Network International has signed a deal with PayPal which will enable UAE merchants to withdraw PayPal funds in UAE Dirhams (AED) directly into a local bank account. The service is expected to roll out in October.
With this partnership, UAE merchants will have speedier and more direct access to their online payments from customers.
"Cross border e-commerce transactions have always presented significant challenges for UAE-based merchants, because of limiting factors like circuitous transfer routes and fluctuating exchanges rates, leading to limited access to cash flows," said Bhairav Trivedi, Chief Executive Officer, Network International. "We are really excited to be working with PayPal to enable direct withdrawal of funds in UAE Dirhams and bring additional value to our merchant partners. This partnership is also in line with Network International's objective to develop innovative payment solutions that will help streamline the growth of e-commerce in the Middle East."
"This is very important news for UAE merchants," commented Laurent Wakim, Regional Director of PayPal in the MENA region. "This feature will give them more control over their cash flow and provide them with the necessary flexibility to manage their online businesses more efficiently. We are truly excited about this."
This new feature for the UAE will allow direct transfers into local bank accounts in UAE dirhams.
"The ability to withdraw funds instantaneously is crucial to any online business," added Paolo Zambonini, Executive Vice President – Product & Innovation, Network International. "As the leading provider of payment solutions in the UAE, Network International is happy to partner with PayPal to enable this exciting feature in the UAE. We are confident that this partnership with PayPal will facilitate the growth of e-commerce and enable more merchants and customers to enjoy their online experience as much as possible."