GCC’s e-commerce to get fivefold growth boost in 2015
Middle East banks can learn the latest digital payment strategies at Gitex Technology Week 2015 to support the GCC’s rapidly-growing e-commerce market, set to reach $15 billion in 2015, experts said.
Banks in the GCC are under pressure to innovate digital services over the next two years, as cash is becoming obsolete, consumers are becoming bankers, and banks adopt “smart” solutions, according to a new report by Frost & Sullivan.
As a result, the e-commerce market in the GCC is climbing by nearly five-fold over the past five years, from $3.3 billion in 2010 to $15 billion in 2015, according to a report by AT Kearney.
Advanced banking technologies that will be on display at Gitex Technology Week 2015 include biometric identification authentication, digital payment tokens, and Bluetooth payments, cybersecurity threats, and how banks and financial institutions can use Big Data to transform the customer experience. Details