Online payments platform, Stripe, has officially launched its first entry into the Middle East, opening an office in the United Arab Emirates, in Dubai Internet City.
Henceforth, businesses operating online in the UAE can use Stripe to accept online payments, make payouts, mitigate fraud, and expand globally to reach customers all around the world. Furthermore, this makes it easier for businesses already using Stripe to make their products and services available in the UAE.
The total value of digital payment transactions in the UAE has more than doubled in the last two years, with $18.5 billion of transactions in 2020, as lockdown measures accelerated a surge in online commerce. The growth of UAE e-commerce is forecast to continue, with the sector expected to add nearly another $10 billion over the next two years.
Stripe is an Irish-American financial services and software as a service (SaaS) company, with its headquarters in San Francisco, California, and Dublin, Ireland. The company primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.
In 2020, the company launched in Czech Republic, Hungary, Romania, Bulgaria, Cyprus, Malta and Africa via Nigeria technology startup Paystack.