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How can increased Gulf digitization benefit American businesses?

Around the world, advances in technology continue to flood the market. Business owners in every industry must make regular decisions about digital record keeping, communication and payment methods.

If you consider expanding internationally, you must make complex choices. Supply and demand can differ between the United States and United Arab Emirates (UAE), for example, in addition to local trends and cultural practices.

Changes in digital activities in the UAE

Research suggests that opportunities for online payments will continue to rise in the UAE. And increased e-commerce adoption may bode well with mobile payments, or m-wallets.

Credit card payments rose 2% in 2017. Meanwhile, economic forecasts indicate e-commerce activity could reach $16 billion by the end of this year.

Emirates Islamic Bank recently formed a deal making Mastercard the exclusive commercial credit network throughout the UAE. However, that is not the only US-based company advancing within the financial technology (FinTech) industry.

Which companies lead the mobile payment sector?

As Emiratis trade their paper for plastic, global businesses continue developing ways to increase both the speed and security with which money changes hands. Many of these enterprises have American roots.

Five of the top mobile payment companies in the world have their base in the US. These include:

  • Apple Pay
  • Square
  • American Express
  • PayPal
  • LevelUp

Also included in the global top ten is Samsung Pay, now a partner of JPMorgan Chase Bank's mobile wallet, ChasePay.

Various questions and hesitations about digitized currency remain. However, business owners may find overwhelming potential in overseas transactions if current trends continue.

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