How fintech is shaping the future of e-commerce
As e-commerce has boomed, it has reinvented the consumer’s traditional path to purchase, forming new customer experiences, disrupting business models, and creating growth opportunities for retailers of all sizes in addition to giving way for a new generation of solely e-commerce players.
In the past 10 years, another rapidly growing sector is fintech. In the MENA region, the burgeoning fintech market is expanding swiftly at a CAGR of 30 per cent. What’s interesting is how fintech and e-commerce have become intrinsically intertwined. As e-commerce surged during the pandemic, the consumer demanded more, and they wanted it faster and better. We quickly realised that we possessed the know-how and experience to meet these growing needs and could leverage our expertise to provide a more efficient, convenient, and streamlined alternative to instore purchases.
In a post pandemic world, consumers are living a new way of life, focused on efficiency and convenience. Fintech solutions are facilitating payment processing, essentially optimising the checkout process and removing any points of friction. For example, most e-commerce websites offer the ability to save payment and shipping information, along with automatic checkout and one-click buying options, all of which decrease checkout times significantly and deliver a more efficient experience for the customer. The checkout process was improved even further through digital wallets and virtual credit and debit cards, which offer a more secure online alternative to traditional card payments.
Virtual cards are actually a significant driving factor of ecommerce growth in the region, giving the unbanked population an opportunity to participate in e-commerce. Within the UAE alone there are 1.7 million individuals without a bank account, making up 32 per cent of the working population. Virtual cards can be used for online or in-app purchases, wherever the international card brand is accepted. Finances are easily managed through the app, with […]
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