Global fashion companies can now sell directly in the UAE with first-ever currency exchange service
By Don-Alvin Adegeest
20 May 2020
Fashion brands seeking to reach the Middle East market will find the process easier with a new service provider for UAE currency, the first of its kind.
PingPong Payments, an international payments and e-commerce services provider, has announced the first-ever payments processing and currency exchange service for the UAE currency, the Arab Emirates dollar (AED). The California-based company aims to break open access to the fast-growing MENA market for international brands and retailers.
According to PingPong Payments, the Middle East and North Africa (MENA) region is on the verge of a pivotal shift, with e-commerce emerging as a significant growth market – forecast to increase 350 percent, to reach a massive 28.5 billion dollars by 2022. The UAE is the MENA region’s fastest growing country, with high levels of income, high smartphone and internet adoption and a favorable regulatory landscape, allowing international commerce to flourish and positioning it as a platform for accessing the broader MENA market.
“As global markets, and particularly the U.S. market, for products and services tightens due to the COVID-19 pandemic around the world, U.S. and global sellers of goods and services across all segments and over Amazon and other platforms will be looking to overseas consumer and business markets to expand revenues to compensate for domestic sales shortfalls,” said Kenny Tsang, Managing Director at PingPong Payments.
“Our opening up the UAE market to fast, easy and low rate AED currency conversions gives merchants and e-commerce sellers access to a significant new revenue channel to sell their goods and services across one of the world’s fastest growing regions - countries across the Middle East and North Africa. We are proud to be the first global payments provider to offer AED exchange services, opening up a thriving new market for our customers to both send and receive money, and increase sales.”
Image courtesy PingPong Payments