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Top 5 Payment gateways & methods in UAE to watch for 2024

Updated: Mar 9





The digital age has ushered in an era of unprecedented convenience and connectivity, revolutionizing the way we transact. Online payments have become the cornerstone of this transformation, offering a multitude of options to facilitate seamless transactions. In this article, we'll explore the diverse landscape of online payment methods, from traditional credit cards to cutting-edge technologies like Apple Pay, as well as the critical role payment orchestration and cross-border payments play in the global e-commerce market.


Credit and Debit Cards:

Credit and debit cards have long been the go-to choice for online shoppers. These plastic companions offer unmatched convenience, allowing consumers to make purchases with a simple swipe or tap. With global acceptance and robust security measures, credit and debit cards remain a dominant force in the online payment sphere.


Digital Wallets:

Digital wallets have gained immense popularity in recent years. Services like PayPal, Braintree, and RazorPay allow users to store their payment information securely, streamlining the checkout process. With their user-friendly interfaces and support for multiple currencies, digital wallets are pivotal in cross-border e-commerce.


Buy Now, Pay Later (BNPL):

Buy Now, Pay Later methods have disrupted traditional payment models. Offering flexibility to consumers, BNPL services split payments into manageable installments. This approach has resonated with shoppers worldwide, spurring rapid adoption and integration into e-commerce platforms.


Net-Banking and Direct Transfers:

Net-banking and direct transfers enable users to complete transactions directly from their bank accounts. Particularly popular in regions like Asia, these methods provide a sense of security and familiarity for customers.


Near Field Communication (NFC) Payments:

NFC technology, exemplified by Apple Pay, has transformed the way we pay in physical and online stores. By simply tapping their smartphones, users can authorize payments swiftly and securely. NFC payments are especially convenient for mobile users.


Payment Orchestration:

Payment orchestration is the backbone of the modern online payment ecosystem. It refers to the process of seamlessly coordinating various payment methods, gateways, and processors to optimize the customer experience. Payment orchestration ensures that transactions are smooth, secure, and compliant with local and international regulations.


Cross-Border Payments:

Cross-border e-commerce has witnessed remarkable growth, with more businesses and consumers engaging in global trade. Efficient cross-border payments are crucial for international transactions. Payment service providers like Cybersource play a pivotal role in facilitating secure cross-border payments by offering advanced fraud prevention and currency conversion solutions.


In 2022, the global cross-border e-commerce market reached a staggering $1.2 trillion, illustrating the enormous potential of international online sales. As businesses expand their reach across borders, the importance of understanding and integrating various payment options cannot be overstated.


In conclusion, the world of online payments is dynamic and multifaceted. From traditional credit cards to innovative digital wallets, consumers and businesses have a wide array of choices at their fingertips. Payment orchestration ensures a smooth and secure transaction experience, while cross-border payments are essential for the flourishing global e-commerce market. As we continue to witness technological advancements and changes in consumer preferences, staying informed and adaptable in the online payment landscape is key to thriving in the digital age.


In the heart of the Middle East, the United Arab Emirates (UAE) stands as a global economic hub, making remarkable strides in the world of digital payments and e-commerce. As we venture into this landscape, it's crucial to understand the backdrop against which these payment gateways operate.


UAE's Digital Payments Market

The UAE's digital payments market is set to reach an impressive $23.75 billion by 2028, firmly establishing its role as a key global player.


E-commerce Growth

E-commerce is on the rise in the UAE, with revenue projected to reach $16.85 billion in 2023. Further growth is expected, with revenues estimated to reach $23.75 billion by 2028, reflecting a 6.42% compound annual growth rate (CAGR).


Expanding User Base

The e-commerce user base in the UAE is anticipated to reach 5.805 million by 2028, indicating a substantial increase in user penetration from 49.4% in 2023 to 60.0% in 2028.


Payment Gateway Options in UAE

Now, let's explore the prominent payment gateway options in the UAE, each offering its unique set of features and benefits.


