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In this report, we have attempted to analyze the payment trends before the imposition of lockdowns, during the lockdowns, and the gradual re-opening of the economy to draw out the evolving trends in payments. We have also analyzed the sectorial impact of digital payments in Kuwait during the three stages mentioned above. We hope you find this report insightful. You may reach out to our team if you need further details.

Impact of Covid-19 on Kuwait payments

Kuwait’s payment landscape has traditionally been dominated by Point of Sales (POS) and cash transactions. However, the penetration for digital (electronic) payments had been growing sharply over the past five years.

The outbreak of Covid-19 brought about changes in transaction behavior among the consumers in Kuwait. 

E-commerce channels and digital payments were swiftly adopted by the consumers which gave an impetus to the digital payments in Kuwait. 

However, cash and POS transactions have started to gradually recover their share of payment volumes post the re-opening of the economy in June 2020.

It is essential for businesses to understand the change in consumer behavior to make decisions on their channel strategies.

We have attempted to analyze the payment trends before the imposition of lockdowns, during the lockdowns and the gradual re-opening of the economy to draw out the evolving trends in payments. We have also analyzed the sectorial impact for digital payments in Kuwait during the three stages mentioned above. We hope you find this report insightful. You may reach out to our team if you need further details.

We have prepared this report in association with The Shared Electronic Banking Services Company (“KNET”) and would like to thank them for their cooperation and support.

Ankul Aggarwal - Partner Deal Advisory

Ankul Aggarwal

Partner - Deal Advisory

Ankul has over 20 years of experience in both Corporate Finance and Corporate Planning. Prior to joining KPMG, he worked with one of the leading banks in Kuwait and one of the largest business houses in the Middle East.   

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Ankul Aggarwal

Partner - Deal Advisory, KPMG in Kuwait



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Harsha Prakash

Associate Director - Deal Advisory, KPMG in Kuwait



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