Mena Online Transactions at US$91 Billion in 2011

Sunday, January 29, 2012 - Dubai

Publication: Khaleej Times

Payment service provider CashU sees the Middle East and North Africa region’s e-commerce market burgeoning in the next years as more people rely on online payment for convenience in shopping and payments, a top official said.

The Mena region’s e-commerce sector, which raked in $91 billion worth of online transactions in 2011, will see more entities entering into it, CashU chief executive officer Martin Waldenstrom told Khaleej Times.

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Part of Jabbar Internet Group, cashU which was launched in July,2002 as the region first prepaid online payment gateway that allows a user to sign up for a free account that can be funded using a variety of top-up options. Funds added to the cashU account can then be used in more than 4,500 merchant websites specialized in offering the services of online gaming & MMORPG’s, online shopping, VoIP & communications, dating & matrimony, IT services, FX trading and much more.

cashU provides merchants with a solution where they can sell their goods and services on the Net, including virtual products (like online game items) or services (such as SMS or ring tones) that require micro payments. Merchants pay no setup or installation fees – and integrating cashU is quick and simple.

cashU is now available in more than 35 countries around the world and the cashU network connects hundreds of thousands of cashU account holders, online and offline resellers as well as online businesses and merchants in a way that was not possible before due to the low penetration of credit cards in the region.