Mobile wallet penetration in the UAE to receive a boost
- Visitors from Africa will soon be able to make payments in the UAE seamlessly through their mobile wallets
- Mobile wallets continue to rise at the POS, jumping 55% YoY in 2021 across the Middle East and Africa*
Dubai: Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA), and TerraPay, a global payments infrastructure company, facilitating digital transactions without borders, have successfully executed the first live African mobile wallet-based transaction in the UAE using Network’s N-GeniusTM POS terminal.
The transaction, which took place at the Alkebulan African Food Hall, Expo 2020 Dubai, demonstrated how visitors from the African continent will soon enjoy a hassle-free, safe and secure payment experience across Network’s terminals and ecommerce merchants in the UAE, using TerraPay’s payment processing rails.
Against the backdrop of growing global appetite for contactless, the transaction is a step towards boosting mobile wallet penetration in the underpenetrated MEA region. According to a recent market analysis report[i], mobile wallets continue to rise at the POS, jumping 55% YoY in 2021 across the Middle East and Africa.
Speaking on the partnership, Ani Sane, Co-founder and Chief Business Officer, TerraPay, commented, “We are super-charged about our association with Network International. TerraPay has already built an extensive network, enabling 1.5Bn+ mobile wallets across the globe and Network International continually seeks to collaborate with world class, innovative partners to deliver solutions to the markets in which they operate. Together we will be initiating mobile wallet acceptance across multi-channels on Network International’s UAE merchant ecosystem. Our association is yet another step to build sustainable and scalable interoperable payment options that drive the transformation towards a cashless society, in paving the way for financial inclusion.”
Nandan Mer, Group CEO, Network International, said “Expo 2020 Dubai is the apt stage for our landmark first mobile wallet transaction with TerraPay as we work towards expanding our digitally connected payments ecosystem in the UAE and across the MEA region. TerraPay has built an extensive network with interoperability at its core supporting 1.5Bn+ mobile wallets. We are delighted about our association and to work with them in the future to expand our ability for UAE merchants to soon accept yet another alternate payment method, allowing customers to pay via the convenience and flexibility of their mobile wallet.”
Continued Mer, “As the UAE’s largest merchant acquirer and the largest payment solutions company in the MEA region, Network International continues to play a leading role in strengthening the region’s payment ecosystem. Our strategic collaborations with world-class, innovative partners are supporting the transition to cashless for several regional economies while enhancing the payment experience for merchants and consumers alike.”
With the association, TerraPay seeks to expand its presence across the growing Middle Eastern payments market, connecting global mobile wallet partners on a seamless and innovative payment solutions platform, across Network International’s rich merchant base in the UAE.
TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spends. TerraPay is regulated in over 25 global markets around the world. Some of the company’s key markets include the GCC; North, South and Central Africa; Europe and South East Asia; and the Central, North and South Americas.
TerraPay’s vision is aligned to achieving the UN’s 2030 Sustainable Development Goal of fostering economic growth and equality, by reducing the cost of transactions across diverse payment channels such as mobile wallets and bank accounts, to name a few.