Learn about third party payments in the Middle East.

Editor’s note: This article is from WeChat public account “ePanda goes to the Middle East” (ID: ePandaMENA) , author: Eric (Tap Payment head of China).

This article will focus on the local payment market environment in the Middle East and the factors that need to be considered when selecting suppliers. After the standard is clear, everyone can judge it when they choose.

Why do you need a third party payment?

Why do you need a third party payment? This problem does not seem to need to be explained, because the payment has penetrated into China’s daily life, WeChat payment, Alipay is a third-party payment.

But from the development history of financial services, banks can also do third-party payment services. The reason why banks do not do it, two reasons: banks have more important and more profitable main business; third-party payment and technology Closely related, and the Internet, mobile Internet is closely related, banks do not have enough forward-looking and professional to do related business. It can be understood that the bank has neither professional ability nor profitable motivation to do this business.

So third-party payment companies came into being. The typical representative is Alipay, starting with the new Internet consumer behavior of serving Taobao.

Until today, there are also banks engaged in online payment related services, providing payment gateways, but the same two restrictions can not be undone: the bank’s service quality and product characteristics are not as good as third-party payment companies, straightforward translation is the bank’s things Not good, bad attitude, long time, there is a sense of sight in the state-owned enterprises in the 1990s.

Which companies need third-party services in the Middle East?

All Internet and mobile internet companies, companies that need remote online payments, need companies that want to make money from consumers in the Middle East.

For example, Facebook in the United States, of course, Facebook is mainly advertising, and SMB small business owners in the Middle East can directly purchase Facebook ads online and make online payments.

For example, Jollychic, a famous cross-border e-commerce from China, is also needed. Another example is Noon, the largest e-commerce company in the UAE (after Souq was acquired, Noon should be the undisputed first in the country).

Middle-party third-party payment service, are you right?