United Kingdom-based fintech firm Paymentology has expanded into the Middle East with the opening of its regional office in Dubai recently.
The firm is looking to capture a share of the region’s digital payments market, which has jumped ten-fold to become a multi-billion-dollar industry.
Paymentoloy offers advanced digital and smart payments solutions to banks, financial services providers and retailers. It runs multiple issuer payment card processing platforms around the world, spanning Mastercard, Visa and UnionPay networks.
The company recently secured a license to operate in the UAE by the Dubai Financial Services Authority (DFSA).
The Middle East and North Africa (MENA) region is home to about 4 million unique online shoppers. The region’s e-commerce market has seen unprecedented growth recently, with online transactions jumping by 1,000 percent from $20 billion in 2017 to $200 billion in 2020, according to a latest report quoted by Paymentology.
Shane O’Hara, CEO of Paymentology, said their entry in the region is “well timed”, citing that it has a huge potential for growth in the financial technology and digital payments space.
“In order to penetrate the market, we decided to set up an office in the UAE – the most advanced country in the region in terms of technology adoption,” said O’Hara.
“This move enables us now to understand the ground reality and develop our growth strategy. We have already started to meet potential partners and customers to offer our innovative products that will change the way people make payments and the way financial institutions process those payments – seamlessly and in a very secured manner – that ensures data security of the clients,” added O’Hara.
The global payments market has also seen significant growth and it is expected to jump to a record $4.7 trillion transaction value this year. The growing trend is set to continue in the following years, with the entire market reaching $6.7 trillion by 2023.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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© ZAWYA 2020