Dubai-based payment processor Network International (NETW) reported a 15% decline in total revenue to end 2020 at USD 284m.

Although a shift to digital transactions due to COVID-19 drove up online shopping (does all that lockdown binge-buying ring a bell?), the MENA-focused payments services provider has been hit by the decline in tourism spending.

Following global lockdowns, international volumes were down 61% on the prior year. Nevertheless, in its core market of UAE, the domestic direct acquiring total processed volume has fully recovered to 2019 (pre-pandemic) levels, driven by inbound tourism from the latter half of 2020.