Middle East Payment Services (MEPS), a payment service provider in Jordan, has joined forces with PayTabs, a Saudi Arabian payments company, to introduce the latest version of the ‘Tap to phone’ soft POS application: MEPS FAST.
This enables businesses in Jordan to accept secure contactless payments through their smartphones, catering to various sectors, including retail, tourism and delivery.
MEPS FAST is a significant advancement in the fintech landscape of the Levant, a region in the Eastern Mediterranean that includes countries like Jordan, Lebanon, Syria, and Palestine. The solution empowers retailers, boutiques, kiosks, delivery firms, and small businesses in the Levant to accept contactless payments using their Android smartphones.
This mobile app effectively transforms personal smartphones into high-speed point of sale terminals, facilitating seamless acceptance of contactless payments from NFC-enabled MasterCards and Visa cards.
According to Statistica, the Digital Payments market in Jordan is expected to witness a 14.13 per cent growth from 2023 to 2027, reaching a market volume of $12.25billion in 2027. The Central Bank of Jordan (CBJ) played a significant role in the surge of contactless payments by setting new ceilings for such transactions, leading to a boom in contactless payments, which accounted for 37 per cent of the total value of e-payments in Jordan in 2022.
Payment solution
MEPS FAST aims to tap into this growing market by offering a software-based solution for accepting payments, eliminating the need for additional hardware. Retailers can access the solution 24/7, ensuring they can accept digital payments at any time. Moreover, MEPS FAST supports the ‘PIN on Glass’ feature, enabling PIN entry directly on PCI-certified touchscreen payment devices.
MEPS has also partnered with Huawei to offer discounted Android devices to MEPS merchants in Smart Buy. Merchants in Smart Buy can pay for these devices in 12 monthly installments at zero per cent interest.
Ali Abdel Jabbar, CEO of Middle East Payment Services Company, stressed the company’s commitment to innovation and financial inclusion, especially for small and medium-sized enterprises.
“This unique service is in line with the company’s vision towards achieving financial inclusion in Jordan and expanding our customer base of merchants, with the focus on small and medium-sized companies such as home delivery, transportation, and distribution companies.”
Eyad Musharbash, PayTabs’ regional general manager for Levant and Southern Gulf, highlighted the significance of secure digital payments in Levant’s payments landscape.
““Facilitating secure digital payments is a game changer in Levant’s payments landscape. We are excited to once again partner with MEPS to bring innovative, low-cost acceptance solutions that meet the evolving payment needs of small businesses in Jordan. The convenience, security, and ease-of-use provided by MEPS Fast will undoubtedly boost businesses’ capabilities while enhancing consumers’ payment experience.”
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