Dubai: Higher local shopper spend and those by tourists were enough for Dubai-headquartered payments processor Network International recording a 33 per cent increase in revenue for the first quarter. That was helped by a 22 per cent uptick in domestic payments processing and higher tourism spend helped by the Expo.
Domestic and international TPV – Total Processed Volume and a n industry measure – were 20 per cent and 9 per cent up on pre-pandemic levels in Q1-2019. Network International’s other gains were led by merchant wins, including Emirates Hospital Group, The Residences at Caesars Palace, Bluewater and Landmark Group, ‘many of which were from competitors’, according to a statement. Plus, there were the retailers at the newly opened Dubai Hills Mall.
“Strong demand led to a 10 per cent sequential increase in new SME wins between March and February alone, a trend the company expects to capitalize on with the launch of its new, fully digital on-boarding process for SMEs in the coming weeks,” the company said.
“Our home market is seeing a continued improvement in consumer spending and increasing numbers of international visitors,” said Nandan Mer, CEO. “This has been supported by customer wins and capability launches, including becoming the first acquirer to offer Buy Now Pay Later in Jordan.”
Entry into Saudi
Earlier results from the recent entry into Saudi Arabia is promising. “It is encouraging to see our new processing customer, signed only two months ago, already in the process of on-boarding,” the CEO added. “Overall, the growth in the period is evidence of successful delivery on our strategic objectives and a solid foundation for the year ahead.”