The payment company said that payment volume was up 27% in 2018 from the year before, and number of transactions was up 44%. Visa predicts a threefold increase in the regional e-commerce market overall by 2022.
The figures were disclosed at the second edition of Visa’s eCommerce Summit for the Middle East and North Africa (MENA) region in Dubai.
Marcello Baricordi, Visa’s General Manager for Middle East and North Africa, said: “Our data shows that MENA eCommerce recorded a double-digit growth in 2018, led by 27% increase in payment volume and 44% increase in online transactions over 2017. And with online shopping in the Middle East and North Africa estimated to grow nearly three-fold by 2022, the economic opportunity to be gained by modernizing the eCommerce experience is massive for both merchants and banks. By pooling knowledge and working closely together, we must focus on redefining what online and mobile shopping means to today’s consumers, offering them more seamless, rewarding and secure experiences.”