This vast region presents a unique blend of highly digitized economies and those still heavily reliant on cash, offering a microcosm of future payment challenges. These challenges include financial inclusion, reducing cash usage, digitizing SMEs, modernizing banks, developing cross-border payments, fostering fintech growth, cybersecurity, and integrating new payment rails like stablecoins. Visa's regional president for CEMEA, Tareq Muhmood, notes that commerce is entering a new, more intelligent and integrated phase.
The region has seen a significant shift away from cash, with its share in payments dropping from approximately 70% before the pandemic to nearly 50% today. The number of Visa ID holders in the region increased from 350 million to 480 million in two years, and the acceptance network expanded from 11 million to 21 million points. However, Visa estimates that about 90 million small businesses in the region still do not accept digital payments, representing a major growth opportunity.
Shahebaz Khan, Head of Commercial Solutions and Money Movement for CEMEA, highlights that payment transformation often begins with small businesses, which need faster payments, better cash management, and easier access to financial services. Visa is addressing this with solutions like Visa Accept, which allows merchants to use their smartphones as
