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Network International and PayPal join hands
(MENAFN- Khaleej Times) Dubai - A new portal will allow UAE merchants speedier access to cash withdrawal that will increase ecommerce transactions and reduce the cost of managing online funds.
Dubai's payment solution provider Network International and US-based PayPal have joined hands to launch the dedicated portal that will enable UAE merchants to withdraw funds from their PayPal accounts to any UAE bank in dirhams.
Merchants will get their cash in one day compared to prevailing seven days process, Network International top officials told Khaleej Times.
The portal is being launch in the UAE first and it will be launched in other GCC countries at a later stage, they informed.
E-commerce is among the fastest growing businesses in the region, with transactions estimated to reach $15 billion by 2015, compared to $12.8 billion in 2014. The new portal establishes a robust payment infrastructure for local merchants as well as creating opportunities for entrepreneurs looking to enter the e-commerce market."
The service will give merchants more control over their cash flow - a vital asset for small businesses and start-ups that need access to capital. In addition, the introduction of dirhams transfers means lower currency conversion charges for merchants.
"We expect the introduction of this feature to help Mena ecommerce grow exponentially," commented Kivanç Onan, the regional director of PayPal Mena and Turkey.
"One of the biggest challenges facing any online business is access to payments, and we believe PayPal's partnership with Network International will help existing e-merchants in that regard, and allow start-ups and small businesses to set up an online shop easily.
"Our vision is to enable and empower both merchants and consumers to make the most of the convenience of online shopping. The partnership is another indication of our commitment to the region and provides everyone with the opportunity to conduct business online, essentially making every consumer a potential future e-business owner," Kivanç added.
The launch of the portal coincides with an incredible growth for e-commerce in the UAE, with an increasing number of websites offering products that were unavailable previously in the region.
This is combined with a gradual positive shift in consumer behaviour toward online shopping.
Dubai's payment solution provider Network International and US-based PayPal have joined hands to launch the dedicated portal that will enable UAE merchants to withdraw funds from their PayPal accounts to any UAE bank in dirhams.
Merchants will get their cash in one day compared to prevailing seven days process, Network International top officials told Khaleej Times.
The portal is being launch in the UAE first and it will be launched in other GCC countries at a later stage, they informed.
E-commerce is among the fastest growing businesses in the region, with transactions estimated to reach $15 billion by 2015, compared to $12.8 billion in 2014. The new portal establishes a robust payment infrastructure for local merchants as well as creating opportunities for entrepreneurs looking to enter the e-commerce market."
The service will give merchants more control over their cash flow - a vital asset for small businesses and start-ups that need access to capital. In addition, the introduction of dirhams transfers means lower currency conversion charges for merchants.
"We expect the introduction of this feature to help Mena ecommerce grow exponentially," commented Kivanç Onan, the regional director of PayPal Mena and Turkey.
"One of the biggest challenges facing any online business is access to payments, and we believe PayPal's partnership with Network International will help existing e-merchants in that regard, and allow start-ups and small businesses to set up an online shop easily.
"Our vision is to enable and empower both merchants and consumers to make the most of the convenience of online shopping. The partnership is another indication of our commitment to the region and provides everyone with the opportunity to conduct business online, essentially making every consumer a potential future e-business owner," Kivanç added.
The launch of the portal coincides with an incredible growth for e-commerce in the UAE, with an increasing number of websites offering products that were unavailable previously in the region.
This is combined with a gradual positive shift in consumer behaviour toward online shopping.
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