DUBAI | cashU, an online payment provider, has revealed plans to expand across the Middle East. The company has declared that is looking to grow its merchant base by 100 new companies every month for the next two years.
cashU has also unveiled its plans to launch CashU Direct early in 2013. CashU Direct is a new payment method, which will allow customers to make purchases online and have up to 24 hours to pay the amount in cash at a given retail outlet.
The company processes almost USD 500,000 of transactions a year, of which more than 50 percent is for virtual goods. The gaming sector contributes with almost 80 percent to its customer base. According to gate2play, an online payment aggregator, the regional market for virtual goods is worth USD 100 million and is expected to rise to USD 150 million by 2013 and USD 2.2 billion by 2016. The virtual-goods sector is worth about USD 6 billion worldwide.
Since its inception in 2002, cashU provides online payments services to global and regional online merchants across Middle East and North Africa.
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