The Future of entrepreneurship in the Middle East and why PayTabs is the preferred payments partner for Entrepreneurs

This World Entrepreneurs’ Day, the Middle East deserves special attention for gradually emerging as a hotbed for startups and SMEs over the recent years. Government-backed economic diversification plans and innovation strategies are enabling the region to look beyond oil when it comes to opportunity, Middle East business growth, and prosperity. Saudi Arabia, Qatar, UAE, and Bahrain are especially leading the entrepreneurial revolution by setting up appropriate regulatory frameworks and investing in suitable infrastructure. In fact, KSA’s Vision 2030 plan harbors a whole new world of potential for entrepreneurs and focuses on entertainment, tourism, and technology sectors. A recent survey also indicates that around 46% of employees in the Middle East and North Africa region want to start their own businesses to pursue higher income, better work-life balance, and fulfilment.

So, let’s find out what the Middle East’s future entrepreneurial landscape looks like and why businesses are choosing PayTabs to simplify their payments ecosystem.

Future of Entrepreneurship in the Middle East

The following key factors will drive the entrepreneurship boom in the Middle East in the coming years:

• Investment in Innovation: Private investors, venture capitalists, and sovereign wealth funds have been investing in entrepreneurial innovation for quite some time in the Middle East. And this is expected to continue in the future. Saudi Arabian Public Investment Fund, for example, invests in both domestic and foreign startups and tech ventures actively, so they can scale easily. Government initiatives like mentorship, incubators, accelerators, and networking options are also fueling the entrepreneurial ecosystem.
• Increased Usage of Smartphones and Internet: Smartphone penetration and internet usage are higher than ever before in the Middle East. This means a rise in young and tech-savvy consumers who don’t just shop online but also look for cutting-edge products, services, and solutions. And this offers startups the scope to innovate and flourish.
• Strategic Location: Geographically, the Middle East connects Europe, Asia, and Africa strategically. Hence, new businesses get the unique opportunity to foray into different markets, ace the logistics, and expand their networks and presence cost-effectively.

Now, let’s see how PayTabs is empowering entrepreneurs further as a leading payment gateway provider in the region.

PayTabs: An Entrepreneurial Favorite for Digital Payments in the Middle East

Selling avant-garde products and services is not enough to thrive in the entrepreneurial landscape of the Middle East or beyond. Startups must have a fast, efficient, and secure online payments system that delivers an exceptional consumer experience, instils trust, encourages repeat purchases, and long-term loyalty. And that is exactly what PayTabs ensures. Here’s how.

• Better Acceptance Rate: As an intelligent orchestration platform, PayTabs allows entrepreneurs like you to manage multiple payment gateways, processors, banks, and acquirers in a single place. So, every transaction gets routed to the most suitable processor via the right gateway automatically, improving the payment acceptance rate. Fewer declined transactions means more satisfied customers and more revenue.
• Security: When you are starting out, one of the best ways to gain consumer trust is by keeping all transactions safe against cyber frauds and scams. And PayTabs ensures complete payment processing security with advanced encryption and multi-layer authentication techniques. You don’t have to worry about sensitive information getting compromised in any way.
• Different Payment Options: With PayTabs, you can offer customers a host of Fintech payment solutions, including internet banking, digital wallets, payment links, mobile apps, cards, etc. This translates to greater flexibility for shoppers and fewer instances of cart abandonment. In other words, you get to boost conversions and even purchase volume.
• Multiple Currency Support: PayTabs doesn’t just help you accept digital payments in the Middle East, but also from anywhere else in the world. By allowing customers in other countries to pay in their local currencies, you help them develop a sense of familiarity and trust your business. This is essential to establish yourself in new markets. Plus, you don’t have to worry about the currency exchange math.
• Powerful Analytics: The in-depth analytics capabilities offered by PayTabs are another key advantage for entrepreneurs or even big businesses. You can gain end-to-end visibility into your payment system, gather actionable insights, identify gaps or bottlenecks, analyze large chunks of data effectively, and make more informed and profitable decisions.

Get Ready to Grow More this World Entrepreneurs’ Day

As an entrepreneur, the Middle East is perfect for you to start, survive, and thrive, thanks to rapid digitalization, investment in innovation, promising government initiatives, and the region’s strategic location. Additionally, choosing PayTabs as your payments partner can help you handle both domestic and international transactions securely, quickly, and efficiently. Not only will you end up boosting customer satisfaction, but also derive data-backed insights to take better business decisions in the future. So, this World Entrepreneurs’ Day, leverage the potential the Middle East offers for your business, join hands with PayTabs, realize your vision, and grow more than ever.