Dubai: UAE businesses can now transfer funds to each other faster, cheaper and with more security through a new eMerchant portal launched by PayPal and Network International, the companies said during the platform’s launch on Tuesday.
Through the portal, www.paypal-withdrawal.ae, merchants can get their money within five working days, instead of having to wait for weeks, said Bhairav Trivedi, CEO of Network International. The service will also offer lower currency conversion charges for merchants, since the dirham has been introduced as payment currently for PayPal.
PayPal has made a name for itself internationally for allowing people to send money without sharing financial information.
The potential for this service is quite big, said Kivanc Onan, regional director of PayPal MENA and Turkey.
“Small and medium enterprises and start-up who need access to capital will benefit most from this service as they can better manage their cash flow,” he said.
While the beneficiaries of this service are all merchants who have online shops, Onan added that this portal will enhance the presence of retailers online as well as will help MENA e-Commerce to grow exponentially.
PayPal’s global net payment volume was $228 billion (Dh837.5 billion) in 2014 with a 0.3 per cent loss ratio. It currently has 162 million active digital wallets, the e-commerce word for a digital account, and is available in 203 markets.
Merchants can register for this service by signing up for PayPal account, uploading their UAE trade licence and will be able to initiate withdrawal transaction of the balance held on PayPal account, directly onto a UAE bank account, in UAE dirhams, using the portal.
Network International achieved 20 per cent growth in 2014 at a value of Dh130 billion. The UAE’s market share represents 60 per cent of the overall transaction and estimated at Dh85 billion, Trivedi said.
