We are currently and indisputably in the midst of a payment revolution. E-commerce continues to grow, and we’re expecting online payments to continue to increase at a compound annual growth rate of 25 percentage points in the MEA (Middle East and Africa) market from this year until 2025, while mobile payments are expected to increase by 20 points over the same period.
In Jordan, there is a particularly large scope for growth due to a growing young population, and the pandemic lockdowns made it clear that customers already have both the tools and the will to use e-payments instead of cash. Nevertheless, there has been some resistance to change in the market, which has caused businesses to lose out. Under these pressurized circumstances, those with fully functioning digital platforms were able to bring in higher revenues compared to businesses with little digital development, who were left playing catch-up while offering a sub-standard service.
Our long-term strategy is to support this increased demand for payment services and provide merchants and issuers with high-quality and cost-effective solutions. Working closely with the government, local regulators and financial service providers, we will continue to promote financial inclusion and increase consumers’ acceptance of e-payment, which is paying off through a dramatic increase in the trust for online transactions for e-commerce in Jordan.
The problem businesses have is that they need e-commerce solutions to be efficient and productive, or else they risk losing out on opportunities, but few have the in-house capability for digital transformation. Because of this, businesses are missing their chance while market and consumer demand is increasing. Network International’s e-payment services are ready to provide a solution. New clients can quickly and easily be onboarded and have e-payments enabled through a simple and easy integration between the merchant’s website and our payment gateway which comes with the highest global security protocols and the Falcon Fraud Manager which detects fraudulent transactions through continuous monitoring.
For SMEs and start-ups in particular, e-payment platforms are far more than just a means to receive payments; they are powerful tools for optimizing operations. By digitizing payments, companies can reduce loss and gain access to up-to-the-minute business data insights (through tools such as Network International’s SmartView Interactive Dashboards and Performance Reports) and besides, automated record keeping further lowers operating costs and increases efficiency.
The time and resources saved through e-payment integration gives businesses a competitive advantage, freeing up time to focus on increasing productivity and creating new products and services – which can be rolled out sooner when the online tools for selling them are already available. The ability to accept payments from anywhere also opens up access to the global marketplace, increasing scalability. All of the rich data produced by e-payment platforms can also be analyzed to generate insights which can help businesses become more efficient and profitable.
Businesses of any size can capitalize on digital payments adoption and improve their market presence, reduce costs, and provide a smooth service. They can further benefit from related outsourcing solutions, such as customer support relating to payments and data analytics which can be used to increase profitability. Providing a convenient means for customers to pay for goods and services is no longer an optional extra – e-payment solutions have become essential for businesses to develop and grow.