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Ahmed AlaladiGroup EVP of the business, and Jamie VerhageTap Payments, Director of Merchant Acceptance, has signed a milestone agreement with Fei Manchuria SrivastavaChief Technology Officer, Pole carryEVP card and payment, From Al-Futtaim Group to support the growth of Al-Futtaim’s online brand and the growth of digital payments across the GCC.
Key brands strengthened by this partnership include: B&Q, Watsons Al-Futtaim’s Signature Lifestyle Rewards Platform, blue reward.
Tap Payments helps secure billions of transactions for customers around the world. Currently supporting his 100,000+ companies of all sizes, including many popular names. Reasons for this include inadequate digital payment infrastructure and services. In addition, unbanked customer and merchant groups and cultural preferences for cash play a role. Only about one-third of retail payment transactions are made online.
However, new legislative and regulatory initiatives and new local, regional and international payment providers are driving change. The covid-19 pandemic has caused an increase in digital usage and a shift away from cash. Tap Payments provides an easy, fast and secure online payment experience for businesses and customers in the MENA region by providing a cutting-edge, technology-driven payment system that complies with international payment industry standards.
Commenting on the partnership, Ahmed Alaradi said:
It is an honor and an incredible achievement for Tap Payments to support Al-Futtaim Group, a company that brings some of the world’s most beloved brands to local customers, with its payment services. We look forward to expanding this relationship across MENA and beyond.
Tap Payments has connected the disconnected payment landscape across the MENA region by developing a single unified integration for all payment methods widely adopted by consumers in the MENA region.
Single integration, Tap’s payment gateway Gothel Businesses can offer popular local payment methods.These include yet, Qunet, advantage, Foleyinternational payment methods such as ; visa, master Card, Amex; even alternative payment methods such as BNPL apple paymentAlso STC payment.
With the rise of digital payments, customer preferences are moving away from cash. McKinseyconsumer survey found that MEA customers strongly favor digital payment options, with only 10% strongly favoring cash.
Quantitatively, the United Arab Emirates (UAE) and Saudi Arabia Home to two of the world’s three remittance corridors, cross-border payments are integral to the MENA region’s financial ecosystem (KSA). In 2020, the UAE and KSA each processed $78 billion in cross-border payments. This is because many foreigners lived in this area.
Al-Futtaim Chief Technology Officer Himanshu Shrivastava added: We look forward to working with Tap Payments to provide a seamless payment experience so our customers can pay for their purchases quickly and conveniently.
Francis Bignell
