(MENAFN- EIN Presswire) Under the terms of the acquisition, Digital Pay will serve as PayTabs flagship point of sale terminal product, enabling and augmenting millions of ecommerce and retail businesses as well as physical stores, hypermarkets, and departmental stores to benefit
The forthcoming merger of the home-grown Saudi payment brands aims to create best in class payment experiences for more business segments in the MENA region
As an innovative Fintech company driving digital payments in the kingdom of Saudi Arabia, the proposed merger with PayTabs will enable us to expand our customer and merchant reach across the region” — Abdulwahab F. Alahmari, Chairman of Digital PayRIYADH, SAUDI ARABIA, November 1, 2022 / / -- , Middle East, Africa, and South Asia's (MEASA's) award-winning payments powerhouse, in a hallmark move announced that it plans to acquire a 100% stake in , Saudi Arabia. Under the terms of the acquisition, Digital Pay will serve as PayTabs flagship point of sale terminal product, enabling and augmenting millions of ecommerce and retail businesses as well as physical stores, hypermarkets, and departmental stores to benefit.
This allows PayTabs to complete its foray into both online and offline payment capabilities and elevating its market presence and commitment to the Kingdom's vision 2030. The merger aims to grow the bottom line, revenue, transaction volumes, ticket sizes and the number of transactions for both firms.
The MOU announcement which aims to champion synergized super payments comes just as digital disruption has hit peak in the Kingdom with being both the foundation and driving force. On a mission to enable the payments ecosystem through secure, reliable, interoperable, and accessible solutions, Saudi Payments has long accelerated growth in the Kingdom via its' flagship payment infrastructure brands SADAD, Sarie, Esal and mada.
Mr. Tamim Alqusair, Senior Vice President, Business in Saudi Payments, said:“Saudi Payments aims to enable entities operating in the fintech space once players pass all needed testing and certification requirements successfully. Our objective in doing so is to maintain competitiveness between payments players through all different domains of e-invoicing, and ecommerce, point of sales and others. The past short period witnessed the successful enrolment of more than 30 players in the domains of ecommerce and POS to provide the needed support for these pivotal sectors to help them grow, and to foster the kingdom's leading position as a payment hub for the region.”
Having initially conquered the MENA payment space with online payment gateway acceptance, and then expanded their portfolio to include Soft POS tap to pay solutions and more recently full stack payment orchestration and social commerce; PayTabs will now also cater to retailers and traditional businesses that wish to offer payment acceptance via point-of-sale terminals.
By providing merchants with more methods to accept payments, both firms are empowering merchants with digital payment methods, which powers and pushes forward the aim of Saudi Vision 2030.
This giant leap will solidify PayTabs mission to provide a single holistic best in class payments ecosystem platform for the region. This includes supercharged, seamless payment experiences for business in all key segments in the region from travel and trade to hospitality and healthcare. Large brands dotted across the region will have the ability to manage, grow their payments channels across countries, brands, and regions via a master PayTabs super payments platform. This eliminates the friction of obtaining multi-channel integration and cross border banking services while offering a near plug n play experience.
Digital Pay who pioneered the POS business in an efficient and speedy way in the Saudi market will continue to aggressively expand their footprint by offering point of sales to online merchants as well in multiple PayTabs markets. Any business will now be able to benefit from either digital payment acceptance solutions in the online space or the brick-and-mortar offline payments space.
Abdulwahab F. Alahmari, Chairman of Digital Pay added,“As an innovative Fintech company driving digital payments in the kingdom of Saudi Arabia, the proposed merger with PayTabs will enable us to expand our customer and merchant reach across the region. We see limitless opportunity, growth, and potential in this upcoming alliance.”
Commenting on the MOU, Abdulaziz Al Jouf, PayTabs founder and CEO said,“In our digital decade, our aim is to be the foremost infinite payment platform equation that accelerates the Kingdom's economy towards vision 2030. Every merchant wants you to solve their problem – and every payment solution PayTabs orchestrates is essentially born out of a problem in the market. Now we're offering merchants of all sizes and scale a single platform and dashboard for all their next generation payment processing requirements – be it virtual, physical, or digital. Online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between will emerge winners from this powerful dynamic.”
The greater impact of the deal is that omnichannel payments will now be a reality.Monita Pesumal
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