The expansion into the UAE market will serve to augment small and medium enterprises (SMEs), and microbusinesses across the seven Emirates, with digital payments solutions that drive growth in the digital economy.
Company officials stated that the UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, largely enabled by support from the public sector. There are currently over 400,000 businesses in the UAE, 61% of which are microbusinesses and 38% are SMEs. They see a massive opportunity to serve this market segment and their goal over the next three years, starting 2022 is to augment 15% of those merchants with the latest payment technologies to fuel their growth and further digitise the economy.
As a market leader in the digital payments space in MENAP, Paymob serves over 16.5 million registered users on its infrastructure railways for mobile wallets. The Company offers the most comprehensive payments infrastructure in MENAP which includes over 40 online and in-store payment methods via its gateway, point of sale (POS), and Paymob app.
The Company holds 87% market share of mobile wallets processed volumes in Egypt. In 2021, Paymob partnered Mastercard to offer one of Egypt’s first ‘Tap-on-Phone’ contactless payments acceptance solution which enables merchants of all sizes, including SMEs and microbusinesses, to accept payments on their mobile devices. The company plans to roll out this offering in the UAE in 2023.
Paymob aims to make the process of growing any size business in the digital economy simple, seamless and agile, while delivering a frictionless customer experience and cutting-edge products to over 150,000 merchants.
Paymob is a financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), delivering the latest financial technologies to customers in the region. Its omnichannel gateway offers more than 40 payment methods and empowers over 150,000 SME merchants to manage and scale their businesses by giving them access to financial services not readily available in emerging markets.
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