Developer-friendly APIs, STRIPE expands its presence into the Middle-east with the launch in The UAE
“Any sufficiently advanced technology is equivalent to magic.”-Arthur C. Clarke.“There was a time when people felt the internet was another world, but now people realize it’s a tool we use in this world.”-Tim Berner- Lee
As per the above-stated quotes by profound personalities, we can assume that how the introduction of technology proved to be a boon for mankind. Likewise, the $95 billion payment company STRIPE, which seems to be a blessing, has announced that it is opening a Dubai office and offering its services to businesses in the UAE, in a move that promises to eradicate the tedious onboarding process for local businesses looking for a way to allow its customers to pay lucidly. It also opens up the UAE to global businesses looking to offer e-commerce services in a new market, according to the announcement.
ABOUT THE WORKING OF STRIPE
The world’s most powerful and easy-to-use APIsSTRIPE is an Irish-American financial service and software as a service (SaaS) company founded by Irish brothers John and Patrick Collison in 2010. The company principally offers payment processing software and application programming interfaces (APIs) for e-websites and mobile applications. Millions of businesses of all sizes from start-ups to large enterprises, use Stripe’s software and APIs to accept payments, send payouts and manage their businesses online.
WHY DUBAI?
As the UAE has got a booming digital economy, to enhance it further digitally, STRIPEcan eases the online payments process. Gym management software Glofox, already a global user of Stripe, said in a statement that “Stripe’s launch in the UAE can be a catalyst for global brands like ours to expand the products and services we’re able to offer fitness businesses in the region.”Henderson, the STRIPE’s business lead for Europe, the Middle East, and Africa, also adds, the benefit of bringing Stripe’s technology to Dubai is that “there are a lot of great local businesses that haven’t yet globalized. One of the ways that will help them grow and therefore help them to resonate with investors is opening up these new markets.”As also the UAE is home to several regional success stories, hence Dubai seems to be the most suitable site.
STIPE TO ERADICATE THE COMPLEXITIES OF PAYMENTS
While companies grapple with the challenges of trying to accept payments, payouts and manage the financial aspects of internet businesses.STRIPE eliminates these complexities so businesses can focus on what makes them special, explains Matt Henderson. The company states, that local start-ups like Ace place and Chat food, as well as global companies like Glo fox, have been using STRIPEfor power payments. According to Stripe, there’s an obvious need for more payment vendors. The company expects UAE e-commerce to add another $10 billion in digital transactions over the next two years.
THE EXPANSION STRATEGY OF STRIPE
Over the years, the company has accumulated influential customers like Amazon and Salesforce, expanded its suite of products, and invested in other start-ups through its venture arm. The expansion is just one of the many moves that Stripe is making. Besides the UAE, STRIPE has stated plans to expand into Brazil, India, Indonesia, and Thailand. Meanwhile, its use within the US continues to blossom. The payments provider is also helping audio appClubhouse Tip Creators.
With over 10,000 companies have registered an interest in Stripe’s UAE launch, Stripe will originally queue invite to manage demand levels during the first weeks of availability in the UAE.
The expansion is a part of Stripe’s global growth plan, which has seen the company invest millions in its European destinations too with reports showing the fintech start-up is now overtaking Elon Musk’s, Space X.
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