Dubai payments firm Network International sights revenue gains on higher domestic, tourist shopper spending

Dubai payments firm Network International sights revenue gains on higher domestic, tourist shopper spending

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