Paymentology, an electronic payments company located in the UK, is expanding to the center East with a regional office in Dubai, the business said on Tuesday.
The FinTech firm aims to provide digital and smart payment solutions to the banks, financial services providers, retailers, and businesses that process bulk transactions frequently, it said in a statement.
“The Middle East region includes a huge potential for growth in the financial technology and digital payments market … our entry in your community is well-timed,” Shane O’Hara, leader of the company, said.
“We have already begun to meet potential partners and customers to provide our innovative products which will change the way people make payments and the way financial institutions process those payments … in an exceedingly secured manner,” he added.
Digital payments companies are booming as users increasingly shun profit favour of online and contactless payments following the pandemic. Globally, digital payments are set to grow to $8.26 trillion in 2024 from $4.4tn this year, according to Statista.
The UAE is leading the adoption of digital payments in the region. Two-thirds of folks expect the country to be fully cashless by 2030, according to a new poll by Standard Chartered. A McKinsey survey of UAE customers also found customers are 10 percent more likely to employ a credit card or a digital wallet, with 20 % stating they are less inclined to use cash when coming up with a payment.
With nearly half of the region’s population below age 25, Paymentology sees huge growth potential in the digital payments market.
“Especially in a few years’ time when almost all of these tech-savvy teenagers and women start their career as professionals and businesspersons ... they are not going to stand in a queue to create payments,” said Mr O’Hara.
“We are here to greatly help payment processors to migrate their payments technology to the next level that's safe, secure and more effective,” he said.
Founded in 2015, Paymentology, which includes its offices in the united kingdom, South Africa, Hong Kong and Nepal, is providing its services to various clients globally including British financial technology company Revolut and Standard Chartered's Mox Bank.