INTERVIEW
IBM
IBM ENABLE INSTANT PAYMENTS IN KSA
CNME Editor Mark Forker spoke to Elhadji Cisse, Executive Partner and MEA Head of Core Banking & Payments, IBM Global Business Services, about the shift towards a cashless society, the role it is playing in the first instant payments system in the KSA – and how the company has sustained its success over the years. global health organisations that banknotes pose low risk of spreading the virus, many countries have restricted cash as a measure of caution. Therefore, this has dramatically impacted consumers behavior towards cash. Another factor that caused this surge to non-cash transactions is the implementation of lockdowns.
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As lockdowns went into effect all around the world, customers turned to digital commerce sites, which has resulted in a marked increase in the e-commerce penetration rate. Taking Saudi Arabia as an example, we are witnessing growth in online shopping and believe that improvements in the
Elhadji Cisse Executive Partner and MEA Head of Core Banking & Payments, IBM Global Business Services
online payments landscape are bound to drive Saudi’s cashless economy transformation forward.
T
here has been a
services is often a matter of habit,
Personally, I am in support of
shift towards a
conditioning and familiarity.
a cashless society, and conduct
cashless society over
As a result, material change to
almost all my transactions by
the last number of
payment behaviors often involves
card, or e-wallet. However, I
years, but similar to digital
a long journey toward incremental
do understand why there has
transformation initiatives,
improvements.
been strong and vocal criticism
this movement has been
and condemnation of a cashless
accelerated by the onset of the
somehow tremendously
society from some quarters,
COVID-19 pandemic. As an
accelerated this digital payment
especially when millions
expert in this area, why has
improvement by creating an
remain unbanked. The labour
there been such a surge to have
unprecedented global appetite
workforce in the UAE is almost
non-cash transactions in our
for changes to how a payment
exclusively unbanked, so as a
day-to-day lives?
is executed.
direct consequence of propelling
How we pay for goods and
MAY 2021
However, COVID-19 has
Despite assurance from
the move towards a cashless
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