Network International Expects Organic Growth as Rate of Card Transactions grows in Middle East
Network International, the prominent payment remedies carrier in the Middle East and Africa (MEA), talked about plans for natural growth at its 11th Partner Meet held recently in Prague.
The company addressed its vendor and financial institution companions on possibilities in the regional payments industry, verifying a favorable forecast on its organic and regional growth plans. This, versus the backdrop of card quantity and non-cash settlement transactions expanding year on year since 2011 at a yearly rate of 10%, from 10 million to virtually 16 million in 2016.
Speaking at the event, Samer Soliman, Managing Director - Middle East, Network International, commented: "As the United States $5 trillion global payment industry experiences turbulent adjustments, we prepare for rapid growth in the MEA region. A convergence of factors consisting of a majority tech-savvy group, aggressive federal government plans, the coming-of-age of mobile POS in a region with high mobile penetration prices, and the appearance of a bilateral payments atmosphere where any person could be a merchant, and every device could accept payments, are all edging us towards a significantly cashless society."
Specifying on the company's confident outlook, Soliman mentioned that the Middle East and Africa jointly make up the world's fastest-growing repayment cards region. The MEA region already leads some markets in taking on technologies such as contactless repayments and the focus on economic inclusion is set to play a key duty in bringing forecasts of a nearly one billion card uptake in the MEA bloc by 2021 to fulfillment. Network International will certainly be playing a key role as a settlement remedies company at Exposition 2020 Dubai, where the company's majority investor Emirates NBD Group will certainly be a Premier Partner.
Network International's 11th Partner Meet topped a successful year as the company rolled out a suite of products and services for the MEA market, including N-Advisors, an analytics and consulting product offering to service its more than 200 banking clients throughout the 55 countries where it runs. Network international likewise recently debuted N-Genius , an Android-based payment platform with the ability to take care of and accept repayments, either at the sales register or on the move. The UAE's largest acquirer has additionally taken the lead in developing a nationwide card invest index tracking changes in consumer card costs in the UAE on a quarterly basis.
Speakers at Network International's 11th Partner Meet included Dr. Christian Scherrer, Principal Data Scientific Research Professional, Blue Yonder; Jake Sullivan, previous National Protection Expert to the Vice President of the USA; Dr. Kjell Nordstrom, popular economist and very successful author; Omar Al Busaidy, Entrepreneur, Author and Futurist; Ramesh Cidambi, Chief Operating Officer, Dubai Responsibility Free; and Suvo Sarkar, Senior EVP and Group Head - Retail Banking and Riches Management, Emirates NBD.
