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| Stripe payments reach the Middle East via Dubai |
Digital payments giant Stripe has officially announced its launch in the United Arab Emirates. This announcement marks the company's first expansion in the Middle East.
Stripe has opened a new office in Dubai Internet City, UAE, which will be the company's first office in the region.
Online businesses operating in the United Arab Emirates can use Stripe to accept online payments, make payments, mitigate fraud, and grow globally to reach global customers.
The announcement also means that the millions of companies that use Stripe will make it easier to deliver their products and services to the United Arab Emirates.
The company was founded in 2010 by Irish brothers Patrick and John Collison. It is currently used by more than 50 companies, and each company processes more than $ 1 billion annually to receive payments and invoices from clients.
Companies using payment services include Google, Uber, Amazon, and shipping giant Maersk.
“Stripe removes complexity so the company can focus on what makes it unique,” said Matt Henderson, Head of Stripe's EMEA Division.
Our launch also means that we can now connect our global user base with the Gulf region so that they can grow their business in the region smoothly.
Several companies in the UAE, including Illusion Online, Aceplace, ChatFood and WeKeep, are part of a beta release of Stripe and are using it to drive payments in the region and with global brands such as Glofox.
The total value of digital payment transactions in the UAE has more than doubled in the past two years, reaching $ 18.5 billion in transactions in 2020 as foreclosures have contributed to the growth of online commerce.
E-commerce growth is expected to continue in the United Arab Emirates as the sector is expected to add another $ 10 billion over the next two years.
The announcement of Stripe's entry is backed by a partnership with Network International, providing UAE companies with the infrastructure they need to better communicate with users around the world and conduct international exchanges.