A new partnership between Checkout.com and PRYPCO, a Dubai-based real estate investment and ownership platform, aims to enhance the payment infrastructure for PRYPCO's customers. The integration, which went live in July, has already led to a 20% increase in payment acceptance rates. This development is significant for the GCC region, where digital payments are becoming increasingly important.
The partnership between Checkout.com and PRYPCO includes payment processing for PRYPCO Mint, a platform that represents real estate ownership as digital tokens on a blockchain.
PRYPCO selected Checkout.com for its direct acquiring capabilities, which enable customers to carry out high-value transactions daily with both speed and security. The setup includes network tokenisation, which replaces card details with unique digital identifiers, aiming to protect customer data and reduce false declines. By using Checkout.com's global payouts service, customers can access their funds and withdraw from their accounts quickly.
What the Partnership Means for PRYPCO's Customers
Essa Ibrahim, Co-founder and President at PRYPCO, stated that the partnership with Checkout.com helps PRYPCO handle peaks in demand with fast, secure payments, providing a smooth experience for customers when they are ready to invest. This is particularly important for PRYPCO, which has facilitated real estate transactions worth over AED20 billion for more than 110,000 customers.
Remo Giovanni Abbondandolo, General Manager for MENA at Checkout.com, said that the company is committed to working with partners across various sectors to enhance digital payments in the region. By partnering with PRYPCO, Checkout.com is expanding its reach into the real estate investment and ownership sector, which also includes services such as digital mortgages, gold investment, and Golden Visa and will services in the UAE.
Why it Matters for the GCC Region
The partnership between Checkout.com and PRYPCO is significant for the GCC region, where digital payments are becoming increasingly important. The use of blockchain technology and network tokenisation can help protect customer data and reduce false declines, making it a more secure and efficient way to process transactions. As the region continues to grow and develop, partnerships like this one will be crucial in enhancing the digital payments infrastructure.
- Increased payment acceptance rates
- Fast and secure payments
- Protection of customer data through network tokenisation
In conclusion, the partnership between Checkout.com and PRYPCO is an important development for the GCC region, highlighting the growing importance of digital payments and the need for secure and efficient payment infrastructure. As the region continues to evolve, it is likely that we will see more partnerships like this one, aiming to enhance the digital payments landscape.
