Paymob's 2024 Fintech Trends to Watch

To closeout the year, we asked a few of our executives to share their predictions for the year in fintech to come. Compiled here are our 2024 fintech trends to watch.

Mostafa Menessy , Co-founder & CTO:

In 2024, I foresee a continued and accelerated shift towards digital, mobile payment solutions in MENA. The decline of cash payments and a significant increase in the adoption of mobile payments will also result in less reliance on cards. Driven by the widespread use of smartphones and enhanced digital infrastructure, NFC-enabled contactless payments will become more commonplace, offering convenience to both consumers and SME merchants. The integration of fintech and open banking will deepen, providing more personalized and efficient financial services. We'll likely see an increase in the use of biometric authentication methods, enhancing the security and user experience of digital transactions. Account-to-Account (A2A) payments will also gain more traction, offering flexibility and convenience for managing finances.??

Mohamed Sadat , Group CISO:

In 2024, quantum computing will take the financial services to the brink of a revolutionary, transformative era. I expect quantum computing to begin redefining the cybersecurity landscape in fintech. With its immense computational power, quantum computing will challenge traditional cryptographic systems, pushing the industry towards the development of quantum-resistant encryption methods. This shift is critical in protecting financial transactions against the emerging cybersecurity threats posed by quantum technology.?

Imane Adel , EVP Strategy

In 2024, I foresee blockchain technology as a key driver in reshaping both B2B and retail payment landscapes. As the financial sector anticipates shifts in the crypto market and increased adoption and technological development with the bitcoin halving and the forecasted launch of Bitcoin Spot ETFs, the fundamental role of blockchain in enhancing payment processes will be pivotal. This technology is set to revolutionize the way we handle transactions, offering unprecedented transparency, speed, and security. Blockchain's ability to streamline operations, reduce fraud, and eliminate intermediaries will be transformative in B2B transactions. In retail, blockchain integration is poised to facilitate efficient cross-border payments, breaking down traditional barriers in international commerce. I expect the coming year to be a turning point, that brings blockchain's potential into sharper focus.?

Mahmoud Emad , VP Product Demand & Delivery

In 2024, I expect account-to-account payments continue to reshape the financial landscape, especially in MENA. The rise of open banking will likely fuel more personalized financial services, making A2A payments more seamless and integrated into everyday transactions. Adding to that, the growing prevalence of biometric authentication coupled with advanced security standards will further enhance trust and safety in digital transactions. As these technologies evolve, they will transform how we manage payments while also bringing more people into the digital economy.?

Mohamed Arab , VP Partnerships

I expect to see consolidation in the MENA payments sector in 2024. This highly commoditized industry is constrained by thin margins, and I believe only fiscally healthy, margin-dense companies will flourish.? Many payments companies are currently operating in a red ocean - race to the bottom - price war scenario. Incumbents and new entrants to the market find it challenging to compete. To weather the coming storm, payments companies need to provide higher margin, value-added services like diversified acceptance methods, aggregated payment solutions,? and ancillary services like lending, while remaining laser focused on the foundational pillars of stability, high acceptance rates, and superior customer service.?

Omar Haddad , General Manager, GCC

In 2024, I expect the UAE to witness significant advancements in real-time instant payments, notably with the influence of Aani, complementing the developments initiated by the launch of the Instant Payment Platform (IPP) in 2023. The introduction of Aani, operated by Al Etihad Payments, along with IPP, marks a major progression in modernizing the UAE's payment systems. This includes enabling instant transfers between Dirham-denominated accounts and expanding capabilities beyond traditional banking frameworks. The rise in digital wallet use and Account-to-Account (A2A) payments, coupled with Aani's innovative payment solutions, is set to significantly catalyse the digital payments landscape in the UAE, encouraging a broader adoption of digital payment methods among consumers and SMEs.?

Hazem Safwat Taher , Regional Marketing Director

With the rapid increase in fintech product offerings for both merchants and end consumers, I expect brands to be more driven towards a specific emphasis on their brand purpose identification and differentiation in 2024. This involves aligning their brand values with the products offered, amplifying this alignment to meet the personalized needs of customers. Moving brands towards more efficient and effective marketing funnels with a focus on creating relevant awareness content, highlighting needs in different forms across multiple social media platforms and paid ads. This makes it easier to reach and target relevant customers personalized to their specific needs and pain points. And of course, AI plays a vital role in expediting content creation, serving as an extra resource on the team for speed. This includes the generation of both textual and visual elements, along with automated funnel analytics and programmatic executions.?

Dima Zalatimo , Global Head of PR & Corporate Communications

In 2024, I expect the MENA region’s fintech sector to increasingly focus on strategic storytelling and digital engagement via AI-driven content creation and personalization. There will be a greater emphasis on utilizing social media to showcase success stories and case studies that demonstrate the tangible benefits of technology solutions. Corporate communications will play a greater role in reinforcing brand values and mission, especially around social and environmental responsibility as consumer expectations become more pronounced. This approach will not only drive awareness, trust and user acquisition and retention, but will also amplify customer centricity in a highly competitive financial services market.?