The firm that was initially founded during 2015, it has been granted licence within DFSA for commencing the operations within the Middle Eastern territory. The firm was quick to report on Tuesday that, the UK based digital payments firm, Paymentology, has gradually expanded its base within the Middle Eastern territory with their native office unit within Dubai.
In a statement announced by the firm, “the FinTech digital payment firm’s primer objective will be for offering up of the digitalized as well as smarter payment solutions for the Banking arena, Financial Service providers, retailers as well as the varied businesses who are in virtue of processing up bulk transactions on regular basis.”
Paymentology, the UK based FinTech Digitalized Payment firm, was initially founded in 2015, and has a valid licence provided by virtue of Dubai Financial Services Authority (DFSA) for operating within the Middle East vast landscape.
The Chief Executive of the firm Shane O’Hara stated further that “Tapping the Middle East territory was always on their topmost priority as the territory has got huge potential for the expansion within the Financial technology, as well as within the digitalized payments market and that their entry towards the territory is well timed. In a hugely secured manner, we have had already scrutinized, initiated process of meeting potential partners, investors, clients for offering up our innovative products shifting the way individuals proceed for making payments as well as the pathway in which the Financial institutions process those payments.”
Mr. O’Hara further stated that “Specifically within next few years’ time frame the vast majority of tech-savvy young men as well as women get their career as their professionals as well as businesspersons, they will not be going to stand like conventional payment system to stand in a queue for processing of the payments.”
He also further stated that “They are always there to support majority of payment processors aiding them to migrate their payments technology towards the next level which is always secured, safer as well as is most effective.”
The UAE is pioneering and powering the adoption of digitalized payments within the territory. As per the latest poll surveyed by the Standard Chartered, two-thirds of the people expect national economy to fully transition on towards cashless economy within the next decade during 2030. The latest survey by McKinsey UAE survey pointed out that it was found that around 10 percent of UAE consumers are all more likely to utilize a credit card or digitalized wallet, wherein 20 percent were quoted stating that they are curbed likely for cash related utilization while making any payment.
Paymentology has already witnessed huge expansion potentiality within the digitalized payments market, with as much as half of the territory population under 25 years of age group. The firm Paymentology has a varied global presence with its base within the UK, South African territory, Hong Kong, as well as Nepal and wherein it is providing in services for varied clients globally that includes British Financial Technology giants Revolut as well as Standard Chartered’s Mox Bank.
