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Menap’s leading omni-channel payments provider, Paymob, has embarked on the next phase of its regional expansion in the UAE market.
This step marks a major milestone in Paymob’s global growth plans, fueled by a recent Series B funding round led by PayPal Ventures. Paymob plans to invest heavily in the UAE market over the next three years.
The expansion into the UAE market will help empower small and medium-sized enterprises (SMEs) and micro-enterprises across the seven emirates to provide best-in-class digital payment solutions and drive growth in the digital economy.
dynamic ecosystem
“The UAE is a vibrant ecosystem that fosters entrepreneurship and innovation, thanks in large part to strong public sector support. There are currently more than 400,000 businesses in the UAE, of which 61% are micro-enterprises and 38% are SMEs. We see a huge opportunity to serve this market segment, and our goal in the next three years is to provide 15% of merchants with the latest payment technology to drive their growth and further digitize the economy,” Alipay founder.
Paymob has appointed experienced UAE financial services professional Omar Haddad as its UAE-based GCC General Manager, where he will grow and lead a team of over 150 employees in the market.
The company plans to play an active role in mentoring the next generation of UAE fintech leaders by supporting Emiratisation initiatives across the country.
market leader
A market leader in Menap digital payments, Paymob serves over 16.5 million registered users on its mobile wallet infrastructure rails. The company offers the most comprehensive payment infrastructure in Menap, including more than 40 online and in-store payment methods through its gateway, point of sale (POS) and Paymob app. The company has an 87% market share in mobile wallet processing volume in Egypt. In 2021, Paymob partners with Mastercard to offer Egypt’s first ‘Tap-on-Phone’ contactless payment acceptance solution, enabling merchants of all sizes, including SMEs and micro businesses, to accept payments on their mobile devices . The company plans to be in the UAE in 2023.
Paymob aims to make the process of growing businesses of any size in the digital economy simple, seamless and agile, while providing a seamless customer experience and cutting-edge products to over 150,000 merchants. — trade arab news agency
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