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| PayTabs Digital Payments acquires Digital Pay |
PayTabs signed a digital payment contract; Signing a Memorandum of Understanding to acquire 100% of the shares of the "Digital Payment" company in the Kingdom of Saudi Arabia, paving the way for building a complete electronic payment platform that provides digital solutions for e-commerce businesses.
Due to the significant growth in the digital payments market in Saudi Arabia and the expectations that the total value of electronic payments will reach $78.4 billion by 2027, as well as the increased competition between operators in the sector and companies operating in the Saudi Arabian Peninsula, the payments market tends to consolidate in order to gain a share in the market and maintain a competitive advantage.
PayTabs acquisition of digital payment details:
The MoU stipulates that Digital Pay will provide its innovative services and solutions under the PayTabs umbrella, and accelerate access to all e-commerce and retail stores, supermarkets and major stores through this service and benefit from the platform's services.
The merger will allow PayTabs to implement its plans to develop electronic payment channels and methods and point of sale devices to enhance its presence in the market and its commitment to the Kingdom's vision 2030.
Business objectives:
The agreement aims to support and accelerate the development of digital payment systems; Keeping pace with digitization in the Kingdom with secure, reliable and interoperable solutions that can be accessed through the leading brands of payment infrastructure such as SADAD, Fast, Send and Mada.
Tamim bin Othman Al Qaseer, Senior Vice President of Operations at the Saudi Payments Corporation, said: “The Saudi Payments Corporation wants to license many technology companies and ensure that they pass the required technical tests for the system. A payment system to integrate with invoicing and e-commerce. In the field of digital payment transactions, various associated channels or points of sale etc.
Al-Qusayr added that the Saudi Payments Company has licensed more than 30 technology companies in the payments industry to provide e-commerce support services and point-of-sale operations, which will improve the status and competitiveness of the Saudi payments industry in the Kingdom of Saudi Arabia. Great Britain, especially since Saudi Arabia plays a leading role in the region and supports the growth of the payments industry. Payment is necessary.
Abdulwahab Al-Ahmari, Head of Digital Pay, said: “As an innovative financial technology company at the forefront of digital payments in Saudi Arabia, the proposed merger with PayTabs will allow us to expand our reach to customers and merchants across the Kingdom of Saudi Arabia. We see unlimited possibilities in this league.
Commenting on the MoU, Abdulaziz Al-Jouf, Founder and CEO of PayTabs, said: “With our digital contract, we aim to be the first equation of an unlimited payments platform and accelerate the Kingdom’s economy towards Vision 2030 where all merchants want to be solving their problems – and every payment solution. Organize it needs payment processing - be it virtual, physical or digital. "
Al-Jouf added: “This strong momentum will benefit from online, in-store retailers, subscription companies, software platforms, marketplaces and everything in between. It is unparalleled in its class in the region...The merger assessment process remains confidential.”
Digital Payments Market Growth:
PayTabs forecasts that the value of digital payments transactions in Saudi Arabia will reach 42.25 billion USD in 2022, and the transaction value is expected to grow by 13.16% annually; This will result in a total payment of $78.4 billion by 2027.
Al-Jouf said, “Our goal is to increase transaction volume and revenue for both companies through the merger, increase acceptance of plastic card payments, digital payments, and mobile payments on social networks, and align payments for the next generation as digital payment customers. They will be able to move from point-of-sale to merchants. PayTabs Online PayTabs will also be able to convert digital payment customers to more physical stores for sale through online payment gateways.
Al-Jouf confirmed that this deal will help develop digital payments and achieve the goals of the Kingdom's Vision 2030 for digital transformation, and through this acquisition, we will provide merchants with more ways to accept payments and we will provide payment methods that enhance them. to support the goals of the vision.
Paytab Digital Payment Solutions:
PayTabs is an award-winning digital payment solutions company founded by Saudi businessman Abdulaziz Al-Jouf. PayTabs uses API plug-ins to quickly and securely process transactions in multiple currencies and markets.
PayTabs solutions include mobile apps, hospitality, government, education, aviation, travel, transportation and billing solutions; Connecting multi-billion dollar corporate market chains in the MENA region.
PayTabs launched PT Touch in 2021, the first POS software solution for the MENA market; Turning smartphones into commercial Point of Sale (POS) terminals.
In 2022 PayTabs made a big leap into the next generation of payments; By launching the unified payment processing platform PayTabs SwitchOn.
As a proven global payments company, PayTabs has offices in the GCC countries including the UAE and Saudi Arabia, as well as several other locations including Turkey, India and Egypt.
The company is committed to equal opportunity through a diverse and multicultural team from more than 20 countries.