E-payment: The future of commerce

BEIRUT: While the number of Fintech startups founded in Lebanon each year has been on the rise, many Lebanese remain wary of processing payments online.With only 4 percent of the population using a form of e-payments, it becomes clear that people still favor cash transactions over those conducted online.According to Ramzi Saboury, COO at the financial institution Areeba, the majority of Lebanese still lack trust in online payment due to various factors. While the reliance of the government on paper money is a contributing factor for the low percentage of online payments, people’s minimal knowledge on the matter is another factor that reduces their interest in testing and experimenting with e-payments, Saboury explains."Some individuals...