MENA-based payment solutions provider Network International and PayPal announced the launch of a dedicated portal that will enable UAE merchants to withdraw funds from their PayPal accounts to any UAE bank in the local currency.
The new portal, the first in the region, is expected to significantly increase e-commerce opportunities in the UAE, as it allows PayPal users with merchant accounts faster and easier access to their PayPal funds. Merchants can now register for this service by visiting www.paypal-withdrawal.ae.
The service will also lower the cost of managing online funds and will give merchants more control over their cash flow – a vital asset for small businesses and start-ups that need access to capital. In addition, the introduction of AED transfers means lower currency conversion charges for merchants.
“We expect the introduction of this feature to help MENA e-commerce grow exponentially,” comments Kivanç Onan, regional director of PayPal MENA & Turkey. “One of the biggest challenges facing any online business is access to payments, and we believe PayPal’s partnership with Network International will help existing e-merchants in that regard, and allow start-ups and small businesses to set up an online shop easily.
“Our vision is to enable and empower both merchants and consumers to make the most of the convenience of online shopping. The partnership is another indication of our commitment to the region and provides everyone with the opportunity to conduct business online, essentially making every consumer a potential future e-business owner,” he adds.
“Our objective is to enable the growth of e-commerce across the region through developing speedy and secure payment solutions,” shares Bhairav Trivedi, Network International CEO. “Our partnership with PayPal empowers local merchants and start-ups by providing safer and quicker access to cash payments.”
The launch of the portal coincides with an incredible growth for e-commerce in the UAE, with an increasing number of websites offering products that were unavailable previously in the region. This is combined with a gradual positive shift in consumer behaviour toward online shopping. “E-commerce is among the fastest growing businesses in the region, with transactions estimated to reach $15 billion by 2015. The new portal establishes a robust payment infrastructure for local merchants as well as creating opportunities for entrepreneurs looking to enter the e-commerce market,” comments Paolo Zambonini, executive vice president – product & innovation, Network International.