Paymob, a financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has secured Saudi Arabia’s Payment Technical Services Provider (PTSP) certification. This makes Paymob fully operational in the Kingdom.
The PTSP certification, issued by Saudi Payments is a significant operational milestone in Paymob’s expansion strategy in the Kingdom. The certification paves the way for Paymob to provide its payment gateway services to merchants in KSA.
There are over 1.14 million microbusinesses and SMEs in KSA, with a growth rate of 12 per cent per annum. As outlined in the Kingdom’s Vision 2030, KSA aims to increase SME contribution to its GDP from 20 per cent to 35 per cent. All the while achieving 70 per cent non-cash transactions by 2030.
KSA is also experiencing rapid e-commerce growth and witnessing a year-on-year transaction increase of 65 per cent. This growth presents a major market opportunity for a digital payments enabler like Paymob with a history of providing localised, cutting-edge solutions.
Achieving the KSA Vision 2030
Since its inception in 2015, Paymob has set out to digitise SMEs. It enables them with comprehensive payment acceptance methods. Its omnichannel payments infrastructure empowers merchants with over 40 online and in-store payment methods through a single integration on its gateway, point of sale (POS) devices, and soft POS mobile.
Paymob operates in several markets across MENAP. It serves as a growth partner to over 200,000 merchants. Paymob provides financial technology solutions tailored to meet the needs of merchants at any stage of their growth. Consequently, it simplifies and streamlines the process of growing businesses in the digital economy.
Islam Shawky, co-founder and CEO of Paymob said: “Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our KSA expansion plans while serving merchants and entrepreneurs across the Kingdom. All to support their growth with cutting-edge financial technology solutions.
“We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia. In turn, we want to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030.”
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