Dubai’s Network International, one of the top payment processing companies in the Middle East and Africa, signed a deal with Amsterdam-based TerraPay Payment Services to boost the acceptance of African mobile wallets across merchants in the UAE.
The agreement covers the processing of African mobile wallet ecosystem transactions at Network International's terminals in the UAE as well as at e-commerce platforms that use TerraPay’s payment processing systems, the two companies said in a joint statement.
“This paves the way to foster financial inclusion and independence for customers by offering real-time mobile wallet payments for the very first time in the UAE,” Ani Sane, co-founder and chief business officer of TerraPay, said.
“Opening up inter-operability for mobile wallets is the next big wave in digital payments across the world,” he added.
TerraPay, which builds payments infrastructure globally, also provided a business-to-business real time cross border payments service for mobile wallets and bank accounts, as well as transaction processing, clearing and settlement services.
Some of the company’s key markets include the GCC, North, South and Central Africa, Europe, South-east Asia and the Central, North and South American markets.
Consumer spending through digital wallets will reach more than $10 trillion globally in 2025, up from $5.5tn last year, according to industry estimates.
The growth of more than 80 per cent over the five-year period will be fuelled by the increased adoption of digital payments in the wake of the Covid-19 pandemic. Contactless and e-commerce payments will account for 50 per cent of total digital wallet spending in the next five years, from just under 36 per cent recorded in 2020, according to UK-based Juniper Research.
Nandan Mer, group chief executive of Network International, said the partnership with TerraPay will not only enable acceptance of mobile wallets across its UAE merchant network, but also "help us build a digitally-connected payments ecosystem in the region, starting with the UAE”.
“TerraPay’s unique technology platform, with inter-operability at its core, backed by our strong merchant network, is expected to facilitate easy and quick adoption of mobile wallets across the region,” Mr Mer added.
Network International, which is expanding its footprint across the Mena region, on Wednesday announced it returned to profit during the first half of 2021.
Higher revenue boosted income, amid continued recovery of the global economy from the pandemic-driven slowdown.
The company's net profit for the six-month period ended June 30 stood at $15 million, compared with a loss of $936,000 during the same period last year.
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Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
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The biog
Fast facts on Neil Armstrong’s personal life:
- Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
- He earned his private pilot’s license when he was 16 – he could fly before he could drive
- There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
- After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
- In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
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Earth under attack: Cosmic impacts throughout history
- 4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon
- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.
- 50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater
- 1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.
- 1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.
- 1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
