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• Company gears to increase processing capability to3,000transactions a second
• Network International processed over 550 million transactions in 2014, totalling AED 83 billion in volume
Dubai - The 8th Network International User Conference concluded on a high note in Bangkok recently after a series of successful rounds of discussions, with participants upbeat about the promising outlook for the payments industry in the wider Middle East and Africa (MEA) region.
Organised by Network International, the leading payment solutions provider in the Middle East, the three-day annual event witnessed participation from more than 130 delegates representing financial institutions, the company's merchant partners, as well as retailers from across the MEA region to discuss the developments in the payments sector. According to the panel of experts at the conference, the payments sector in the Middle East and Africa region is poised for further expansion and innovation.
Underscoring recent growth, the company processed more than 550 million transactions in 2014, amounting to AED 83 billion in acquiring volume. In anticipation of increased volume, the company last yearrolled out a world-classplatform 'Network One', which will eventually becapable of processing almost 3,000 transactions a second.
The User Conference also highlighted the major milestones Network International has achieved in the recent past and set out a pathway for future developments. In his welcome remarks, Abdulla Qassem, Chairman of Network International, said: "The payments industry around the world, and Middle East in particular, is witnessing exciting developments especially with regards to the expansion in electronic payments. With the ever-growing e-commerce sector, coupled with an enhanced focus on technology innovation, the payments sector in the region is projected to register the fastest growth rate in the next few years. Against this backdrop, events such as the User Conference have become a critical platform to discuss and exchange ideas among key stakeholders, discussing the most pressing needs and capture future opportunities in the paymentsdomain."
Bhairav Trivedi, Chief Executive Officer of Network International, said: "We recognise that Network International is uniquely placed to take advantage of the tremendous potential offered by this industry. We continue to work hard to help our clients thrive in the evolving world of commerce, enabled by innovative products that we design to better meet the needs of their customers."
Network International's 8th User Conference featured several eminent speakers, including Chris Skinner, renowned independent commentator on financial markets; Dr. Sahar Nasr, Lead Financial Economist, Middle East & North Africa - World Bank; Dan Schatt, Chief Commercial Officer, Stockpile; David Gunn, Principal - Bain & Company, London; Michael Lafferty, Chairman of Lafferty Group; and Stephen Leonard, Founder and CEO - Credit Risk Connection. India's five-time World Amateur Boxing Champion MC Mary Kom and Singaporean mountaineer David Lim gave motivational speeches during the event.
One of the highlights of the event was a panel discussion on futuristic payment technologies moderated by Chris Skinner and featuring Joseph Hurley, Global Head of Business Development - Discover Financial Services; Ryan Gilbert, Co-founder and CEO - Better Finance; and Dr. Sahar Nasr as panelists.
Buoyed by tremendous growth potential presented by the e-commerce sector, and also its commitment to help merchants grow their businesses, Network International recently partnered with PayPal to launch the Middle East's first e-Merchant Portal for payment transfers. With this, UAE merchants will now be able to withdraw funds from their PayPal accounts to any UAE bank in Dirhams. This is expected to significantly increase e-commerce opportunities in the UAE, as it allows PayPal users with merchant accounts faster and easier access to their funds.
Referencing the launch of the 'e-Merchant Portal,' and also 'Network Online,' Network International's sophisticated online payment gateway, the company's CEO said that both initiatives are expected to provide significant impetus to e-commerce, which is among the fastest growing businesses in the region, with transactions estimated to reach USD 15 billion in 2015.
Diners Club International was the Platinum sponsor of this year's User Conference. Planet Payment and FEXCO were the Gold sponsors, while FICO, Marshal and Oberthur Technologies were the Silver sponsors.
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About Network International
Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa region (MENA). The company's service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, e-commerce services and mobile solutions for the payments industry, with the objective of enabling speedy, secure and convenient payment transactions for customers. In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions. Network International has Operation centers in the UAE, Egypt and India, with its corporate head office in Dubai. The company continues to invest in strategic partnerships that will increasingly see its influence spread across the region.
Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club International Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a majority stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.
For further information on Network International, please contact:
Tricia Rego / Ajith Henry
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600 Fax: 971-4-4358040
Email: tricia.rego@bm.com / ajith.henry@bm.com
© Press Release 2015
