April 18, 2024

Paymob Menap’s fintech secures PTSP Certification in KSA

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Islam Shawky, Co-founder and CEO of Paymob. Image Courtesy-Paymob

Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), announces recently that it has secured Saudi Arabia’s Payment Technical Services Provider (PTSP) certification, making it 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 seamless, secure payment gateway services to merchants in KSA.

Industry sources added that overall there are over 1.14 million microbusinesses and SMEs in KSA, with a growth rate of 12% per annum. As outlined in the Kingdom’s Vision 2030, KSA aims to increase SME contribution to its GDP from 20% to 35%, while achieving 70% non-cash transactions by 2030. KSA is also experiencing rapid e-commerce growth and witnessing a year-on-year transaction increase of 65%. This growth presents a major market opportunity for a digital payments enabler like Paymob with a history of providing localized, cutting-edge solutions.

Industry sources added that since its inception in 2015, Paymob has set out to digitize SMEs by enabling them with the most comprehensive payment acceptance methods in MENAP. Its omnichannel payments infrastructure empowers merchants with over forty 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, where it serves as a growth partner to over 200,000 merchants. By providing innovative financial technology solutions tailored to meet the needs of merchants at any stage of their growth, Paymob 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 to support their growth with cutting-edge financial technology solutions. We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia and to play our part in driving the Kingdom’s digital transformation outlined in Vision 2030.”

Paymob established its office in Riyadh in April 2023 and is dedicated to having a strong local presence in the Kingdom. The Company is backed by regional and global investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, and Nclude.

Source

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