cashU poised to capitalise
CashU, a Dubai based payment service provider launched in 2002, is positioning itself to capitalise on the growth of online trade in the Middle East and North Africa with its payment platform which has attracted leading regional e-merchants such as souq.com and cobone.com as well as UAE based games developer tahadi.com. CashU also collaborates with Skype, Facebook and Gameforge. The company is particularly looking to profit from the rapidly expanding gaming industry which is currently estimated to be worth $750 million in the Middle East and set to continue growing with improvements in online payment security. To that end, CashU’s platform provides solutions to counter risks such as phishing, card cloning and identity theft that consumers face when making online purchases.
CashU estimates that Africa and the Middle East will undergo the highest rate of internet traffic growth over the next four years, accounting for 51%, and that internet gaming will grow in line with this at a predicted rate of 39% over the same period. Smartphone penetration in the region is expected to surpass 70% by the end of 2016.
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