Digital payments are now a routine part of commerce across several Gulf markets. Yet faster checkout and easier transfers do not automatically mean broader access to useful financial services. Denys Boiko, a banking and fintech investor and Director of DFI International Holding W.L.L, argues that the next question for banks and fintech firms is how payment infrastructure can help more consumers and small businesses manage money, demonstrate their financial history and use suitable products. Whether that potential becomes genuine inclusion will depend on pricing, consent, reliability and the quality of decisions made from transaction data.
The scale of the shift is visible in official data. The Saudi Central Bank says electronic payments made up 85% of retail payment transactions in Saudi Arabia in 2025, up from 79% in 2024. In the UAE, the Central Bank of the UAE has announced the Aani instant payments platform. Bahrain’s payment system statistics also track substantial activity through Fawri+, its instant transfer service. These developments show growing digital capacity, although they do not establish that every customer can access the same range of banking, credit or savings products.
What Payment Data Can and Cannot Do
A merchant who receives digital payments may leave a more consistent record of sales than one who relies wholly on cash. With suitable permission and safeguards, a lender could consider that record alongside existing accounts, income and repayment obligations. That may help a viable small business whose activity is difficult to assess using conventional paperwork. It does not mean each payment should be treated as evidence of creditworthiness or that more data necessarily improves a lending decision.
Denys Boiko’s central argument is that digital transactions can serve as an entry point to broader financial services. This could include practical savings tools, more predictable merchant settlement or credit based on a clearer picture of cash flow. The opportunity is relevant to workers and businesses with different banking histories, but providers still need to establish affordability, explain decisions and give customers meaningful control over how their data is used.
The World Bank’s Global Findex measures the use of payments, savings and borrowing services alongside access to accounts and mobile technology. Its wider lesson is useful here: the presence of a digital channel says less about inclusion than whether people actually use services that meet their needs. A wallet that works for payments may still leave customers facing high remittance costs, limited support or unsuitable credit terms.
Building Services Around the Payment
Instant transfer systems can make payments more useful to customers and merchants by reducing the time between sending and receiving money. The Bank for International Settlements has examined the potential of fast payment systems to support financial inclusion, while also stressing that access, interoperability and user experience shape the outcome. The commercial case for the next layer of services depends on similar practical questions: can a merchant accept payments easily, reconcile them, obtain help when a transaction fails and choose services from more than one provider?
Denys Boiko sees mobile banking and digital wallets as places where these services can connect. A single interface might help a customer move from receiving income to paying bills or setting money aside. But an integrated app should not make borrowing the default response to a shortfall. Fees, eligibility, repayment terms and complaint routes need to remain clear even when a transaction takes only seconds.
The same principle applies to physical access. Some people need cash withdrawal, in-person help or an alternative when a phone or network is unavailable. Designing digital and physical channels to work together can make a service more dependable for customers with different circumstances. Payment growth should therefore be assessed alongside service continuity and the ease with which a customer can resolve a problem.
Where AI Could Help
Denys Boiko also points to artificial intelligence in fraud monitoring, customer support and credit assessment. These applications may identify unusual transactions or help staff review information more quickly. Their value depends on the quality of the data, the ability to challenge an incorrect result and clear responsibility for the decision. A model that responds faster but wrongly rejects a legitimate customer would work against the goal of inclusion.
A discussion hosted by the BIS on AI in Finance identifies opportunities in efficiency and risk analysis alongside concerns about governance, data and explainability. Financial firms considering AI for underserved customers should test whether a system improves outcomes across different customer groups and make sure a person can intervene when the result has serious consequences.
A Regional Opportunity With Local Conditions
The Gulf’s digital payment systems are developing within different regulatory and commercial settings. Approaches that work in one market may require different identity checks, product rules or support channels in another. Expansion across borders requires attention to those differences rather than treating the GCC as a single payments market.
There is also scope to learn from markets beyond the Gulf. The State Bank of Pakistan reported that digital channels accounted for 88% of retail payment transactions in its 2024–25 fiscal year and described the growth of Raast, its instant payment platform. Pakistan’s experience illustrates how infrastructure and merchant acceptance can broaden digital use. It should be considered in its own market context rather than assumed that the same approach would produce identical results in other markets.
Denys Boiko’s broader point is that the success of digital finance should be judged by what people can do with it. For GCC providers, that means asking whether faster payments translate into affordable services, safer decisions and practical access for customers who may have been overlooked. The infrastructure can create the opening; inclusion depends on the products and safeguards built around it.