Dubai: Payments solutions provider Network International reported a 19 per cent rise in its Q3 2022 revenues year on year, driven by spending recovery in the UAE.
Value of payments processed in the UAE and Jordan with merchant customers (directly acquired Total Processed Volumes, TPV) increased 22 per cent year on year and recovered to 2019 levels by the end of the quarter.
“We have set out our new strategy to accelerate, innovate and drive faster long-term growth. We are making progress already, giving the business strong foundations from which to deliver our medium-term target of 20%+ revenue growth,” said Nandan Mer, Chief Executive Officer.
The company launched several new capabilities for UAE merchants including new types of payment acceptance and low cost acceptance solutions.
Direct-to-merchant business
Network International continues to bolster its capabilities in its UAE direct-to-merchant business. During the quarter, Network International delivered a number of innovative launches, with a healthy pipeline to come, some of which include:
New types of payment acceptance including Rupay (the Indian card scheme), MIR (the Russian card scheme) and upcoming mobile money wallets through partnership with TerraPay. Buy Now Pay Later (BNPL) will be launching in the coming weeks in partnership with Tabby, the first and largest BNPL provider in the Middle East.
“DPO Pay”, a cost effective and convenient online payment solution for SMEs, will launch soon. The solution includes the setup of an online store and payment checkout, along with mobile money wallet payment acceptance.
The quarter saw continued momentum in Network International’s Merchant Solutions business line with record levels of new signings, particularly in the SME space.
Network International is the acquiring ticketing partner for EXPO 2020, providing integrated POS solutions for ticketing, retail and food and beverage outlets across the event.
Saudi entry
Network’s Saudi Arabia market entry is progressing as planned, with a healthy pipeline of indicative commitments from potential customers. The company expects to launch Issuer processing payment services to financial institutions in Q1 2022, with its technology platform on track for deployment and testing, and with regulatory applications progressing.
“Our market entry to Saudi Arabia is on-track. We have made significant progress in the build of our technology platform, a pipeline of customer commitments and expect to launch services in early 2022,” said Mer.
