Network International and PayPal empower merchants in the UAE through local withdrawals

Dubai, UAE: Network International, the leading payment solutions provider in the Middle East, has signed a landmark deal with PayPal, a leading global provider for online payment services, 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, thereby enabling them to offer customers enhanced e-commerce opportunities.

“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.”

About PayPal:

PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 148 million active accounts in 203 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and contributed 41 percent of eBay Inc.’s revenues in 2013. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore.

About Network International:

Established in 1994, Network International LLC is the largest acquirer in the UAE, and a leading payment solutions provider in the Middle East and North Africa region (MENA.)  The company’s service offering comprises a comprehensive range of payment products and services for both the Issuing and Acquiring segments of banks, financial institutions and retail merchants. This includes credit, debit and prepaid card processing, ATM management and monitoring, merchant acquiring and processing, fraud management, ecommerce services and mobile solutions for the payments industry.  In addition, the company offers several value-add products including data analytics, scoring and loyalty solutions with the objective of enabling speedy, secure, convenient and efficient payment transactions for customers. Network International has Operation centers in the UAE, Egypt and India, with its corporate office in Dubai. The company continues to invest in strategic partnerships that will increasingly see its influence spread across the region.

Network International is a Principal Member of Visa International and MasterCard International in the UAE and enjoys extension of its MasterCard License in other key countries. It is also a member of JCB and Union Pay card schemes, and it owns and manages the Diners Club Franchise in the UAE, Egypt, Lebanon and Jordan. In 2013, the company launched a GCC based domestic scheme, Mercury, and partnered with Discover Financial Services (DFS) to allow global acceptance of Mercury cards on the Discover, Diners Club International and PULSE networks. Network International, a Payment Card Industry Data Security Standard (PCI DSS) certified company, is also a major player in the international remittance industry and owns a majority stake in TimesofMoney Ltd., a leading global online remittance and digital payments company facilitating cross-border remittances and domestic payments in emerging economies.