PayTabs is an award-winning payments solutions company founded by Saudi entrepreneur Abdulaziz Al Jouf. PayTabs has produced and exported a slew of game-changing solutions over the years, initially funded by Saudi Aramco’s “Waed” and then by Saudi private investment. These include mobile apps, hotel, government, education, airline, travel, transportation, and billing solutions that connect the MENA region’s multibillion-dollar corporate market chain.
PayTabs has announced plans to buy a 100% share in Digital Pay in a historic move. According to the terms of the transaction, Digital Pay will serve as PayTab’s main POS terminal product, enabling and strengthening millions of e-commerce and retail enterprises while also benefiting brick-and-mortar establishments, hypermarkets, and department stores. Similarly, the acquisition will allow PayTabs to to complete its entry into both online and offline payment capabilities, increasing its market footprint following the Kingdom’s commitment to Vision 2030. The goal is for both organizations to increase their bottom line, revenue, transaction volumes, and transaction number.
Furthermore, the MoU, which intends to increase synergized super payments, comes when digital disruption has reached a fever pitch in the Kingdom, with Saudi Payments serving as both the foundation and driving force. Saudi Payments has long spurred growth in the Kingdom with its leading payment infrastructure brands, SADAD, Sarie, Esal, and mada, to support the payments ecosystem through safe, dependable, interoperable, and accessible solutions.
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 is to maintain competitiveness between payments players through all domains of e-invoicing, e-commerce, point of sales and others. The past short period witnessed the successful enrolment of more than 30 players in the domains of e-commerce and POS to provide the needed support for these key sectors to help them grow and foster the Kingdom’s leading position as a payment hub for the region.”
Additionally, PayTabs will now cater to more retailers and traditional businesses that want to offer payment acceptance via POS terminals after conquering the MENA payment space with an online payment gateway acceptance and expanding its portfolio to include Soft POS tap-to-pay solutions and, more recently, full-stack payment orchestration and social commerce. By making it easier for shops to accept payments, both companies empower merchants with digital payment options, supporting and propelling the Saudi Vision 2030. This move will strengthen PayTabs’ objective to serve the area with a comprehensive, best-in-class payments ecosystem platform. This includes turbocharged, frictionless payment experiences for companies throughout the region’s core sectors, from travel and trade to hospitality and healthcare.
Regarding the MoU, Abdulaziz Al Jouf, PayTabs founder and CEO, says, “We aim to be the foremost infinite payment platform equation that accelerates the Kingdom’s economy towards Vision 2030. Every merchant wants you to solve his problem – and every payment solution, PayTabs orchestrates is essentially born out of a problem in the market. 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, subscription businesses, software platforms and marketplaces, and everything in between will emerge winners from this powerful dynamic.” The more significant impact of the deal is that omnichannel payments will now be a reality.
Whereas Digital Pay, which pioneered the POS business in the Saudi market in an effective and timely manner, will continue to extend its footprint by delivering POS to online retailers in different PayTabs markets. Any business may now profit from digital payment acceptance solutions in the web sector and brick-and-mortar offline payments.
Abdulwahab F. Alahmari, Chairman of Digital Pay, adds, “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.”
The planned combination with Digital Pay is another crucial step in PayTabs’ efforts to provide e-commerce merchants and enterprises in the area with unsurpassed best-in-class payments super platform. The merger deal’s worth is yet unknown. The overall transaction value in the Digital Payments category is expected to reach $42.25 billion in 2022, according to Statistica. The overall transaction value is predicted to increase at an annual pace. The total transaction value is expected to show an annual growth rate of 13.16% or a projected total of $78.40 billion by 2027.