Paymob begins next phase of expansion, making the UAE its regional hub

By Leandra Monteiro

Paymob, an omnichannel payments facilitator in the MENAP region, embarked on the next phase of its expansion plans by announcing the UAE as its regional hub. This step marks an important milestone in Paymob’s global growth plans, fuelled by recent Series B funding led by PayPal Ventures.

The expansion into the UAE market will serve to empower small and medium enterprises (SMEs) and microbusinesses across the seven Emirates, with digital payment solutions that drive growth in the digital economy.

“The UAE is a dynamic ecosystem that fosters entrepreneurship and innovation, largely enabled by tremendous support from the public sector. There are currently over 400,000 businesses in the UAE, 61% of which are microbusinesses and 38% are SMEs. We see a massive opportunity to serve this market segment and our goal over the next three years is to empower 15% of those merchants with the latest payment technologies to fuel their growth and further digitize the economy,” said Islam Shawky, CEO and Co-founder of Paymob.

Paymob has appointed seasoned Emirati financial services professional, Omar Haddad as its General Manager for the GCC based in the UAE, who will grow and lead a team of over 150 employees in the market. The Company plans to play an active role in mentoring the next generation of Emirati financial technology leaders.

Paymob holds 87% market share of mobile wallets processed volumes in Egypt. In 2021, Paymob partnered Mastercard to offer Egypt’s first “Tap-on-Phone” contactless payments acceptance solution which enables merchants of all sizes to accept payments on their mobile devices. The company plans to roll out this offering in the UAE in 2023. Paymob aims to make the process of growing any size business in the digital economy simple, seamless and agile, while delivering a frictionless customer experience and products to over 150,000 merchants.