Latest news with #paymentinnovation
Arabian Business
28-05-2025
- Business
- Arabian Business
Worldpay sees surge in real-time payments and digital wallets as regulatory reforms reshape UAE landscape
The UAE's payments landscape is undergoing a major shift, fuelled by regulatory reforms like the UAE's cashless society vision a growing consumer preference for contactless payments, digital wallets, and the rise of real-time payment capabilities, according to Worldpay, a global payments company that processes over 50 billion transactions a year, enabling domestic and international merchants enabling seamless, secure and compliant payment experiences . Speaking to Arabian Business on the sidelines of Seamless Middle East 2025, Tausif Ahmed, Merchant Country Leader for MENA at Worldpay, said the country's recent changes to allow non-bank acquiring have positioned it as a regional frontrunner in payment innovation. 'The UAE Central Bank's decision to license non-bank acquirers marked a turning point,' Ahmed said. 'It allowed international players like Worldpay to enter the market and bring in global best practices, an end-to-end proven solution, and access to advanced payment technologies.' He added Worldpay sees the UAE and broader GCC as a high-growth region, with growing cross-border trade, digital commerce, and demand for embedded finance products. Digital wallets take the lead, super apps accelerate usage Digital wallets are rapidly becoming the preferred method of payment for consumers in the UAE. Worldpay data shows that in 2024, 30 per cent of consumer transactions in the country were made through digital wallets—a number expected to reach 40 per cent by 2030. 'Digital wallets and super apps are not just changing how people pay; they're also reshaping expectations around convenience and user experience,' Ahmed said. 'Consumers now expect fast, seamless payments whether they're booking a ride, ordering food, or paying bills.' He also pointed to the growing popularity of apps like Careem and Talabat, which bundle payments with everyday services, as examples of how digital integration is influencing customer behaviour. Regulatory compliance and AML need to be part of the DNA While the payments space is evolving rapidly, there needs to be continuous awareness and implementations of all regulatory compliance, AML and risk systems and processes. 'We view compliance not as a cost, but as an investment in sustainable business'. Ahmed said. Worldpay also supports local merchants expanding overseas by helping them adapt to local regulations in target markets, while enabling global brands entering the region to localise their payment offerings. Worldpay is seeing growing demand for payment orchestration—a model where businesses use multiple payment processors through a unified platform. Real-time payouts address gig economy and remittances A major focus for Worldpay is the rollout of real-time payout capabilities in the UAE, powered by Visa Direct and Mastercard Send. Some of the use-case are insurance payouts , gig economy platforms, and cross-border remittances. 'Instant access to funds is becoming a default expectation, especially in the gig economy and for businesses that need to disburse funds quickly,' Ahmed said. AI, data and fraud prevention take centre stage In a move to strengthen its risk management capabilities, Worldpay recently acquired Ravelin, an AI-based fraud prevention company. Ahmed said this helps the company offer merchants stronger fraud mitigation and compliance tools. 'Payments are bloodstream of every business and beyond transactions, shaping customer experiences, data strategy and growth,' he said. 'We give merchants data insights that help them boost authorisation rates, payments performance, customer behaviour, transaction declines, and streamline reconciliation.' Payment orchestration sees growing demand from enterprise merchants Ahmed said Worldpay is seeing growing demand for payment orchestration—a model where businesses use multiple payment processors through a unified platform. 'Orchestration is no longer a niche concept. It's becoming the standard, especially for enterprise merchants operating with multiple PSPs and regions,' he said. 'They want redundancy, flexibility, and the ability to optimise performance by routing payments through the most effective channels.' Expanding operations in the UAE Over the past year, Worldpay has expanded its merchant portfolio in the UAE beyond traditional sectors, airlines and travel to include OTAs, financial services, including trading and insurance, digital platforms, mobility firms, education and healthcare. The company is also relocating to a new office in Dubai Internet City to support its growing local team. Looking ahead, Ahmed said the company is focused on real-time payments, embedded finance, and supporting the region's role in cross-border payment innovation. 'Dubai is becoming a global headquarters for many businesses,' he said. 'As payment infrastructure matures, you'll find Worldpay at the heart of great commerce experiences helping our customers become more efficient, more secure, and more successful.'
