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Airpay to Take an Active Part in Middle East’s Digital Payments’ Ecosystem

Will empower merchants and customers through its integrated offerings

AIRPAY, an integrated omnichannel financial services platform of the country, is betting big on the fast-developing digital payments ecosystem in countries such as the Middle East and Africa, even as it is looking to strengthen its footprint globally across some of these countries.

The company offers an integrated omnichannel platform for accepting and making payments, managing business expenses and taxes, and providing business insights. Its services are primarily utilised by sectors such as education, hospitality, retail, banking, and logistics among others. The platform is used globally by consumers, businesses, banks, and financial institutions. airpay’s unique open architecture integrates seamlessly into the client’s ecosystem, thus offering them real-time visibility of their transactions, advanced analytics, and reporting.

According to Kunal Jhunjhunwala, Founder and Managing Director of airpay, the Middle East represents a dynamic and rapidly evolving market that aligns perfectly with airpay's mission to revolutionise digital payments.

With over 12 years of expertise, airpay is globally reshaping the payment landscape, seamlessly integrating across channels. Airpay’s unique selling proposition (USP) lies in its ability to cater to diverse needs across sectors, establishing itself as the preferred partner for innovative and comprehensive financial solutions. Airpay has received various licenses and operational approvals from multiple central banks, including the Reserve Bank of India, around the globe to run its operations.

In India, airpay has revolutionised access to financial services, empowering a million business owners and fostering financial inclusion with last-mile connectivity. The platform's open architecture provides real-time transaction visibility and advanced analytics, serving consumers, businesses, banks, and financial institutions worldwide.

Built on three pillars of financial services — revenue enhancement, business management, and revenue collection — airpay's user-friendly interface boasts an easy, fast and secure registration process.

Airpay’s collaborative efforts extend to over 200 financial institutions and 1,000 business partners globally. Airpay's trusted platform has facilitated billions of dollars in transactions, benefiting 200+ financial institutions, 5+ million businesses, and 60+ million consumers globally.

India’s push for Digital Public Infrastructure and the development of large-scale digital products have helped airpay build products that transform how it delivers financial services to the last mile. Positioned as India's key partner in driving the adoption of digital financial services with global ambitions, airpay is shaping the future of payments from #LocalToGlobal, from India to the Middle East and Africa. Continuously setting new industry standards, airpay remains committed to driving innovation in the ever-evolving financial technology landscape.

The company expects the digital economy transformation platform to contribute close to 30 per cent of its total revenue by 2025.

An Opportunity

A recent report published by ACI Worldwide in partnership with GlobalData suggests a massive spurt in real-time payment transactions in the Middle East. According to ACI’s 2023 Prime Time for Real-Time report, transactions in the region are expected to grow from $675 million in 2022 to $2.6 billion by 2027, representing a compound aggregate growth rate (CAGR) of 30.6 per cent.

The report further suggests that Bahrain is projected to be the world’s leader in consumer adoption of real-time payments with every Bahrain citizen expected to make an average of 83.3 real-time transactions per month by 2027. This would make Bahrain the world’s leader, ahead of Brazil and Thailand and its closest regional competitors, the Kingdom of Saudi Arabia (KSA) and the UAE.

KSA would continue to lead the real-time payments revolution in the Middle East as the region’s largest real-time payments market. It had recorded 352 million real-time transactions in 2022 and is forecasted to climb to 1.2 billion in 2027, registering a CAGR of 26.1 per cent. This apart, the launch of the national Instant Payment Platform is expected to turbocharge real-time payment growth in the UAE.

According to the ACI report, 37.2 million real-time transactions were made in the UAE in 2022, and this number is expected to increase to 146 million by 2027, representing a five-year CAGR of 31.5 per cent. Moreover, real-time payments accounted for only 1.1per cent of total paperless transactions in 2022; this figure is expected to rise to 12 per cent of electronic payments by 2027, the report said.

“The growing importance and acceptance of digital payments ecosystem in the Middle East will augur well for companies like ours who have a robust system in place to address the varied needs of all stakeholders. We hope to expand our bouquet of offerings in the region to usher in further ease and convenience to customers,” Jhunjhunwala said.