A PYMNTS Global Cash Index™ published on 11th September 2018, finds that Middle Eastern consumers made $0.9 trillion in cash payments in 2016. What's more, the figure is expected to rise to $1.4 trillion by 2021.
The report concludes that cash continues to play an imperative role across the Middle East and Africa.
- Cash share accounted for 60 percent of South Africa’s gross domestic product (GDP), as well as 37.5 percent of Saudi Arabia’s GDP. (page 3)
- Overall, the Middle East’s GDP is expected to grow 12 percent between 2016 and 2021.
Overall, consumers seem to be increasing their usage of digital spend management tools for other financial needs. When it comes to making day-to-day payments, however, they continue to favor cash over digital alternatives (p. 2).