Financial Technology and its applications have flourished in many areas in the financial and business sectors. Digital transactions are expected to reach $ 10 billion in the Middle East, and artificial intelligence techniques will be used in the digital transformation of digital financial transactions.
Digital Transactions Forecasts
PayMate, a global provider of digital payments, expects its annual digital financial transactions to grow from $ 4 billion to $ 7-10 billion by the end of 2020, following its collaboration with Global Visa International Digital Payments. PayMate also expects to increase revenues in the Middle East Middle and Central Europe and Africa by 25-30% within 2 to 3 years.
The global payment market is worth $ 417.3 billion in 2018, and the market is expected to grow to $ 7640 billion by 2024, according to market research firm Mordor Intelligence.
The role of PayMate in the Middle East
PayMate Digital Payments helps automate supply chain payments and improve cash flow, as well as providing credit to small businesses through bank interconnection processes, simplifying payments to companies of any size, especially B2B.
The PayMate platform also digitizes the procurement cycle to pay companies, gives it an opportunity to switch payment forms in cash and checks to digital payments, and helps automate vendor payments management, customer payments and invoicing.
The Contribution of AI to the Middle East Economy
Artificial intelligence systems contribute to the development of digital financial processes and to the growth of the international economy. Accordingly, Saudi Arabia will host the first forum for emerging technologies in November 2019 in Riyadh to support economic diversification through the digitalization initiative in Saudi Arabia. In order to improve the technological infrastructure, and raise capital efficiency of people to develop a better environment to cope with digital technology.
The forum will be attended by government agencies and private companies in order to keep pace with the vision of Saudi Arabia 2030 in digital transformation. The forum aims to attract a lot of foreign investments to the technology and technology sector and will discuss the difficulties and challenges of digitization, how to maintain information security, Teaching staff about new technologies.
A report by PricewaterhouseCoopers predicts the share of artificial intelligence in the global economy at $ 15.7 trillion by 2030. The Middle East will also grow by 2% of the world’s total profits of $ 320 billion and is expected to add Artificial intelligence techniques are about $ 6.6 trillion as a result of increased productivity, and $ 9.1 trillion extra as benefits to consumers.
Annual growth rates in digital transformation and the use of artificial intelligence techniques range from 20 to 34 per cent in the Middle East. The most important countries that are growing in digital transformation are the UAE, Saudi Arabia and Egypt, with Saudi Arabia forecasting a profit of $ 135.2 billion in 2030 due to Artificial intelligence techniques will be used in digitization. Artificial intelligence projects in the UAE will generate profits of up to 14% of GDP in the UAE. Egypt will generate 7.7% of Egypt’s GDP, estimated at $ 42.7 billion.
Artificial intelligence techniques will be used in all digital financial transactions, which will launch unique and unique electronic payment systems that are highly customer satisfaction.