Middle East and North Africa region spent USD91 billion on online transactions in 2011

E-commerce expanding in the Mena region

In an interview with Khaleej Times, CashU’s CEO Martin Waldenstrom said that the Mena region is expanding greatly. “A lot of e-commerce-based businesses have started recently especially in the region,” he said. The big names in daily deal sites in the region include Groupon, Cobone and GoNabit. CashU feels the growing competition and hence has released new improvements allowing users to renew their Al Jazeera subscriptions online. It has also released a product which can fund users’ CashU accounts using existing credit cards. 

In other Mena news, online payments recently got a huge boost as a partnership between Middle East Payment Services (MEPS) and MOBIbucks was announced on 4 Jan 2012, which will provide consumers with the first contactless method of payment in the region. MEPS is a consortium of 7 Arab Banks providing payment processing services in the Middle East. Also, new statistics revealed that internet users under 25 are the ones who spend the most online, which is promising as that generation starts working and spending more.

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