According to the latest reports on July 26th, QPS Global, a US Fintech company is likely to grow its business expansion in the Middle East for which it has announced an investment of US$10 million in the region over the upcoming 6-12 months.

The B2B card issuance and processing platform is seeking to establish its footsteps in the essential Middle East markets by March this year including the UAE, Saudi Arabia, Qatar, Oman, and Kuwait.

According to Vinay Kalantri, CEO and Founder, QPS Global, “After ensuring our presence in the European markets, we are now stepping in the Middle East by efficiently focusing on our technological disturbance. We have already got a deal of issuing 2.3 million prepaid cards across the Middle East market. ”

"Going ahead, we are also seeking to get revenues of up to US$100 million in the upcoming two-three years across India, UAE, and UK,”

He further added that QPS Global is focused on getting at least 20% of the card issuance market. The organization is hoping to get B2B clients across the banking & financial, fintech, travel, D2C, and eCommerce areas.

The 2019-established organization recently declared development strategies for Europe, with an investment of US$13.96 million. It is also planning to employ over 300 new hirings across India, Europe, and the Middle East, as per the company.

The cashless economy in the Middle East

The Middle East is progressively moving away from cash as a payment method. In the MEA area, card payments are quite popular & preferred, representing 44% of the payments market.

The UAE (39%) and Saudi Arabia (35%) fall slightly underneath this average, whereas Turkey far outperforms it, with card payments accounting for 71% of payment strategies.

Furthermore, according to a report, there are more than 10 million debit and 8 million credit cards available for use in the UAE. Elsewhere, the Bahraini government is pushing to prefer completely cashless in the following decade.

This development is additionally floated by nearby and worldwide payment fintechs such as NymCard and Pyypl, and efforts in the banking & financial industry towards cashless payments, such as ones by Saudi Arabia’s mada and the UAE’s First Abu Dhabi Bank. Governments are additionally moving away from cash, through measures such as the Gulf Cooperation Council's (GCC) first computerized nol card.

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