Zawya
22-05-2025
- Business
- Zawya
Visa names new country manager for Oman
Visa has announced the appointment of Nasser Bdeir as Country Manager for Oman, effective May 25. He is based out of Visa's Riyadh office, the company's regional headquarters for Saudi Arabia, Oman, and Bahrain. Nasser succeeds Manish Gautam, who was in the role since 2019 and has now transitioned to Visa's regional HQ in Riyadh to manage Visa Commercial Solutions—one of Visa's strategically important businesses across Saudi Arabia, Bahrain, and Oman. With Visa since 2013, Nasser assumes his new role after leading key markets and functions in the GCC, including Head of Financial Institutions and managing leading banks, driving growth and innovation for merchants and fintechs, and market development. Before Visa, Nasser spent 5 years with Banque Saudi Fransi. Bdeir said, 'I am thrilled to have the opportunity to lead our operations in an exciting market such as Oman. I am looking forward to working closely with our clients to introduce new payment innovations that benefit Omani consumers and businesses. We are deeply committed to supporting the Oman government's cashless agenda and creating an inclusive, resilient digital economy where everyone, everywhere in Oman can participate and be empowered by the benefits digital commerce offers.' Oman has established a progressive regulatory framework to enable the growth of the Sultanate's digital economy. Despite progress with the economy's digital transformation, around 25% of Oman consumer transactions are still in cash, according to Visa's recent Where Cash Hides research. For Visa, this represents an opportunity for the Oman payments industry to further drive financial inclusion and digitize commerce in the Sultanate. Visa is committed to the government's cashless agenda by continuing to support its partner banks and new entrants with its payment innovations as well as its global network of 4.6 billion cardholders and more than 150 million merchant partners. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Gulf Business
13-05-2025
- Business
- Gulf Business
Botim, Mbank partner to issue Jaywan prepaid card
Image: Jaywan/ Used for illustrative purposes Botim, the flagship platform of Astra Tech, has become the first fintech entity in the UAE to roll out the Central Bank-backed Jaywan card scheme through a strategic partnership with Mbank, a leading digital bank. The collaboration was formalised during a signing ceremony at the Dubai Fintech Summit, attended by Dr Tariq Bin Hendi, CEO and Board Member of Astra Tech and Botim, and Mohammed Wassim Khayata, CEO of Mbank. The agreement enables The integration supports the Central Bank of the UAE's national payment objectives by offering a secure, digital alternative to cash transactions. 'This launch represents a strategic commitment to enhancing the accessibility and infrastructure of financial services in the UAE,' said Dr Bin Hendi. 'By embedding Jaywan card: The UAE's first domestic payment scheme Developed under the supervision of the Central Bank and operated by Network International, the Jaywan card is the UAE's first domestic payment scheme. It aims to strengthen financial sovereignty and reduce reliance on international payment networks while promoting local interoperability. Mbank's CEO, Mohammed Wassim Khayata, noted that the partnership is aligned with both entities' shared vision to boost financial innovation and inclusion. 'This initiative underscores our commitment to providing cutting-edge digital banking solutions that meet the evolving needs of our customers,' he said. Botim users can apply for the card via the app The partnership enables verified Botim users to apply for and activate the prepaid Jaywan card directly within the app, bypassing the need for a traditional bank account. The move is designed to bring secure, accessible digital payments to a broader user base. Botim's fintech capabilities already include multi-currency prepaid cards, real-time remittances, micro-lending, and in-chat financial services. The addition of the Jaywan scheme further establishes Botim as a leading digital lifestyle and financial services platform across the MENA region.
