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Doha, Qatar: The Visa Everywhere Initiative (VEI) is a global innovation program that sees local fintechs pitch their ideas to solving real commerce challenges, further enhance their product propositions and provide innovative payment solutions for Visa's Network of partners and consumers.
This year, the winners from the recent Qatar and Kuwait edition of VEI - the first event of its kind - have shown exceptional innovation, promising to extend the benefits of digital payments to more consumers and businesses in the region.
From Qatar, the spotlight shines on TESS Payments, which provides eCommerce merchant acquiring services across Qatar, supporting banks, PSPs, and merchants. The first-place winner of the inaugural VEI for Qatar and Kuwait – which also picked up the Social Impact Award - will go on to compete at a virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition on July 23.
TESS Payments' vision is to integrate financial services seamlessly into the daily lives of SMEs and micro-businesses, empowering them to thrive in the digital economy.
The Qatar-based fintech is working to transform merchant payments with a single API that combines multiple payment products.
What's different? TESS Payments offers a comprehensive suite of products and services, including PGW, POS, Soft POS, QR Code, BNPL, and Corporate Expense Management, all accessible through a single API.
Their One Stop Shop model empowers merchants with seamless access to financial services, while ecosystem partners benefit from our One Window market entry, enabling quicker and cost-effective merchant acquisition. With advanced data analytics, TESS provides unique solutions like credit access, embedded finance, digital lending, and supply chain financing, leveraging data for precise e-KYB and credit scoring of SMEs.
One of the key challenges TESS Payments faced in their journey was partnering with ecosystem players operating on diverse technologies and navigating local regulatory environments. But according to Saad Ishfaq, CEO of TESS Payments,“Winning VEI empowers TESS Payments by enhancing our market reach and building trust through the Visa brand. It also unlocks opportunities with Visa's open payments platform. This recognition validates our efforts, opening doors to new partnerships and resources, and propels us forward in our mission to empower SMEs and micro-businesses with cutting-edge financial solutions.”
And from Kuwait, we have our second and third place winners, Kem and Krti, respectively. Kem (Kuwait), a financial services platform that allows anyone to send money to anyone in their contacts instantly and easily allows businesses to accept payments and manage their business.
Kem envisions a future where individuals can effortlessly send and receive money using their smartphones, regardless of their location or banking provider.
There are a few things that set Kem apart, according to Kem Co-Founder and COO, Zane Sadeq.“Our app allows users to send money to anyone in their contacts or by scanning a QR code, making P2P transactions quick, convenient, and secure.
With a simple and intuitive interface, our app makes sending money as easy as sending a text message, eliminating the need for lengthy account numbers or complicated transfer processes.
Finally, our QR codes enable users to initiate transactions instantly by simply scanning a QR code, whether it's for splitting bills with friends or paying merchants at local shops and restaurants.”
Navigating regulatory requirements, adapting to local payment preferences, and building trust among users were some of the challenges Kem faced during business development, according to Sadeq.
That's where he sees VEI helping Kem the most:“It not only validated the relevance of our solution within the fintech landscape but also provided us with valuable insights, mentorship, and networking opportunities to overcome these challenges and accelerate our growth in the GCC.
With Visa's support, we are confident in our ability to continue innovating and expanding our reach, ultimately driving greater financial inclusion and empowerment across the region.”
Finally, Krti is an AI driven app that is looking to modernizing the rewards and payment system.
The Kuwait based fintech's AI analyzes transaction data to deliver personalized offers to users, enhancing their shopping experience with relevant cashback and discounts.
Merchants can reduce marketing costs and improve ROI by targeting customers who already love their products. For banks, Krti's app offers precise customer insights, allowing them to offer the right promotions to the right customers, increasing satisfaction and loyalty.
During Krti's development, integrating advanced AI to accurately analyze transaction data, ensuring seamless user experience, and gaining trust from banks and merchants were some of the challenges they encountered. Abdulrahman Al-Hammadi, Founder and CEO, says VEI helps Krti's mission by providing“credibility, networking opportunities, and access to Visa's technological resources. This support accelerates our growth, enhances our solution's capabilities, and helps us scale effectively, ultimately empowering merchants, banks, and users with personalized, efficient financial services.”
VEI's winners are a testament to the power of innovation in the digital payments industry. Their groundbreaking solutions will help extend the benefits of digital payments to more consumers, businesses, and economies in the region, bringing us one step closer to a world where everyone, everywhere can benefit from the digital economy.
Shashank Singh, Visa's VP and General Manager for Qatar and Kuwait, said:“While fintechs hold significant potential to advance digital payments and bolster the broader economy, their growth and access to infrastructure, resources, and guidance are crucial. Through programs like the Visa Everywhere Initiative, we are offering fintechs our expertise and technology to support their development and growth plans. We look forward to collaborating with TESS Payments, Kem, and Krti in transforming the region's payments landscape.”
Visa is proud to support these innovators as they continue to lead the charge in transforming the digital payments landscape in Qatar and Kuwait.
The future of digital payments in these regions looks bright, and we can't wait to see what these trailblazers do next.
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