What are Verifone’s key projects and plans in the region for FY 2023?
Built on a 40 year history and more than 35 million installed devices, Verifone has operations in more than 150 countries, collaborating with world’s best-known retail brands, financial institutions and payment providers. We are a global business partner that enables merchants to securely accept all forms of digital payments through our dynamic and flexible devices wherever customers are in the store. We provide businesses with cloud-based digital services that turn the point-of-sale into a point of interaction with their customers. We transform daily payment transactions into new business opportunities for enterprises and create a bond between consumers and merchants on our next-generation digital platform.
With regulatory advancements, technological growth and generational forces constantly changing the landscape, it is a challenge for merchants of all sizes to succeed and better serve their customers through the checkout experience. Verifone is committed to helping our clients navigate these market forces and drive growth by creating more next-generation POS touch points with high personalisation and accept payments in multiple formats.
In the year 2023 we will remain fully operational and acurately focused on helping our clients run and grow their business. Empowering our customers with a more robust omnichannel experience will be our major focus this year as well. We know there will be challenges for all of our business but we look forward to working together with our partners, clients to achieve even greater success in the year ahead.
Are there any aspects to payments in the Middle East that distinguish it from the rest of the world?
Straddling both developed and emerging worlds, the Middle East is something of a paradox for e-payments. Despite its young tech-savvy population and mobile and internet proliferation, cash has remained the dominant option due to deep-rooted payment habits. Even as ecommerce has thrived cash has retained a stronghold with COD (cash on delivery) still a popular payment option. To combat this, Governments and banks in the region have collaborated closely to improve payment systems. Probably more so than elsewhere in the world. Regulatory sandboxes and proximity of capital sources have further helped promote a thriving FinTech ecosystem with a strong focus on transforming regional cross-border as well as domestic payments. The ability to come together as a region, to join the payments dots and remove barriers makes it stand out from the rest of the world.
How do you foresee the future of payments in the region?
COVID was a watershed moment for cashless payments in the Middle East. It provided the impetus for consumers to make use of new e-payment infrastructure and switch to cash alternatives. We believe the future for in-person payments is now contactless, whether that’s in the form of NFC enabled cards, mobile wallets or payment apps. The adoption of innovative payment and commerce technologies in-store will prove to be the catalyst for broader acceptance of cashless transactions, benefiting retailers and enriching the shopping experience for consumers. With instant real-time payments and stable bitcoins on the horizon, there is no going back.
The adoption of innovative payment and commerce technologies in-store will prove to be the catalyst for broader acceptance of cashless transactions, benefiting retailers and enriching the shopping experience for consumers. For younger generations, the purchasing experience tends to supersede the purchase itself- rather than trips to just make purchases, shoppers are drawn to in-store experiences that are digitally-connected and personal. Merchants are seeing success by making the in-store experience worthy to write home about redefining the in-store experience by blending online with in-store. A successful customer experience is secure, personalised and engaging.
Tell us about your new business in the region and the solutions they provide.
In Verifone we combine real shopping experiences with the digital world by connecting payments to cloud-based platforms. We create a bond between consumers and merchants on our next-generation digital platform. We are like a business partner that stands by our clients.
In the Middle East and North Africa region, we are managing dozens of countries such as Nigeria, Egypt, Pakistan, Morocco, Tunisia, United Arab Emirates, Algeria, Saudi Arabia, Kuwait, Qatar, Lebanon etc. We offer products, services and innovative solutions to our partners and customers. By offering the most effective solutions and services for the changing needs and expectations of these different markets, we continue to maintain a leading position in the market. As a global player, we serve a diverse market, both advanced and emerging. We need to keep up with local market regulations and introduce solutions that enable merchants to meet these regulations and accept different types of payments in the most secure manner possible.
Verifone’s innovation is focused on improving payment security and consumer experience. We enable the acceptance of new alternative payment types like digital wallets, Bluetooth, barcode and others. The biometric authentication offers higher levels of security seamlessly. The contactless payments have been increased during the pandemic whether in the form of NFC enabled cards, mobile wallets or payment apps. Banks are upgrading to enable contactless solutions, and third party providers are developing solutions to keep up. We have offered contactless payment-enabled terminals since 2008 – the first in the industry to do so – and now, nearly all of our products are able to receive contactless payments. We are a pioneer in the world by always redefining the customer journey anywhere, anyway.
How does Verifone stay ahead of the curve in today’s highly competitive payments environment?
Our leadership is based on the combination of world class technology, unrivalled regional expertise and strong local partner support. It enables us to work with Middle Eastern partners and merchants to deliver payment solutions that precisely fit their market and customer needs. Our innovation is focused on improving payment security and the consumer experience, while empowering merchants to optimise resources and take more sales revenue. We are champions of change and enable the acceptance of new alternative payment types like digital wallets, Bluetooth, barcodes and even crypto payments. And advanced technologies like biometric authentication for superior, seamless security. As Middle Eastern nations move towards more sophisticated payment solutions, they can trust Verifone to keep them optimised now and ready for the future.
Please tell us about Verifone’s recent successes in the region.
We are like a global business partner that enables merchants to securely accept all forms of digital payments through our dynamic and flexible devices wherever customers are in the store. We provide businesses with cloud-based digital services that turn the point-of-sale into a point of interaction with their customers. We transform daily payment transactions into new business opportunities for enterprises and create a bond between consumers and merchants on our next-generation digital platform. We are supporting and enabling businesses to grow. Enabling clients to focus on their core business, Verifone and our partners will handle the full scope of payment solutions installment and ongoing service directly with their merchant clients. Payment services including software, warranty and logistics. This means delivering a turnkey solution to merchants so that they can unpack their complete POS system, set up and begin accepting card payments in a timely manner.