Paymentology, a digital payments company based in the UK, is expanding to the Middle East with a regional office in Dubai, the company said on Tuesday.
The FinTech firm aims to offer digital and smart payments solutions to the banks, financial services providers, retailers and businesses that process bulk transactions on a regular basis, it said in a statement.
“The Middle East region has a huge potential for growth in the financial technology and digital payments market … our entry in the region is well timed,” Shane O’Hara, chief executive of the company, said.
“We have already started to meet potential partners and customers to offer our innovative products that will change the way people make payments and the way financial institutions process those payments … in a very secured manner,” he added.
Digital payments businesses are booming as users increasingly shun cash in favour of online and contactless payments following the pandemic. Globally, digital payments are set to grow to $8.26 trillion in 2024 from $4.4tn this year, according to Statista.
The UAE is leading the adoption of digital payments in the region. Two-thirds of people expect the country to become fully cashless by 2030, according to a new poll by Standard Chartered. A McKinsey survey of UAE customers also found customers are 10 per cent more likely to use a credit card or a digital wallet, with 20 per cent stating they are less likely to use cash when making a payment.
With nearly half of the region’s population below the age of 25, Paymentology sees a huge growth potential in the digital payments market.
“Especially in a few years’ time when most of these tech-savvy young men and women start their career as professionals and businesspersons ... they are not going to stand in a queue to make payments,” said Mr O’Hara.
“We are here to help payment processors to migrate their payments technology to the next level that is safe, secure and more effective,” he said.
Founded in 2015, Paymentology, which has its offices in the UK, South Africa, Hong Kong and Nepal, is providing its services to various clients globally including British financial technology company Revolut and Standard Chartered's Mox Bank.