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Gen Z Spearheading Payment Innovation In The Middle East

According to new data, Gen Z’s adoption of new payment technology is driving widespread growth across the MENA region.

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gen z spearheading payment innovation in the middle east

As Gen Z begins to make its presence felt in economies worldwide, the technological proficiency of the demographic is driving innovation in the digital space. In the Middle East — and the UAE especially — research shows a sharp drop in cash purchases as digital payments and their associated technology become commonplace.

According to data from Amazon Payment Services, a digital payment revolution is taking place in the UAE, with contactless and app-based transactions rising at a compound annual growth rate of 18.3% between 2021 to 2023.

“About 61% of Gen Z in the UAE have digital wallets, which indicates that they are adopting new ways of payments and technology. On the other hand, millennials have access to disposable income. Many of them are entrepreneurs and are not only users of digital payments from a consumer perspective but also a business perspective. This combination is the unbeatable match in the region,” says Peter George, Managing Director of Amazon Payment Services.

Also Read: Best Video Streaming Services In The Middle East

According to George, travel, hospitality, and airlines have seen the most significant changes in payment preferences. By 2023, however, the UAE, Saudi Arabia, and Egypt’s digital payment sectors are expected to double in size across the board. High rates of internet use, a fintech boom, and a comparatively young population are driving the digital payment sector, eventually leading to a trickle-down effect allowing small businesses to flourish.

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Lebanese Newspaper Builds AI President To Beat Political Crisis

The move by media outlet AnNahar comes after 13 failed attempts by the Lebanese parliament to elect a new leader.

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lebanese newspaper builds ai president to beat political crisis
OurPresident.ai

In a world first, Lebanon’s AnNahar Newspaper has built an artificial intelligence model designed to carry out presidential duties for the politically troubled country. Lebanon has been without a sitting president for two years after thirteen failed attempts by the nation’s parliament to elect a suitable candidate.

The new AI President’s deep learning algorithm was fed over 90 years of impartial journalism from AnNahar’s archive stretching back to the 1930s. The AI leader analyzes not only historical data but also current events and is able to formulate solutions for all manner of political, legal, and governmental questions. By tapping into such a vast knowledge base, Lebanon’s AI President will have a deep understanding of the country’s past, as well as an unbiased take on the challenges the nation faces going forward.

lebanon our president ai platform annahar

The new AI President was unveiled in a recent live broadcast. Nayla Tueni, editor-in-chief of AnNahar Newspaper conducted an interview with the digital leader, asking relevant questions about the current state of Lebanon, and how to fix the country’s difficult political situation. AnNahar has also converted its print newspaper to focus entirely on the new president’s guidance on issues spanning everything from the economy to sustainability and the environment.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

After the interview, Nayla Tueni commented: “As Lebanese people, and especially at AnNahar, we refuse to sit back and allow things to go on as they have. To not have a president for this long is unacceptable and has impacted the country negatively. If the parliament will not do its job to elect a president, then the people will bring to Lebanon a president”.

The AI President will soon be accessible to everyone at OurPresident.ai, Users will be able to ask questions in a similar manner to the likes of ChatGPT and Google Gemini. It is also understood that government officials will also use the tool to help devise new directives.

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