will waive charges for SMEs to set up its payment gateway

By Amirtha P S, Desk Reporter
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Middle East’s homegrown digital marketplace is waiving the set up fees in its digital payment platform for businesses in UAE and Saudi Arabia, as it seeks to give small and medium-sized enterprises (SMEs) extra support in taking their businesses online.

Developed to boost the cashless market in the region, noon payments is an online payments platform by the digital marketplace. From eCommerce stores to subscription businesses, noon payments offers a complete stack for all business payment needs across channels. 

During the Holy Month of Ramadan, noon payments is offered to all SMEs in need of a payment gateway including all benefits associated with accepting online payments such as no set up fees in UAE and KSA.

Merchants who avail themselves of the digital solution will be able to save $272 in fees and start accepting customer payments made through Visa, Mastercard, Amex, Mada, Apple Pay, Samsung Pay, Google Pay, Paypal and KNET, among others. 

According to Mastercard, the outbreak of the coronavirus pandemic has made millions of consumers shift their shopping to eCommerce sites due to which the online retail spending grew by an additional $900 billion in 2020. UAE consumers are also now buying 21 percent more from online stores, higher than in markets like the US and Canada. 

Before the pandemic cash-on-delivery (COD) was a popular mode of payment for many customers in the MENA region. But with the outbreak of COVID-19, consumer preferences changed leaving many concerned with hygiene aspects of handling physical cash. As a result COD customers swiftly pivoted to digital payments.

Accepting online payments offers several benefits to the businesses as well and it includes increased transactions and conversions, the option to send payment links to customers, allowing customers to settle using easy monthly installments, a smooth checkout process, and more.

Related: Mashreq Bank offers ‘buy now pay later’ option to customers across the UAE