Checkout.com offers more payment methods in MENA
Checkout.com continues to invest in this developing market by introducing access to a new suite of payment methods to businesses and consumers in the Middle East North Africa (MENA) region. Merchants looking to expand their footprint in the area can now offer the most popular regional payment methods Fawry, OmanNet, KNET, and QPay through Checkout.com. We’re excited to add these local payment methods to our existing MENA offering which include Mada, Apple Pay, and PayPal.
No longer an ‘e-merging’ market?
In just five years, the number of digital buyers in the Middle East has nearly doubled, with an estimated 218 million people projected to purchase goods and services online in 2019. In the UAE alone, the market value of e-commerce rose to $10 billion, up from $2.5 billion just four years prior.
Several factors have led to a steady rise in e-commerce activity in the region. For one, the population is getting younger and has been quick to embrace mobile technology as their primary tool for shopping. Regulation reform and government participation have also aided in boosting the e-commerce sector, making it easier for tech companies to operate in the region. Consumers are increasingly more accustomed to the convenience that comes with online shopping, which has also led to higher adoption of non-cash payment methods.
What does all this mean?
All factors combined, the MENA region offers businesses substantial existing and future growth opportunities. Retail and luxury goods are already well-established in this market, but digital products and services are now taking the lead evidenced by local startups gaining considerable traction with VCs and investors looking beyond Silicon Valley. According to the latest Magnitt report, 2018 marked a record year for startup funding in the region with $893 million invested, up 31% from the previous year – a sure sign that both businesses and consumers are primed to make the digital leap.
Stay ahead of the curve with a local payment strategy
Checkout.com knows that the key to thinking global is going local. Our local payment strategy is designed to unlock massive growth potential for businesses by enabling them to capture more customers abroad. Checkout.com’s extensive global acquiring network allows companies to establish a local presence via payments and help merchants build stronger relationships with local consumers by offering familiar, trusted payment methods.
Our newest payment methods in MENA include:
- Fawry - Access 20 million shoppers with Egypt’s popular e-payment network which enables consumers to pay everywhere, allowing customers to shop online as well as pay a range of bills and recurring payments.
- KNET - KNET allows merchants to collect payments through their debit card network. Nearly 80% of all online transactions in Kuwait are made via a KNET card. KNET currently only accepts local debit cards issued by the member bank in Kuwait.
- OmanNet - The OmanNet payment network enables e-commerce merchants to accept online payments via local debit cards. The local cards have a penetration of approximately 90% of total online payments in the country.
- QPay - Consumers in Qatar can pay for almost anything, including household expenses, donations, university tuition, license renewals, prepaid cards, and much more via its own domestic payment network.
With local offices and payments experts in the region, Checkout.com helps businesses create the right payment strategy for their MENA expansion. Contact our team today to learn more about our payments solutions and services in MENA and around the world.