Sunday 29 January 2023

Samer Soliman

Non-cash payments in Mideast hit 16m in 2016

DUBAI, June 27, 2018

Non-cash payment transactions in the Middle East have grown from 10 million in 2011 to nearly 16 million in 2016 at an annual rate of 10 per cent, said Network International, a leading payment solutions provider in the region.

The company addressed its merchant and financial institution partners on opportunities in the regional payments industry, at its 11th Partner Meet held recently in Prague, confirming a bullish projection on its organic and regional expansion plans.

Speaking at the event, Samer Soliman, managing director – Middle East, Network International, said: “As the $5 trillion global payment industry experiences disruptive changes, we anticipate exponential growth in the MEA region. A confluence of factors including a majority tech-savvy demographic, proactive government policies, the coming-of-age of mobile POS in a region with high mobile penetration rates, and the emergence of a bilateral payments environment where anyone can be a merchant, and every device can accept payments, are all edging us towards an increasingly cashless society.”

Soliman pointed out that the Middle East and Africa collectively account for the world’s fastest-growing payment cards region. The MEA region already leads some markets in adopting technologies such as contactless payments and the emphasis on financial inclusion is set to play a key role in bringing forecasts of a nearly one billion card uptake in the MEA bloc by 2021 to fruition.

Network International will be playing a key role as a payment solutions provider at Expo 2020 Dubai, where the company’s majority shareholder Emirates NBD Group will be a Premier Partner.

Network International’s 11thPartner Meet capped a successful year as the company rolled out a suite of products and services for the MEA market, including N-Advisors, an analytics and consulting product offering to service its more than 200 banking clients across the 55 countries in which it operates.

Network international also recently debuted N-Genius, an Android-based payment platform with the capability to manage and accept payments, either at the cash register or on the go. The UAE’s largest acquirer has also taken the lead in creating a national card spend index tracking changes in consumer card spending in the UAE on a quarterly basis. – TradeArabia News Service

Tags: Network International |

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