Monday, June 24, 2024

Living in Dubai

Top 6 Best Payment Services in UAE

Undoubtedly, the UAE nowadays is one of the most innovative states in the world. The government implements the latest modern technologies in architecture, transport, and many other areas. Despite that, perhaps, the only sphere that is not developed on the same level is the financial market, where cash and traditional banks still reign supreme. Nevertheless, neobanks, payment service providers, and other fintech startups are actively trying to take their place in the market. SPS Legal experts have compiled a list of the best Payment Services in the UAE: where to open an account and what to pay attention to.

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Best Payment Services in UAE

Here we are with the SPS Legal expert’s list of best payment services (PSPs) in the UAE.

1. Telr

Previously Innovate Payments, Telr is one of the oldest and the most well-known payment service providers in the UAE. It has been processing online transactions for local merchants for over 10 years.

Among Telr’s strongest features are an impeccable security system and its team’s vast experience. Telr is now present in more than 120 countries and supports a big number of currencies, including US dollars, pounds sterling and euros.

The service operates through a subscription system, so you would have to pay for access to its services once a year. This can be one of the downsides for those who are not used to the subscription model.

Telr offers three subscription plans:

  • 349 AED per year (no transaction fees).
  • 149 AED per year + 2.69% + AED 1.00 per transaction.
  • 99 AED per year + 2.49% + AED 0.5 per transaction.

2. APS (Amazon Payments Services)

Amazon Payments Services is the UAE’s second most used payment service provider. The company began as Payfort in 2013 and was acquired by Amazon in 2017.

The platform is especially popular among new entrepreneurs in the UAE as it is tailored to the shopping habits and trends of the Middle East region. The service also operates in neighboring Arabic-speaking countries such as Egypt, Saudi Arabia, Lebanon, Jordan and Qatar and, accordingly, supports local currencies.

Due to its focus on the Middle East market, the company cannot offer such developed products in other regions of the world. This can become a barrier for businesses operating in different parts of the world. Moreover, the platform has a higher commission for transfers: 2.94% + 1.84 dirhams.

3. Checkout

Checkout is another payment solution that comes from the UK. It is renowned for its user-friendly interface, multiple integration methods and easy setup. That is the perfect solution for those who do not want to spend much time reading long instructions.

The payment service offers several customisable plans to choose from to support specific markets. The transaction fee starts from 0.75 to 2.75% of the total volume. Additionally, Checkout supports all major currencies.

4. PayTabs

PayTabs, established in 2014, is known for its speedy payment processing and stellar fraud prevention system. In addition, PayTabs is easy and quick to integrate into online commerce. It takes less than 24 hours to set up the service and get it running. The platform allows you to generate and deliver invoices through various channels: QR code, SMS, email, WhatsApp and socials.

5. Stripe

Stripe is another well-known name in the digital market that allows businesses to accept payments and send funds worldwide. The solution supports payments for online retailers, subscription businesses, marketplaces, software platforms, in-person retailers, etc.

Stripe is famous for its innovative solutions for payment processing, flawless fraud prevention and finance management. The service supports more than 130 currencies and offers revenue optimisation.

6. CCAvenue

CCAvenue is a payment service provider headquartered in India. It is known for its flexible pricing plans that are suitable for businesses of any size and level – small, medium and large. Customers appreciate its 24/7 on-call support and fraud prevention system.

Nevertheless, their tariffs aren’t the most democratic ones. A monthly subscription would cost 200 AED. Apart from that, 3% of the transaction total amount would have to be paid.

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SPS Legal experts have briefly introduced the most popular payment services in the UAE market. Each of them has its own advantages and disadvantages, and it’s up to you to choose the one that is best suited for your personal and business goals.

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