The GCC is a growing force in the global e-commerce market, with 2019 poised to be a record year for growth. Whether catering exclusively to consumers in the region, or providing products and services globally, new companies are emerging weekly, and established organizations are growing exponentially. Enabling this growth, and in a very direct way facilitating its success, are the payment gateways in the GCC that permit businesses to accept and transact using credit cards and other payment methods.
While a large portion of online sales in the region continue to be Cash-on-Delivery (C.O.D.), this is changing, as an increased number of consumers begin to take advantage of the myriad credit and payment facilities available in the GCC.
Most banks are now offering new forms of credit product, from pre-paid cards, to ‘online only’ direct from account transactions and mobile payment, consumers have more options than ever in the GCC to shop online.
For consumers this is great news, though retailers have had some complications in the past to create their digital commerce initiatives, given what has been a rather complex system to obtain and/or implement payment gateways in the gcc for their online operations.
Much has changed over the past 18 months, and the growth and development of Payment Gateways available to small and medium sized businesses (SME) has provided numerous opportunities for nearly any business to start selling online.
The future of online payment looks bright moving into 2019, and businesses can expect additional competition in the payments market to provide them with an increase in options, and competition in per transaction pricing and percentages as this competition pushes the market forward.
Major players in the gateway market place include many well known names, with some newer emerging players promising to shake up the market.
Paytabs – Saudi Arabia’s most well-known payment gateway has been around for some time now, and offers a variety of services including recurring payments, SADAD integrations and other features.
Payfort – having been active in the market since 2014, they offer services in most countries in the Middle East, with a variety of integration options to most of the most common e-commerce platforms.
Hyperpay – started out of Jordan, they have expanded throughout the region, and are active in both Saudi Arabia and the UAE. While their current branding is new, they have been active in the payment gateway market since 2010.
Paypal – as one of the worlds largest payments gateways, PayPal is an enormous player in this market. They have made a significant commitment to operations in the GCC, and offer numerous products and services to help nearly any sized business to transact online.
2Checkout – one of the major global players in the marketplace today, 2Checkout continues to innovate their product offering on a global scale, and offers businesses some competitive options and easy integrations to get their digital commerce moving quickly.
Stripe – one of the more well known, and well respected global payment gateways available today. Stripe operates in dozens of countries, languages and currencies. They integrate well with Payoneer and other banking options, and provide some of the most comprehensive security tools available to small businesses today.
The variety of payment gateways in the GCC that are available provide businesses in the region with choices, and competitive pricing. There has never been a better time for businesses to begin the movement to online retailing, and to supplement their existing bricks-and-morter operations to include the “clicks” and not just the “bricks”. The year ahead has a lot of promise, and the current payment gateway offerings are sure to provide much needed support to business in the region.