Arab Financial Services, a digital payments provider in the Middle East and Africa, has partnered with Ternoa to introduce crypto payments in the United Arab Emirates.
Stablecoin Payments at POS Terminals
Arab Financial Services (AFS), a digital payments solutions provider focused on the Middle East and Africa, announced on February 24 that it has partnered with Ternoa to enable crypto payments in the United Arab Emirates (UAE). As part of the partnership agreement, Ternoa, a financial payments network (PayFi), will introduce Athar, a decentralized consumer finance protocol.
According to a statement, Athar makes crypto payments easier and more accessible for everyday transactions. It will be implemented for merchants in the UAE, where it will enable stablecoin payments at point-of-sale (POS) terminals.
Commenting on the announcement, Samer Soliman, CEO of AFS, said:
AFS is committed to driving innovation in the payments industry and expanding access to seamless, secure and future-proof solutions. By integrating stablecoins and decentralized finance, we are opening up new possibilities for merchants and consumers across the UAE, paving the way for wider adoption of digital payments in the region.
Owned by 37 banks and financial institutions, AFS expanded into the UAE after obtaining a Retail Payment Services License, allowing them to offer customized payment solutions. The strategic move aims to capitalize on the UAE’s innovative financial landscape and contribute to its status as a global fintech hub. AFS partners with local businesses and regulators to foster an inclusive digital ecosystem.
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