The Internet plays an important role in our daily life. Before e-commerce buying and selling were done without the internet physically in the markets but after the arrival of e-commerce, our life has become more convenient because of its number of advantages. An E-commerce website has a lot of impacts on different markets and retailers. The coronavirus pandemic has changed people’s lives in every possible way. The pandemic is driving a significant share of the current e-commerce transactions through digital payments, preparing consumers for a permanent shift. As per industry experts, there will be consistency in the rise in e-commerce and digital payments. Due to this coronavirus, more people are embracing digital payments and according to experts, this trend is set to continue and grow.
Despite internet businesses growing faster than the rest of the economy, only about 3 percent of global commerce happens online today. Regulatory complexity, a byzantine global financial system, and a shortage of engineers are constraining the impact of the internet economy. Removing the barriers to online commerce helps more new businesses get started, expedites growth for existing companies, and increases economic output and trade globally.
The coronavirus outbreak has brought many companies to their knees and has been pushing them towards bankruptcy. Best positioned to survive the crisis are those businesses that had previously focused on digitization and the implementation of new technologies. What we used to call the digital future just a few months ago, has become a reality literally overnight. It’s already clear that it is the e-commerce industry and digital services providers that will be much less affected by the coronavirus pandemic here is no doubt that in this situation the world economy faces right now, the digital transformation has proved its relevance and importance. It turns out that the best prepared for these difficult times are those companies which in recent years have bet on digitization by investing in e-commerce solutions remarkable turn to digital channels affects many areas of consumers’ lives and activities. In their latest report, eMarketer and Business Insider Intelligence analysts identified several business areas that are likely to be affected most by the current situation. These include telecoms and technology, digital media, fintech, banking, healthcare, and obviously payments and e-commerce.
With the world becoming more connected and consumers’ trust in online shopping evolving Dubai’s e-commerce market is booming. The increasing shift to digital payments is not only a strong testament to the efficiency of the infrastructure and regulatory framework in the UAE but also an indicator of the growing confidence among consumers and businesses across the globe The digital payments ecosystem in the UAE was already experiencing strong growth, but the pandemic has helped accelerate the pace of change and progress. The increasing shift to digital payments is not only a strong testament to the efficiency of the infrastructure and regulatory framework in the UAE but also an indicator of the growing confidence among consumers and businesses in the country.
Due to High digital penetration and with the rapid increase of Online payment processing for internet businesses, in Dubai Stripe, One of Silicon Valley’s most valuable private fintech companies has chosen Dubai for its first expansion into the Middle East and North Africa the world’s most valuable private fintech company, opens its first Middle East office in Dubai Stripe combines a payments platform with applications that put revenue data at the heart of business operations Founded in 2010 by Irish brothers Patrick and John Collison, Stripe is used by more than 50 companies millions of businesses of all sizes—from startups to large enterprises—use Stripe’s software to accept payments, send payouts, and manage their businesses online. Stripe’s value soared to $95 billion after it capitalized on a boom in e-commerce With competitors like PayPal, Adyen, and Square Stripe uses a software platform to allows businesses to accept online payments.Stripe’s products power payments for online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between.We also help companies beat fraud, send invoices, issue virtual and physical cards, get financing, manage business spend, and much more .on a Global scale stripe serves as a The backbone for internet business For ambitious companies around the world, Stripe makes moving money as simple, borderless, and programmable as the rest of the internet. Our teams are based in dozens of offices around the world and we process hundreds of billions of dollars each year for startups to large enterprises. Gym management software Glofox an existing user of Stripe believes stripe will expand the products and services in the fitness business sector which as a result will bring a lot of such local businesses to be globalized and will help them grow, therefore resonating with investors in opening up similar new markets. stripe’s products power payments for online and in-person retailers, subscription businesses, software platforms and marketplaces, and everything in between.