SEATTLE—Amazon Payment Services has set up its first global fintech lab at the DIFC Innovation Hub to support regional start-ups and companies driving innovation in digital payments.
The initiative aims to increase fintech adoption in the region by providing a forum for discussions on digital payments and addressing challenges customers face in making payments, the company said yesterday, The National News said.
“The region is going from a frontier stage to an emerging stage of financial technology. Through the Amazon FinTech Lab, we work with innovators and visionaries to turn exciting new ideas and concepts into transformational and disruptive forces in FinTech,” Amazon Payment Services Managing Director Omar Soudodi told The National. “We are looking to support innovation that will help make the payment experience easier, secure and more affordable for customers.”
Globally, digital payments are set to grow to $8.26 trillion in 2024, from $4.4 trillion last year, according to research company Statista.