- Stripe (preferred provider): Stripe is a versatile payment gateway that offers competitive rates. It charges 2.9% + AED1.00 per successful charge for domestic cards, with an additional 1% fee for international cards and 1% for currency conversion if required. Stripe supports various payment methods, including Visa, Mastercard, Maestro, Apple Pay, and Google Pay. Notable customers include Slack, Twilio, Instacart, Shopify, Dermalogica, Braintrust, and Spotify.


- Tabby BNPL: Tabby specializes in Buy Now, Pay Later (BNPL) solutions. It offers split payments in EMIs and has recently launched the Tabby Card. Tabby has a strong presence in the UAE, serving renowned companies like IKEA, SHEIN, Adidas, MAGRABi, Home Box, Alternative Airlines, Asnas, and BeanBurds. Customers using Tabby have witnessed a 33% average increase in Average Order Value (AOV), an 18% rise in conversion rates, and 40% repeat customers. The BNPL market is expected to grow significantly, reaching $531.5 billion.


- PayTabs UAE: PayTabs offers a comprehensive suite of mobile applications and solutions for various industries, including hospitality, governmental, education, airline, travel, transport, and biller services. It supports a wide range of payment methods, including AMEX, JCB, Maestro, Mastercard, UnionPay, Visa, Apple Pay, PayPal, Samsung Pay, ManNet, Tabby, and Tamara. PayTabs provides tiered pricing plans based on monthly transaction volumes and caters to diverse needs, such as e-commerce, e-invoicing, recurring payments, QR code payments, and multi-currency processing.


- Telr: Telr is known for its diverse payment methods, including Visa, Mastercard, AMEX, UnionPay, JCB, Apple Pay, PayPal, NetBanking, Mada, STC Pay wallet, Urpay wallet, and SADAD. Telr offers tiered pricing plans based on monthly transaction volumes, making it accessible to businesses of all sizes. It provides solutions for e-commerce, e-invoicing, recurring payments, QR code payments, multi-currency processing, and more.


- Bitpay – Cryptocurrency: Bitpay allows businesses to accept cryptocurrency from customers worldwide. It offers Crypto debit cards and wallets and can be used for online and in-store purchases.


- HyperPay: HyperPay offers payments and billing products, supporting multiple payment methods, including Mastercard, Visa, Apple Pay, STC Pay wallet, Union Pay, AMEX, Fawry, and Mada.


In this rapidly evolving digital landscape, businesses need more than just payment gateways; they need a Payment Orchestration solution like GlobalPayBridge.com to optimize their payment processes for better efficiency and enhanced customer experiences.





How GlobalPayBridge.com Benefits Merchants and Customers in UAE


GlobalPayBridge.com, a leading Payment Orchestration solution, simplifies payment processes for merchants and enhances the payment experience for customers.

- Transaction Orchestration: GlobalPayBridge.com efficiently manages payment data flow, ensuring smoother transactions for customers and reducing operational complexities for merchants.

- Payment Gateway Integration: GlobalPayBridge.com offers a unified gateway that integrates with various payment methods, reducing technical complexities and ensuring compatibility.

- Cross-Border Payments: GlobalPayBridge.com simplifies cross-border payments, supporting multiple currencies, languages, and local payment methods for international transactions.

- Payment Optimization: Using advanced algorithms and data-driven insights, GlobalPayBridge.com optimizes payment routes, increasing transaction success rates and minimizing payment failures.

- Payment Aggregator: Merchants can consolidate their payment sources and access aggregated data, allowing for better decision-making and financial planning.

- Unified Payments Ecosystem: GlobalPayBridge.com fosters a unified payments ecosystem where merchants and customers can access a wide array of payment options in one place, enhancing convenience and flexibility.

With GlobalPayBridge.com, both merchants and customers experience enhanced security, faster checkouts, reduced cart abandonment rates, global reach, data-driven insights, and a competitive edge in the dynamic world of e-commerce.


Conclusion

As the digital payments market in the UAE continues to surge and e-commerce becomes increasingly integral to the region's economy, selecting the right payment gateway and orchestrating payments effectively is paramount. Understanding the evolving landscape and the diverse options available empowers businesses to thrive in this exciting era of digital commerce.

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