Thursday, February 29, 2024
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In a groundbreaking move that promises to reshape the landscape of international payment acceptance in the Middle East and Northern Africa (MENA) region, payment aggregator CCAvenue announced its strategic partnership with PayPal, the renowned global fintech and payments services provider. This collaboration paves the way for businesses in MENA to settle and receive payments from their cross-border customers and vendors effortlessly.

With PayPal’s integration into the CCAvenue platform, MENA-based enterprises gain access to a comprehensive suite of payment options, including major Mastercard/Visa credit cards, debit cards, UnionPay, Samsung Pay, Apple Pay, Payit Wallet, net banking facilities, and now, PayPal. This expansion empowers businesses in the region to cater to a broader customer base and facilitates seamless transactions for their international clientele.

The significance of this partnership lies in the immense reach of PayPal’s global network, comprising a staggering 435 million active accounts across more than 200 countries. Previously, businesses in MENA had to contend with the requirement of a US bank account to access international markets effectively. However, with the integration of PayPal into the CCAvenue platform, these barriers are eliminated, granting MENA businesses unparalleled opportunities for growth and increased cross-border sales.

Mark Mwongela, PayPal Director for the Middle East and Africa, remarked, “With this partnership, entrepreneurs and businesses across MENA can leverage PayPal’s global reach to expand their cross-border sales.” The collaboration effectively unlocks the potential for businesses to tap into new markets and establish themselves on the international stage.

Vishwas Patel, Executive Director of Infibeam Avenues, the parent company of CCAvenue, expressed his enthusiasm for the partnership: “With PayPal’s trusted reputation in the payments industry and its extensive global reach, this partnership opens up an array of new opportunities for growth and increased cross-border sales for MENA businesses.” This sentiment resonates strongly with the vision shared by both CCAvenue and PayPal, which is to empower businesses with cutting-edge payment solutions and facilitate their expansion into the global market.

This announcement follows PayPal’s recent partnership with UAE-based Tap Payments, a pay-tech company that aims to provide seamless payment options to businesses in the MENA region. Additionally, earlier this year in January, PayPal Ventures, the strategic investment arm of PayPal, made a significant investment in Tabby, a UAE-based shopping and financial services application. These strategic moves highlight PayPal’s commitment to enabling the digital transformation and growth of businesses across the MENA region.

CCAvenue, a subsidiary of Gujarat-based Infibeam Avenues, has emerged as a leading player in the digital payment solutions and enterprise software platforms sector. Its services cater to a diverse range of industries, including real estate, education, online retail, and hospitality, among others. By joining forces with PayPal, CCAvenue solidifies its position as a forward-thinking payment aggregator, focused on delivering innovative solutions that propel businesses toward success in the digital age.

As MENA businesses gear up to embrace the unlimited possibilities presented by this groundbreaking partnership, the region’s economic landscape is poised for transformation. With the elimination of barriers to international payment acceptance, businesses can harness the power of PayPal’s global network, tap into new markets, and foster growth like never before.

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