According to the press release, currently, the ecommerce market in UAE is underdeveloped, online shopping representing only 2% of the retail sector in the Middle East, compared to 15% in most developed western markets. However, the sector is predicted to quadruple in the following two years. Ecommerce in UAE was valued at USD 2.5 billion in 2014 and is expected to reach USD 10 billion in 2018, and the market to grow at 35% to 24 billion by 2020.
HC Corporate Payment is aimed to enable real-time document sharing, instant reconciliation, and automation through smart contracts. It runs on the blockchain powered HC Net and digitises the end-to-end trade process, uniting every participant on a single network.
In addition, HC Corporate Payment automates reconciling transactions with other financial institutions.
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