The e-commerce boom in the middle east has created a very lucrative new market, thus we look at some of the best payment gateways in the UAE and the GCC region as a whole that can help you take your venture online.
E-commerce has grown to be a strong driving force for businesses across the globe. Businesses have created separate niches for themselves and established dominant brands by harnessing the potential of e-commerce in their marketing strategy. Today, as the world communicates and connects everywhere, online has become the most effective channel for reaching your customers and conducting business.
In the middle east, the e-commerce industry is increasingly becoming more and more competitive with the addition of new players. The boom is also accredited to the internet and mobile penetration levels the region enjoys, the middle east boasts an internet penetration level of 64.5% as compared to the global 54.5% average.
According to a report by BMI Research, e-commerce in the region is estimated to reach $48 billion in worth by 2022. The industry has also seen a tidal wave of promotional activity as the player indulge in the globally established seasonal promotional sales (like Black Friday) with their own localized versions.
So, if you’re looking to kickstart your business or get to the next level here are 9 best payment gateways you need to know about in the middle east:
Amazon Payment Services:
Established in 2013, Amazon Payment Services provides payment processing solutions and technology across major markets in the GCC and Levant countries, while operating in UAE, Saudi Arabia, Jordan, Qatar, Egypt, and Lebanon. It enables businesses, governments, SMEs, and startups with innovative payment options to serve both the banked and unbanked online consumers.
Checkout:
Launched in 2012, Checkout is an international provider of online payment solutions. With solutions that are completely built with proprietary technology, Checkout handles every part of the payment process thus providing full transparency throughout the payment value chain. Checkout supports over 150 currencies, boasts the quickest charge response times in the industry, and industry-leading approval rates with a unified payment platform.
Tap:
Tap offers online payment solutions for consumers & businesses, enabling a range of payment methods for them to accept payments from major debit and credit cards. The Kuwait-based company now supports over 1000 businesses and major corporations while securing tens of thousands of transactions efficiently for consumers across the globe.
Network:
For over 20 years, Network International has been providing a robust suite of products and services to over 65,000 merchants, 220 financial institutions spanning 50+ countries. Network was also the first independent vendor to be certified by VISA and MasterCard for payments processing in the middle east. Headquartered in Dubai and with an established presence in UAE, Jordan, Egypt, Nigeria, and South Africa, Network continues to service the payments industry with top-shelf products and services.
PayTabs:
PayTabs is an innovative payments processing and fraud prevention company with a concentration on providing buyers and sellers a platform to pay and get paid. PayTabs’ services are customized and designed specifically to provide the security and flexibility that organizations need to boost their revenue streams. PayTabs boasts a presence in 17 countries from the Far East, South East Asia, to North Africa.
CashU:
Established in 2002, CashU is a secure online payment platform that serves nearly 2.3 million consumers in the MENA region. CashU has a network of over 75000 vendors spread across the region to help consumers fund their accounts and shop online at over 7000 merchants worldwide. The platform is designed to speed up consumer participation in e-commerce by creating a secure ecosystem of buyers and merchants.
Ingenico:
Ingenico has been one of the leading names in the payments industry for over 30 years. Ingenico enables merchants to accept any mode of payment seamlessly, whether it be credit cards or alternate payment methods, be it online, mobile, or in-store. With a presence in 170 countries across 5 continents, Ingenico enables global brands and merchants to be competitive and flexible in the markets they cater.
HyperPay:
Initially launched as Gate2Play, HyperPay provides a range of payment processing services to businesses. HyperPay has been one of the fastest growing online payment service providers in the MENA region. Based in Amman and with offices in Dubai, Jeddah, and Riyadh, HyperPay processes payments for more than 400 organizations.
Skrill:
Established in 2001, Skrill has made digital payments simple and secure for its customers and consumers alike. A leader in developing global payment systems, Skills products and services enable people to buy online, deposit funds in gaming sites, and send money to family and friends. Based in London, Skrill services customers in 200 countries while processing 40 currencies.
Once you’ve chosen a payment gateway that works best for your business, the next stage involves integrations with your backend or ERP systems. Good synergy between your infrastructure and systems creates the competitive edge that you need to stay ahead of the pack. Being a NetSuite implementation partner we can help you create seamless integrations between your payment and NetSuite ERP systems. Reach out to us with your NetSuite Implementation, Integration, and Customization requirements.
