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The payments industry has seen remarkable growth due to digitalization, new payment methods and technologies, and demand for instant and cross-border payments. The MENA digital payments market is expected to grow from $204.17 billion in 2023 to $343.27 billion by 2028, at a CAGR of 10.95 per cent. The Central Bank of the UAE has launched an instant payment platform, compelling banks to accelerate their strategies to remain competitive. Banks must continue to meet, and exceed, customer expectations to grow and thrive. New technologies such as AI and analytics present growth opportunities, with McKinsey estimating that the annual potential value of AI and analytics for global banking could be as high as $1 trillion.
