Middle East

How PayerMax empowers global merchants to achieve borderless growth

The Covid-19 pandemic hastened a dramatic transition in the financial services sector. The prominence of cash payments in the region has been declining gradually over the last few years, in parallel with the increasing popularity of smart technology, digital payments and mobile.

Almost seven of the ten payment transactions in the Middle East will be non-cash in 2023 as the region catches up with the global trend towards a cashless economy, according to a new report from the MENA Fintech Association.

Business benefits
Cashless payments can benefit businesses and consumers with operational efficiency, scalable recurring revenue, more productive workplaces, and even long-term compensation. Key players in this domain, such as PayerMax, aim to empower merchants in the Middle East by creating more convenient, secure and faster payment methods. “Digital payments benefit merchants, users, and the entire ecosystem,” said Sianna Wu, Senior Vice President of MEA at PayerMax. “For example, users pay online and become cashless, giving them access to the digital economy. In addition, global products that are not locally accessible and can impact intergenerational learning. You can access the service. “

Wu explains that PayerMax’s omni-method payment solution is an example of how to achieve a gig economy in MENA in the post-covid industry. It creates a passive source of revenue on social media and job platforms by allowing merchants to offer MENA youth payments and payments online to those who were previously at their limits. She says that making more digital transactions than cash has three important implications for your business. “First, there are some logistics and security issues with cash transactions. Second, the high penetration of smartphones in the Middle East has led to a significant increase in cashless transactions. Overall market trends. It is beneficial for organizations to follow. Companies can use a variety of strategies, such as partnering with solutions such as PayerMax, to increase conversion rates for online transactions. This solution runs out of bank accounts. Offers omni-method options, including populations with or without cards. Being able to make payments online allows companies to expand their reach and experience growth in MENA’s fragmented payment environment. There is likely to be.”

“Finally, from an ecosystem perspective, cashless payments enable the impact of three aspects by connecting and offering more payment methods. This allows more companies to offer products. Means that you can reach your users and pay online in ways that weren’t previously available. “

UAE at the forefront of digital payments
Non-cash transactions are growing rapidly in the United Arab Emirates, accounting for 73% of payments in 2023, according to reports. The data in the report also shows that in UAE, business-to-business transactions have the highest volume of cashless transactions, followed by business-to-business transactions, and enterprises have the lowest percentage of cashless transactions.

Meanwhile, Fitch predicts that UAE e-commerce revenue will increase from $ 5 billion in 2015 to $ 19.8 billion in 2020 and reach $ 27.1 billion in 2022. Wu believes that one of the factors behind this growth is the high mobile penetration rate in the region. “Apart from the surge in smartphone usage, we can see that the United Arab Emirates has a large population with cards. The key challenges facing the market are interoperability and frictionlessness. It’s a way to connect smartphone users’ payment acceptance to merchants in general, without overly relying on credit cards or bank accounts to make payments, so both technology and facilitators are involved in this. “

Unlock borderless payments
PayerMax is an omni-style payment solution provider. In short, the company enters a market that operates, integrates and aggregates various payment methods that are popular in a particular market. For example, in the United Arab Emirates, PayerMax will soon be partnering with acquirers, e-wallet service providers, and telephone companies that cover the entire range of society. International digital companies can work with PayerMax in a single API solution to accept payments across the UAE’s social and economic sectors using a single API. “The UAE is one step ahead in implementing many payment initiatives, such as Etisalat’s e-commerce wallet and road toll payments via Salik. These initiatives foster users’ online payment behavior. It’s perfect for, “Wu adds.

“The main reason the UAE has adopted digital payment methods is that these services are approved by trusted sources. This is where public-private partnerships work. The purpose of PayerMax is to promote cashless transactions and to promote cashless transactions. Follow measures such as supporting new business lines to enter the UAE market. Finally, as a regulated financial institution, as a regulated financial institution, engage in open communication and interaction with regulators to sustain the payments sector. It is important to be able to participate consistently in growth, and the only way we can continue to exist is to build strong partnerships with the regulated UAE ecosystem and benefit the country. Investing in cutting-edge technology in a safe and regulated environment. “

Payer Max Advances in United Arab Emirates
Wu makes it clear that onboarding local retailers is not necessarily a USP or target market, and PayerMax’s focus is on global digital companies seeking to grow outside the geographic region in which they were founded. This could empower Middle Eastern airlines looking to expand into Asia. Alternatively, some of the top digital apps developed in Asia may be considering expanding into the Middle East.

“By breaking the barriers and shortening the time to market for international businesses entering the Middle East, we are unique. We have partnered platforms, FX features, corporate strategy as a service, We provide value-added services to global merchants, including promotional access to 2.4 billion users through support and financial management solutions, “she said.

“We are looking forward to working with the region’s major electronic wallets, acquirers, carrier payments and FI. Finally, our contribution to the UAE ecosystem has been used and loved by the masses in the UAE. Building a digital highway between the world’s most prominent merchants and their omni-style payment methods, which will drive global growth in the region and expand the MENA-born digital business globally. We will be able to support you. “

Contact Payer Max for more information on global payment solutions.click here..

https://gulfbusiness.com/how-payermax-empowers-global-merchants-to-achieve-borderless-growth/ How PayerMax empowers global merchants to achieve borderless growth

Back to top button