(MENAFN- mslgroup) PayerMax concluded its successful participation as a gold sponsor at Seamless Middle East 2023, which took place on 23-24 May, 2023. PayerMax showcased its cutting-edge digital payment solutions and shared its expertise with industry peers. Essay Zhu, Chief Operating Officer at PayerMax, delivered a keynote address on the "Role of Digital Payments in Shaping a 100% Cashless Society in MENA: Enhanced Transparency, Efficiency, and Convenience" at the event. Her presentation highlighted PayerMax's innovative solutions and their impact on the digital payment landscape in the Middle East. Meanwhile, Essay also presented the award to Saudi Payment, the Instant Payment System owned by the Saudi Central Bank (SAMA), as the winner of the "Best Payments Experience" award.
The company is committed to driving the adoption of digital payments across the MENA region and beyond, fostering a more inclusive, secure, and sustainable financial ecosystem. In her presentation, Essay discussed the ambitious goals and visions set by various countries in the MENA region. Saudi Arabia aims to have 70% of transactions be non-cash by 2030, while Bahrain's Economic Vision 2030 envisions the country becoming a fully cashless society. The UAE's Smart Dubai Strategy focuses on creating a paperless and cashless government, which includes the development of the Central Bank Digital Currency (CBDC) – the Digital Dirham. Further, Egypt has taken proactive measures by developing national payment systems and supervised frameworks to reduce the risks associated with digital payments.
Essay also highlighted the growing importance of ESG in MENA's cashless agenda and PayerMax strives to contribute to ESG goals with our partners. In addition, she shared insights on how to tackle pain points with payment products, such as reducing digital payment risks by using proactive fraud analytics and reducing chargebacks by over 80% through risk management.
Reflecting on the event, Essay said: "The MENA region is witnessing a rapid shift towards digital payments, driven by the need for greater transparency, efficiency, and convenience. PayerMax is at the forefront of this transformation, and we were proud to be a gold sponsor of Seamless Middle East, which brought together the brightest minds in the financial ecosystem. Our participation highlighted our commitment to driving the digital payment revolution, and our involvement in this prestigious event demonstrated our dedication to empowering businesses and consumers to embrace a cashless future."
Besides, PayerMax is also planning to attend Seamless North Africa (July 2023) and Seamless Saudi Arabia (September 2023), and dive into more issues in the payments space with industry partners in FinTech. “There are 8 million SMEs across Egypt, contributing 80% of the GDP and employing over 20 million people. At Seamless North Africa in Egypt, we want to leverage PayerMax's extensive experience in outgoing payments to discuss the realities of how companies can use mobile wallets to pay suppliers and pay their employees. And in Saudi Arabia, a country where the gaming industry is booming, we want to draw on our many years of experience in the digital entertainment industry to share PayerMax's views and experience on money security issues” Essay added.
The MENA region is home to a young, tech-savvy population, and the demand for digital payment solutions is growing. PayerMax is well-positioned to profit from this expansion as it has a history of innovation, and its solutions are tailored to meet the needs of regional businesses and consumers. PayerMax is dedicated to promoting the adoption of digital payments in the MENA region and is confident that its solutions will contribute to developing more inclusive, secure, and sustainable financial ecosystem.
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