AIRPAY, an integrated omnichannel financial services platform of the country, is focusing on the rapidly growing digital payments ecosystem in the Middle East and Africa while looking to expand its global presence in these regions. The company provides an integrated omnichannel platform for accepting and making payments, managing business expenses and taxes, and offering business insights. Its services are primarily utilized in sectors such as education, hospitality, retail, banking, and logistics. The platform is used globally by consumers, businesses, banks, and financial institutions. airpay’s unique open architecture integrates seamlessly into the client’s ecosystem, providing real-time visibility of transactions, advanced analytics, and reporting.
According to Kunal Jhunjhunwala, Founder and Managing Director of airpay, the Middle East represents a dynamic and rapidly evolving market that aligns perfectly with airpay's mission to revolutionize digital payments. With over 12 years of expertise, airpay is reshaping the payment landscape globally by seamlessly integrating across channels. Airpay’s unique selling proposition (USP) lies in its ability to cater to diverse needs across sectors, establishing itself as the preferred partner for innovative and comprehensive financial solutions.
Airpay has obtained various licenses and operational approvals from multiple central banks, including the Reserve Bank of India, to run its operations globally. In India, airpay has revolutionized access to financial services, empowering a million business owners and fostering financial inclusion with last-mile connectivity. The platform's open architecture provides real-time transaction visibility and advanced analytics, serving consumers, businesses, banks, and financial institutions worldwide.
Built on three pillars of financial services — revenue enhancement, business management, and revenue collection — airpay's user-friendly interface boasts an easy, fast and secure registration process. Airpay collaborates with over 200 financial institutions and 1,000 business partners globally, facilitating billions of dollars in transactions and benefiting millions of businesses and consumers worldwide. India’s initiatives for Digital Public Infrastructure and the development of large-scale digital products have influenced airpay's approach in delivering financial services to the last mile. Positioned as India's key partner in driving the adoption of digital financial services with global ambitions, airpay is shaping the future of payments from #LocalToGlobal, from India to the Middle East and Africa.
As a company, airpay remains committed to driving innovation in the ever-evolving financial technology landscape. The company foresees the digital economy transformation platform to contribute close to 30% of its total revenue by 2025. ACI Worldwide's recent report in partnership with GlobalData suggests a significant increase in real-time payment transactions in the Middle East, with projections indicating substantial growth in the region's real-time payments market. Bahrain, KSA, and the UAE are expected to lead the real-time payments revolution in the Middle East, showcasing a high and growing consumer adoption of real-time payments. The report also highlights the imminent rise of real-time payments as a significant proportion of total electronic payments by 2027, signifying the potential for continued expansion and acceptance of the digital payments ecosystem in the Middle East.
Jhunjhunwala expressed optimism for companies like airpay, with robust systems in place to address the varied needs of stakeholders, as the digital payments ecosystem gains importance and acceptance in the Middle East. There are plans to expand offerings in the region to provide further ease and convenience to customers.
