Stripe, one of the most valuable digital payments companies in the US, is expanding its business to the UAE by setting up its regional headquarters in Dubai Internet City.
The San Francisco- and Dublin-headquartered company has partnered with Dubai-based Network International, one of the top payment processing firms in the Middle East and North Africa (MENA), to roll out its services in the region.
Businesses operating online in the UAE can use Stripe to accept online payments, make payouts, and reach customers anywhere. “It will be easier than ever for the network of leading global brands already using Stripe to bring their products and services to the UAE,” according to the company’s statement.
“Businesses still face challenges when trying to accept payments, make payouts, and manage the money side of internet businesses. Stripe removes these complexities so businesses can focus on what makes them special,” said Matt Henderson, the EMEA Business Lead.
Stripe has been working with several clients in the Middle East on a trial basis to test the feasibility of its technology ahead of its launch and businesses including Aceplace, ChatFood, and WeKeep are already using the platform to process online payments.
In UAE, the total value of digital payment transactions has doubled in the last two years, with $18.5 billion in 2020. The sector is expected to add nearly another $10 billion within the next two years. According to Statista, globally, digital payments are set to expand to $8.3 trillion in 2024.
“We see a significant opportunity for technology innovation in the UAE, and we are excited to play a role in the region’s rapidly growing eCommerce market,” said Alessandro Astone, MENA Regional Sales Leader of Stripe.
According to Stripe’s statement, more than 10,000 businesses have already shown an interest in the company’s UAE launch and it will schedule invitations during its first few weeks of availability in the UAE to manage demand.