Ixaris Payments Server will enable 3omlti to establish online payment accounts for both banked and unbanked users, as well as allow them to establish a global money remittance service for sending funds abroad. These additional components will play an integral role in helping 3omlti to build its payments ecosystem.
Ixaris Payments Server is a cloud-based platform that enables financial institutions to implement their own prepaid card programs.
The payments market in the Middle East is undergoing rapid development. The demand for electronic payments – both for online purchases as well as for remittances – in the GCC, of which Saudi Arabia is the largest and most influential member, is undisputed.
Remittance payments amount to more than USD 60 billion each year, with almost 15 million foreign workers who send a large share of their income home. For Saudi Arabia alone, remittance volumes are expected to reach up to USD 35 billion by 2015 and a total of USD 80 billion for the GCC as a whole.
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