PingPong Payments has launched the first UAE currency exchange and payments processing service.
The move adds the UAE currency, the Arab Emirates dollar (AED), to PingPong Payments’ global payments solutions. It will enable merchants and online sellers convert AED into other global currencies thereby providing further impetus to international commerce.
The step comes at a time when e-commerce in the Middle East and North Africa (MENA) region is projected to reach a size of $28.5bn by 2022.
PingPong Payments managing director Kenny Tsang said: “As global markets, and particularly the US market, for products and services tightens due to the Covid-19 pandemic around the world, US and global sellers of goods and services across all segments and over Amazon and other platforms will be looking to overseas consumer and business markets to expand revenues to compensate for domestic sales shortfalls.
“Our opening up the UAE market to fast, easy and low rate AED currency conversions gives merchants and e-commerce sellers access to a significant new revenue channel to sell their goods and services across one of the world’s fastest growing regions – countries across the Middle East and North Africa.”
Besides AED, PingPong Payments enables currency exchange capabilities for USD, CAD, AUD, JPY, EUR and GBP among others.
The platform also supports international merchants to expand to foreign markets and ensure compliance with the local laws.
