With the MENA region adopting BNPL faster than Europe and the US, new payment models are on the rise, affecting everything from retailers' strategies to consumers' behaviors.
Paul Carey of Al Futtaim (IKEA), Hosam Arab of Tabby, Miljan Stamenkovic of Mambu, Remo Abbondandolo of Checkout.com, and Megha Merani discuss the steps it takes to move to a cashless society, how to incentivize customers, the impact of BNPL on customers' spending patterns, the challenges new payment methods are posing, tourist-friendly payment options and the future of the payment industry.
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HIGHLIGHTS
1:28 - Challenges of new payments models
7:21 - Customer adoption
14:21- Incentivizing customers
19:53 - Tourist-friendly payment options
22:15 - Customers' buying patterns
25:47 - Responsible consumerism
29:06 - Evolution of payments
31:17 - Pandemic changes
37:00 - Future customer behavior
43:14 - Advice for retailers
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QUOTES
"It's all about the opportunities actually than challenges."
"It's partly customer demographic, partly our brands."
"This region has probably been one of the fastest globally to adopt something like BNPL."
"Incentives, once you take them away, the customer just reverts to the norm."
"It's all about transparency and offering that transparency to the end consumer."
"We're helping customers afford the items they want."
"We promote responsible spending."
"Being able to change and adapt quickly, I think it's key to being agile."
"We're looking very much to leverage the different brands we have and build that customer ecosystem."
"Customers want a bit more than just a payment method."
"It's all about building partnerships and ecosystems."
"The existing banks are failing big on coming up with new products."
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