Network International, a payment solutions provider in the MENA region, and PayPal have launched a new portal to increase e-commerce opportunities and encourage new online business start-ups in the UAE.
The portal will enable PayPal users with merchant accounts to withdraw funds from their PayPal accounts to any UAE bank in the local currency (AED).
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The service will also lower the cost of managing online funds and will offer merchants more control over their cash flow.
Network International Product & Innovation wing executive vice president Paolo Zambonini said: "E-commerce is among the fastest growing businesses in the region, with transactions estimated to reach USD 15 billion by 2015.
"The new portal establishes a robust payment infrastructure for local merchants as well as creating opportunities for entrepreneurs looking to enter the e-commerce market."
PayPal MENA & Turkey regional director Kivanç Onan said: "One of the biggest challenges facing any online business is access to payments, and we believe PayPal’s partnership with Network International will help existing e-merchants in that regard, and allow start-ups and small businesses to set up an online shop easily."
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