Wednesday 18 November 2020
UK-based fintech firm Paymentology has expanded into the Middle East with the opening of its regional office in Dubai.
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.
Paymentology 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 has secured a license from the Dubai Financial Services Authority (DFSA) to operate in the UAE.
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 USD 20 billion in 2017 to USD 200 billion in 2020, according to a report quoted by Paymentology.
In order to penetrate the market, the company set up an office in the UAE, which it terms "the most advanced country in the region in terms of technology adoption".
The global payments market has also seen significant growth and it is expected to jump to a record USD 4.7 trillion transaction value in 2020. The trend is set to continue in the following years, with the market reaching USD 6.7 trillion by 2023.