Ripple Survey (2024) highlights blockchain payment adoption in the Middle East and Africa, with 52% of respondents prioritizing blockchain currencies for customer payments.
Ripple Survey Reveals Blockchain’s Growing Influence in MENA Payments
Blockchain technology is reshaping financial landscapes across the Middle East and Africa (MENA), with a focus on payments, digital assets, and cross-border transactions, according to Ripple’s 2024 New Value survey.
Ripple’s Managing Director for the MENA region, Reece Merrick, shared the findings on Monday, emphasizing the significant adoption of blockchain-based solutions in the region. The survey gathered insights from nearly 2,000 financial leaders globally, including over 200 respondents from the UAE, Saudi Arabia, and Turkey.
Among the key applications for blockchain cited by MENA respondents:
- Customer payments using blockchain-based currencies (52%).
- Accepting payments in blockchain currencies (47%).
- Trading other digital assets, such as tokenized securities or real-world assets (42%).
Merrick noted that cross-border payments in blockchain currencies (38%) remain a priority for many institutions, reflecting the growing demand for more efficient international financial transactions.
UAE as a Global Hub for Digital Asset Innovation
The UAE’s regulatory advancements and blockchain initiatives were highlighted as pivotal in driving financial innovation in the region. Merrick pointed to dirham-backed stablecoins and progressive legal frameworks as critical to streamlining cross-border payments and remittances.
Ripple’s survey underscores the rising importance of asset tokenization in the Gulf Cooperation Council (GCC) region. This trend aligns with economic modernization efforts in Saudi Arabia, Bahrain, Qatar, and Morocco, which are investing heavily in blockchain integration.
Blockchain’s Future in MENA Finance
Merrick predicts that by 2025, blockchain will be deeply embedded in the region’s banking systems, transforming financial services and enhancing efficiency across key markets. He reiterated Ripple’s commitment to expanding the digital asset ecosystem in MENA.
For more insights, access Ripple’s 2024 New Value report and explore the region’s path to blockchain-powered financial innovation.
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