This launch is the first expansion of Stripe in the Middle East
Stripe has announced the official launch in the United Arab Emirates. Stripe also opens a new office in the UAE in Dubai Internet City, which will be the first office of the company in the region.
This way, companies, which work on the Internet in the UAE can use Stripe to receive and make online payments, prevent fraud and expand to cover customers worldwide. The announcement also means that millions of companies that already use Stripe will make their products and services affordable in the UAE.
The total cost of digital payments in the UAE more than doubled over the past two years, reaching $18.5 billion in 2020, since blocking measures accelerated online sales surge. According to forecasts, the growth of e-commerce in the UAE will continue, and it is expected that in the next two years this sector will add almost $10 billion.
Stripe has already launched in the Czech Republic, Hungary, Romania, Bulgaria, Cyprus, Malta and expanded to Africa through the Nigerian technological startup PayStack in 2021.
We’ve reported that 3 in 4 UAE SMEs optimistic about business recovery.