Global payment gateway solutions provider Checkout.com saw “record-breaking payment processing growth” this year.
Checkout.com posted an increase of nearly 75% year-over-year in payment processing volumes for the region in December this year, according to a statement by the company. The growth was driven by surging demand seen by the local and international merchant clients of Checkout.com.
“It has been a step-change year for us across the MENA region, all driven by the partnerships we’ve put in place with our merchants over the past decade.
We’ve opened offices in KSA and Pakistan, expanded our regional team to 90 people, and have our sights set on even broader expansion—including upgrading our office in Dubai,”
Checkout.com’s Founder and CEO Guillaume Pousaz said.
The statement noted that the MENA region was outpacing larger regions (such as Europe and APAC) with its adoption of in-app social shopping and buy now pay later (BNPL). As a result, Checkout.com led a US$110 million Series A investment in Saudi Arabia-based BNPL startup Tamara in April this year.
Without disclosing numbers, the statement added that the company especially saw success in the UAE. At the same time, it increased its acquiring footprint in nine different countries across the MENA region.
“We’ve seen a huge increase in appetite from merchants to cover multiple target markets using a single payments platform—and to have the flexibility to offer multiple local currency and alternative payment methods at the same time,”
said Mo Yusuf, regional manager for MENA at Checkout.com.
The MENA region’s payments sector continued to accelerate this year, driven by booming ecommerce adoption and a growing fintech ecosystem. According to an earlier report by Checkout.com, 76% of MENA consumers reported using a fintech app, while ecommerce and BNPL emerged as the top trends in MENA’s payments space.
Featured image: Checkout.com (Checkout.com Founder and CEO Guillaume Pousaz)