UAE-based payment processing business Amazon Payment Services has set up its first global fintech lab at the DIFC Innovation Hub to support regional startups innovating in digital payments.
The initiative aims to increase fintech adoption in the region by providing a forum for discussions on digital payments and addressing challenges customers face in making payments, as the company announced.
The company is looking to support innovations that will help make the payment experience easier, secure, and more affordable for customers. Globally, digital payments are set to grow to USD 8.26 trillion in 2024, from USD 4.4 trillion in 2020, according to research company Statista.
The DIFC Innovation Hub, which opened in May 2021, is a global fintech centre that has attracted hundreds of fintech startups from around the world. The Amazon FinTech Lab will organise workshops for startups and other organisations in different industries such as ecommerce, insurance and travel to understand any payment issues they face.
It is also looking to partner with regulators, payment technology companies such as Visa and Mastercard and payment processors.
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