Fraud, security and risk management are considered to be the biggest concerns affecting a majority of the financial institutions and multi-channel retailers in the Middle East and North Africa (MENA), according to a new study.
The study titled, GCC Payments Innovation Survey 2014, was unveiled by Network International, a payment solutions provider in the Middle East.
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In the survey, 53% of respondents noted that fraud and security are the major payments issues affecting their organizations.
About 45% rated that cost of accepting card payments along with narrowing margins for payments is another key challenge for the stakeholders.
In addition, 51% of the respondents felt that risk management represents an important focus area for them.
Nearly 43% of the industry stakeholders noted that mobile payments offer a significant opportunity for banks and retailers in the region.
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By GlobalDataNetwork International chief executive officer, Bhairav Trivedi, said: "By addressing an array of topics, ranging from challenges, opportunities, innovations and future drivers for the regional payments sector, we are confident that the outcome of the study will serve as reference material for a wider spectrum of stakeholders including financial institutions, merchants, and regulators."
