Online payment in GCC

Online payment in GCC


Online payment in Saudi Arabia, Kuwait and other GCC countries is on the rise In the last two years, we witnessed a huge growth in ecommerce and online payment In Saudi Arabia, Kuwait and other Gulf countries Numerous factors came into play Social media changed the concept of buying amongst users in the Gulf People now trust these methods more There’s Knet in Kuwait and Sadad in Saudi Arabia As well as credit cards and so forth Out of 1.800.000 companies in Saudi Arabia, less than 1 percent allow users to pay online Yet online payment holds many benefits to these businesses Last year, ecommerce transactions in Saudi Arabia were valued at around 6 billion dollars In 2020, this number will reach 22 billion dollars Few barriers must be removed first Very few countries in the Gulf have ecommerce regulations The Ministry of Commerce and Investment in Saudi Arabia recently drafted a law for ecommerce businesses There is no doubt entrepreneurship is growing in the region but we need more accelerators There are many accelerators now in Kuwait and Saudi Arabia but we still need more so we can help startups and entrepreneurs and put them on the right path

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