Announced Digital payments giant Stripe announced its official launch in the United Arab Emirates, and this launch marks the company’s first expansion in the Middle East.
Stripe opens a new office in the United Arab Emirates, in Dubai Internet City, which will be the company’s first office in the region.
Online companies operating in the United Arab Emirates can use Stripe to accept online payments, make payments, mitigate fraud, and expand globally to reach customers worldwide.
The announcement also means that it will be easier for the millions of companies that use Stripe to make their products and services available in the United Arab Emirates.
Founded in 2010 by Irish brothers Patrick and John Collison, the company is used by more than 50 companies, each processing more than $ 1 billion annually to receive payments and customer bills.
Companies using the payments service include Google, Uber, Amazon and shipping giant Maersk.
“Stripe removes complexities so companies can focus on what makes them special,” said Matt Henderson, Head of Business Europe, Middle East and Africa at Stripe.
“Our launch also means that we can now connect our global user base to the Gulf region, enabling them to smoothly expand their operations in the region.
A number of companies in the UAE, including Illusions Online, Aceplace, ChatFood and WeKeep, were part of Stripe’s pre-launch beta testing and are using it to power payments in the region, along 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, with $ 18.5 billion in transactions in 2020, as lockdown measures boosted the increase in online commerce.
E-commerce growth is expected to continue in the UAE, as the sector is expected to add nearly another $ 10 billion over the next two years.
The announcement of Stripe’s entry into the market comes with support from a partnership with Network International, and provides UAE-based companies with the infrastructure they need to better connect with users around the world and trade internationally.