RIYADH: Indian payments and banking solutions company CashFree has invested $15 million in Dubai-based Teller, which provides electronic payment services in the UAE and Saudi Arabia.
With this investment CashFree’s market share has exceeded 50 percent.
The two companies intend to launch joint services in the MENA region, building on Teller’s knowledge of the region’s markets and payments infrastructure, Asharq reported.
They also aim to develop a unified payments platform to help merchants in India accept payments from customers in the region.
The electronic payments market in India exceeds $20 billion annually.
