Photo: Collected
A top official of a financial technology company has laid emphasis on expanding fast digital transaction systems to increase the growth of the small and medium enterprise (SME) sector and the country’s gross domestic product (GDP).
Nandan Mer, chief executive officer (CEO) of Turkish fintech company Dgpays, said national or domestic payment schemes like the United Arab Emirates’ ‘Jaywan’ can accelerate a country’s GDP and the small and medium enterprise economy by providing services at low cost.
He said this at the ‘Banking Innovation and Technology Summit 2026’ (BIT’26), which began in Dubai.
Comparing ‘Jaywan’ with international payment brands, he said international brands collect extra charges or premium rates when they get the opportunity. His explanation is that international brands take fees of more than one per cent because only they have this kind of opportunity.
He further said bringing the cost of transactions down from more than one per cent to below half a per cent is only a beginning. The time has now come to bring this cost down further.
Meanwhile, top executives of public and private institutions in the banking, fintech and technology sectors have gathered at the day-long BIT summit. The prospects, challenges and technology-dependent future of these sectors are being discussed at the summit.
Source: Khaleej Times.
