Network International reveals payments outlook for MEA region at 8th User Conference
The 8th Network International User Conference concluded on a high note in Bangkok recently after a series of successful rounds of discussions, with participants upbeat about the promising outlook for the payments industry in the wider Middle East and Africa (MEA) region.
Organised by Network International, the leading payment solutions provider in the Middle East, the three-day annual event witnessed participation from more than 130 delegates representing financial institutions, the companys merchant partners, as well as retailers from across the MEA region to discuss the developments in the payments sector. According to the panel of experts at the conference, the payments sector in the Middle East and Africa region is poised for further expansion and innovation.
Underscoring recent growth, the company processed more than 550 million transactions in 2014, amounting to AED 83 billion in acquiring volume. In anticipation of increased volume, the company last year rolled out a world-class platform Network One, which will eventually be capable of processing almost 3,000 transactions a second.
The User Conference also highlighted the major milestones Network International has achieved in the recent past and set out a pathway for future developments. In his welcome remarks, Abdulla Qassem, Chairman of Network International, said: The payments industry around the world, and Middle East in particular, is witnessing exciting developments especially with regards to the expansion in electronic payments. With the ever-growing e-commerce sector, coupled with an enhanced focus on technology innovation, the payments sector in the region is projected to register the fastest growth rate in the next few years. Against this backdrop, events such as the User Conference have become a critical platform to discuss and exchange ideas among key stakeholders, discussing the most pressing needs and capture future opportunities in the payments domain.
Bhairav Trivedi, Chief Executive Officer of Network International, said: We recognise that Network International is uniquely placed to take advantage of the tremendous potential offered by this industry. We continue to work hard to help our clients thrive in the evolving world of commerce, enabled by innovative products that we design to better meet the needs of their customers.
Network Internationals 8th User Conference featured several eminent speakers, including Chris Skinner, renowned independent commentator on financial markets; Dr. Sahar Nasr, Lead Financial Economist, Middle East & North Africa World Bank; Dan Schatt, Chief Commercial Officer, Stockpile; David Gunn, Principal Bain & Company, London; Michael Lafferty, Chairman of Lafferty Group; and Stephen Leonard, Founder and CEO Credit Risk Connection. Indias five-time World Amateur Boxing Champion MC Mary Kom and Singaporean mountaineer David Lim gave motivational speeches during the event.
One of the highlights of the event was a panel discussion on futuristic payment technologies moderated by Chris Skinner and featuring Joseph Hurley, Global Head of Business Development Discover Financial Services; Ryan Gilbert, Co-founder and CEO Better Finance; and Dr. Sahar Nasr as panelists.
Buoyed by tremendous growth potential presented by the e-commerce sector, and also its commitment to help merchants grow their businesses, Network International recently partnered with PayPal to launch the Middle Easts first e-Merchant Portal for payment transfers. With this, UAE merchants will now be able to withdraw funds from their PayPal accounts to any UAE bank in Dirhams. This 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 funds.
Referencing the launch of the e-Merchant Portal, and also Network Online, Network Internationals sophisticated online payment gateway, the companys
CEO said that both initiatives are expected to provide significant impetus to e-commerce, which is among the fastest growing businesses in the region, with transactions estimated to reach USD 15 billion in 2015.
Diners Club International was the Platinum sponsor of this years User Conference. Planet Payment and FEXCO were the Gold sponsors, while FICO, Marshal and Oberthur Technologies were the Silver sponsors.
