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Stripe Enters The Middle East With Its UAE Launch

Stripe will initially only be available to UAE businesses, allowing them to accept online payments, make payouts, mitigate fraud, and attract customers from around the world.

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stripe enters the middle east with its uae launch

Stripe, a provider of online payment processing for internet business, has finally expanded to the Middle East with its official launch in the United Arab Emirates. The Irish-American company also opened an office in Dubai Internet City, allowing it to be closer to its new customer base.

At first, Stripe will only be available to UAE businesses, allowing them to accept online payments, make payouts, mitigate fraud, and attract customers from around the world.

“The UAE is a thriving hub for technology, supported by strong investor appetite, internet-savvy consumers, and an open, innovative ecosystem of business leaders and entrepreneurs,” said Matt Henderson, EMEA Business Lead at Stripe. “Our launch today also means we can now connect our global user base to the Gulf, enabling them to seamlessly expand their operations in the region.”

stripe launches in the united arab emirates

Stripe Newsroom

Stripe’s entry into the Middle East market comes just weeks after its latest round of funding, which has resulted in the company’s value jumping up to $95 billion and making it one of the most valuable fintech companies in the world.

The UAE is the perfect entry point for the online payment processing provider because the total value of digital payment transactions in the gulf country has doubled in the last two years alone, reaching $18.5 billion in 2020. If the UAE remains on the current growth trajectory, its e-commerce sector is expected to add nearly another $10 billion over the next two years.

Also Read: Sarwa Helps UAE Residents Easily Invest In Global Stocks

Another factor that makes the UAE such an ideal expansion point is the fact that accepting online payments in the country has historically been incredibly challenging. Stripe provides a straightforward setup process and developer-friendly APIs, making it easy for companies of all sizes to improve their online presence.

Last year, Stripe launched in the Czech Republic, Hungary, Romania, Bulgaria, Cyprus, and Malta. The company also expanded into Africa via Nigeria technology startup Paystack. In total, Stripe currently processes hundreds of billions of dollars each year.

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Spotify Is Experimenting With Artist NFT Collections

According to a recent survey, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform.

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spotify is experimenting with artist nft collections

NFT sales may have declined by 92 percent since September 2021, but that’s not stopping Spotify from experimenting with a new feature that lets artists display their non-fungible token (NFT) collections on the music streaming platform.

At the moment, only a small group of artists are taking part in the experiment, including Steve Aoki and The Wombats. What’s more, only select US users of the Spotify app for Android can see NFTs when they visit the profile pages of the aforementioned artists.

spotify artist nft collections

“Spotify is running a test in which it will help a small group of artists promote their existing third-party NFT offerings via their artist profiles,” said Spotify spokesperson. “We routinely conduct a number of tests in an effort to improve artist and fan experiences.”

It’s important to point out that not all Spotify experiments result in new features. It all depends on the feedback the music streaming platform receives from users.

According to a survey some Spotify users have recently received, it seems that the currently tested NFT collections are just the first step toward a much broader implementation of NFTs into the platform. More specifically, Spotify seems to be thinking about allowing its users to directly purchase NFT art to support their favorite artists.

Also Read: 3 Best Cold Storage Wallets For Crypto In 2022

Considering how polarizing NFTs have been since their inception in 2014, it shouldn’t come as a surprise that many Spotify users have immediately expressed their dissatisfaction with the idea of NFTs becoming part of the Spotify music listening experience.

Other large tech companies are also experimenting with NFTs. Instagram, for example, started testing NFT integration last week, allowing NFT creators and collectors to display their tokens on the platform. Mark Zuckerberg himself believes that NFTs and digital collectibles in general will play an integral role in the metaverse, the new iteration of the internet.

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