Spending in a post covid world

Published Nov 09

Abdulaziz Alothman

February of 2020 proved to be a month that would forever change the way people interacted with each other. In a region where face-to-face interactions were sometimes the only way to get anything achieved, residents of the GCC were suddenly forced to adopt and implement new, contactless ways of connecting and transacting. This drastic change in our environment has ushered in a new age of innovation and technological advancements that sees the region at the forefront of global innovation. 

Now almost two years removed, people are more accepting of change and are willing to adopt creative ways of conducting transactions. Services such as peer-to-peer money transfers have seen an increase of 156%* as of September 202 in comparison to the previous year. E-commerce transactions have seen a 55%* increase over the same period. Payment gateway transactions have seen a 67.64%* increase in value over the course of the past year. The usage of new online banking services and neo banks such as Ila Bank and Meem has seen massive growth in contrast to the previous days of cash-based transactions in brick-and-mortar locations. Convenience is our generation's gold, and businesses are rushing to lead the pack. This is where Spare’s services come into play. 

Spare offers users the opportunity to break down spending, eliminate negative spending patterns and plan for a healthier financial future. Our vision is to create a user-friendly platform

About the author

Abdulaziz is a Business Development Officer at Spare. He aims to make the world an easier place to transact while also trying to not miss whatever game is on.

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