boost the Middle East’s economies by enhancing liquidity, reducing transaction costs and facilitating smoother cross-border trade. The instant availability of funds allows businesses to manage cash flow more effectively, pay suppliers promptly and reinvest capital without delays, thereby driving economic efficiency. Consumers, too, benefit from faster, more reliable transactions, which can improve financial stability and access to funds. Moreover, the reduction in transaction costs— particularly important for SMEs—enables broader participation in both domestic
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technologies, enhancing customer experience and offering value-added s e r v i c e s s u c h a s p e rs o n a l i s e d financial advice and fraud protection. Collaborating with fintech’s and staying agile in adopting new innovations will also be key.
Can real-time payments have inclusivity benefits for lower earners or the unbanked?
Johnson Sasikumar, Deputy CEO, Paytabs Group
and international markets. Real-time payments also support financial inclusion by reaching underbanked populations, integrating them into the formal economy and contributing to poverty reduction. Additionally, by promoting innovation in the financial services sector and aligning with government initiatives such as like PayTabs does across the MENA region, real-time payments can foster a more competitive, transparent and resilient economic environment across the region. For PayTabs, this presents an opportunity to lead in shaping the future of payments, driving both economic growth and financial inclusion.
How can banks maintain a competitive edge in the era of real-time payments? Banks can maintain a competitive edge by investing in advanced payment
Banking and Finance news in the MEA market
Real-time payments can promote financial inclusion by providing instant access to funds for those in the lower income brackets and the unbanked. This can be particularly impactful in regions where traditional banking services are limited, enabling more people to participate in the formal economy. In fact, one of PayTabs’ goals is to challenge the status quo to build a world class financial platform out of Saudi Arabian soil to elevate into a regional service entity that transforms people’s everyday payment habits to foster financial inclusion. What are the possible drawbacks of real-time payments? The main drawbacks include increased exposure to fraud due to the speed of transactions and potential challenges in dispute resolution. Banks must ensure that robust security measures are in place to mitigate these risks while balancing the need for rapid, seamless payments. What are the leading benefits of the use of AI in real-time payments? AI can enhance real-time payments by improving fraud detection, optimising transaction processing times and providing personalised insights to users. AI-driven analytics can also help banks better understand customer behavior, allowing for more targeted offerings and improved service delivery.