Two notable fintech deals have recently been announced in the United Arab Emirates. The latest involves payments services company Worldline, which has partnered with Telr, a Dubai-based payment gateway aggregator and provider, to launch an e-commerce payments solution for the rapidly expanding UAE market.
The solution, we are told, will simplify online payments and optimise transactions – thus, the partners say, enabling global online businesses to take full advantage of the opportunities available in this market.
As the partners explain, over the past 20 years, the UAE has become a global hub for investment and tourism, thanks to its strategic location and low-tax environment. E-commerce has seen rapid growth and over 71% of e-commerce payments are made via cards and wallets.
The joint solution will provide businesses with access to local and international cards and mobile payments, together with localised checkout processes. It will also offer higher approval rates and optimised costs with local acquiring, local remittance in UAE Dirhams, or cross-border remittance in more than 20 major currencies. Other bonuses include enabling recurring payments, reduced fraud and chargebacks. The solution is fully compliant with local UAE regulations.
Worldline says it will launch the UAE solution as part of its strategy to help businesses tap into high-growth markets such as Turkey, South Korea and Thailand.
This deal comes hard on the heels of another agreement, announced late last week, in which financial technology company MoneyGram International announced a strategic partnership with Comera Pay, the all-inclusive suite of digital payment services in the UAE. Comera Pay is integrated in the Comera app, a voice calling and messaging app in the region that has over eight million active users.
This collaboration will enable Comera Pay customers to seamlessly send cross-border remittances from the UAE to over 200 countries and territories around the world via the MoneyGram global network.
