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Arab Bank, Telr in e-commerce ‘Payment Facilitator’ deal

DUBAI, June 2, 2015

Telr, a Singapore and Dubai-based emerging market focused online payment gateway, and Arab Bank, have signed an e-commerce ‘Payment Facilitator Agreement.’

Under the deal, Telr will be responsible for onboarding e-merchants, after due diligence, full integration and manage risks during the ongoing transactions between buyers and sellers, said a statement.

In a bid to encourage more companies and entrepreneurs to build their online businesses, merchants participating in this programme will be eligible for a number of benefits including a competitive pricing structure, a streamlined onboarding process and transactions to Arab Bank accounts in local currencies, it said.

Sirish Kumar, chief executive officer, Telr, said: “With such collaboration, important ecosystem players such as Arab Bank and Telr will aim to accelerate the growth of domestic e-commerce in this region.

“By teaming up with one of the region’s biggest and most reputable banks, we are committed to setting standards of reducing upfront costs to be paid by small merchants and provide payment tools to them to not only start but also grow their business online.”

By the end of the year, e-commerce transactions in the region will make up close to 50 per cent of total transactions for the Middle East and Africa (MEA) region, said the statement.

A big part of this growth is driven by innovative startups and small entrepreneurs. This is the first step towards expanding not only in their home country but also in other countries across the GCC, through innovation and the flexibility to be able to focus on their products and user experience, it said.

“Usually, e-merchants are looking at paying thousands of dollars in security deposits before they can make the first transaction online. This is not financially feasible for many startups and entrepreneurs. Implementing a robust and flexible fee structure means that these companies have access to more resources that will go towards developing their products,” said Kumar.

“Additionally, the onboarding process will become much quicker, improving the timelines drastically from the present timelines seen at an average between 9 and 15 weeks in specific markets in Middle East,” he said.

In addition to the UAE, this partnership will open up opportunities for e-merchants and entrepreneurs that aspire to sell their services and products to other countries in Middle East, he added.

Naim Al Hussaini, executive vice president, head of Consumer Banking Group at Arab Bank, said: “This initiative confirms Arab Bank’s strategic direction towards providing seamless electronic services, enhancing regional presence and improving customer experience.

“Our collaboration with Telr will make shopping easier for credit card holders accessing goods & services offered by a wide set of merchants. In addition, it will also contribute towards the growth of local merchants and subsequently the e-commerce industry in the Mena region.” - TradeArabia News Service




Tags: Arab Bank | payment | deal | E-commerce | Facilitator |

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