Worldpay, a global leader in payment technology, has announced plans to expand its payment services across a greater variety of sectors in the UAE, with a focus on retail and hospitality. These industries are experiencing an increasing demand for emerging technologies that incorporate fast, secure, and convenient payment solutions.
These services include Pay-Outs, Push to Card solutions, and Account-to-Account payments that will be available in real time. Worldpay also plans to introduce installment payments with Visa and Mastercard, as the company is working closely with these companies to support this feature. This product proposition is expected to launch in 2025.
“We are very solution-driven and understand the challenges and requirements of each industry. This has enabled us to bring in new technologies and solutions that are very high-end and trusted by many merchants across the globe,” Tausif Ahmed, Merchant Country Leader at Worldpay, told Arabian Business at this year’s Seamless Middle East 2024.
The retail and hospitality sector is witnessing a shift in digital payment preferences, with alternative payment solutions gaining popularity. According to the latest edition of the Global Payments Report 2024, the e-commerce market in the UAE is projected to reach an impressive $46 billion by 2027, growing at an annual rate of 23-25%. This growth will be primarily driven by alternative payment solutions that offer greater variety of choice for customers, including digital wallet transactions – which is expected to account for 35% of all online transactions by 2027. The report further suggests that popular digital wallets such as Careem Pay, e&money, and international brands like Apple Pay and PayPal are expected to dominate the online and in-store payment markets in the UAE by 2027.
“These are some of the functions or features which [merchants] want to know, because it enables them to be more economically beneficial and technologically advanced” Tausif Ahmed explained, highlighting the growing demand to meet customer preferences and stay competitive in the market.
Worldpay’s Push to Card solution, for example, allows retailers to process refunds faster, resulting in seamless customer experiences. Account-to-Account payments, on the other hand, offers more cost-effective and secure alternatives to traditional payment methods, making it an attractive option for both merchants and customers.
Key challenges for UAE retail and hospitality merchants
Despite the growing popularity of alternative payment methods, a significant number of merchants in the UAE continue to rely on credit cards as the most common form of online payment, accounting for 37% of all digital transactions, according to the Global Payments Report 2024.
“The challenge [that merchants] have is mostly to bring the technology up to speed,” Tausif Ahmed noted. Yet today, payments are influenced by personal preference, varied by geography, economic conditions and nuanced by what consumers are purchasing.
Since launching in the UAE earlier last year, Worldpay has utilised its extensive expertise to address these challenges faced by merchants. Drawing on its 30 years of experience across various sectors, Worldpay has developed a deep understanding of how local consumers prefer to pay, which has enabled UAE merchants to optimise performance amid an accelerating e-commerce landscape.
“Merchants were previously accustomed to working with acquirers who employed a one-size-fits-all approach for various industries. However, we adopt a specialised or vertical strategy” Tausif Ahmed emphasised.
Worldpay’s vertical strategy offers a complete package of technologically advanced solutions to help merchants grow their businesses. This includes end-to-end support, dedicated resources such as relationship managers and consultants, and an optimisation team available 365 days a year. The solution is tailored to meet the unique needs of each merchant, helping them achieve incremental growth in revenues, acceptance rates while reducing fraud and chargebacks. These domestic acquiring capabilities also ensure seamless integration for global merchants with a local presence.
As one of the first international PSP companies to obtain a category II payment services license in the UAE, Worldpay has been able to customise payment services to meet local regulations and requirements. The license, which allows card acquiring and disbursements, has benefitted both local companies with global aspirations as well as international enterprises looking to expand into the UAE.
Commitment to the region
Worldpay recognises the significant potential that the UAE’s fintech sector can provide for future payment processing capabilities. Worldpay aims to collaborate with fintech firms in the region through partnerships to stay abreast of the most advanced technologies and continue to support its regional and global clients.
“We see these opportunities, not just for the country, but we’ve seen how we can serve our existing merchants locally here, but also internationally” Tausif Ahmed noted. As the UAE continues to establish itself as a global fintech leader, Worldpay is well-positioned to support its clients in capitalising on the opportunities presented by this dynamic market.
Worldpay’s client success is further highlighted by its ongoing innovation and adaptability to the evolving global commerce landscape – which has made it a trusted partner for businesses around the world. Over the years, the company has developed extensive experience across various sectors which includes retail, hospitality, airlines, travel, gaming, digital industries, as well as financial services, trading, insurance and crypto. This has enabled the company to provide deep insights into industry-specific needs and potential collaborations within the payment ecosystem.
As a single acquirer, Worldpay’s advancements in payment processing efficiency have not only benefited UAE merchants, but have also contributed to the broader digital economy as well as attracting international businesses to the UAE.
As a global company with a client base of one million customers, Worldpay processes over 40 billion transactions across 146 countries in 135 currencies annually. This demonstrates the company’s extensive global reach and its ability to support businesses worldwide without the limitations of geography or currency.
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