UAE digital payments return to pre-coronavirus levels amid e-commerce surge

SourceArabian Business

The volume of digital payments in the UAE have recovered to pre-coronavirus levels, boosted by the surge in e-commerce, Network International said on Thursday. The UAE-based enabler of digital business said it had seen a strong rebound in total processed volume (TPV) in its home market by the end of the year, with a pick-up in tourism also making an impact. As the company announced a 15 percent year-on-year drop in total revenue in 2020 to $284 million, Simon Haslam, CEO, said: “We continued to see encouraging market trends throughout the final quarter and are pleased to report that we exited the year with positive momentum across all of our business lines. Simon Haslam, currently group CEO, has decided to retire after 40 years in the financial services sector "In our core market of the UAE, domestic direct acquiring TPV has fully recovered to 2019 levels, supported by strong e-commerce spending, while international volumes also benefitted from a pick- up in tourism over the holiday period," he added. Haslam also said the company's acquisition of African-based DPO Group for $288 million is expected to complete by the end of March. Technology-enabled payments enabler DPO is the largest online commerce platform operating at scale across more...