Riyadh 4 Feb 2024:
]: PayTabs Group, MENA’s award-winning payment orchestration powerhouse today announced it had partnered with Nearpay, Saudi Arabia’s leading Payment Infrastructure as a Service fintech brand to offer users across Jordan and other PayTabs markets in the region, an elevated soft POS payment experience.
The collaboration aims to enhance the user experience of merchants and customers that use PayTabs Touch – PayTabs proprietary soft pos application across the region, including the MEPS FAST application in Jordan. As part of its payment orchestration platform, PayTabs soft POS technology is a modern leap in payment systems, seamlessly turning smartphones and tablets into swift payment terminals. This innovative solution streamlines transactions by ditching bulky hardware, empowering businesses of all scales to effortlessly process card payments.
With a user-friendly interface and robust encryption, it not only simplifies checkouts but also amplifies customer satisfaction. PayTabs soft POS technology enables merchants to conduct transactions anywhere, from bustling city squares to remote locations. This enhancement is set to redefine the landscape of mobile payment acceptance, offering friendly and efficient solutions for small and micro businesses. Businesses who sell out of a food cart, vendors running pop up shops or restaurants that offer table side bill payments are a key demographic for tap to phone payment acceptance. PayTabs Soft POS, known for its secure features and reliability, will now be powered by Nearpay’s state-of-the-art POS infrastructure. This advancement aligns with the growing trend towards contactless payments, providing a secure and convenient option for both merchants and customers. The focal point of this partnership is the integration of Nearpay’s innovative ‘Tap to Phone’ technology into the PayTabs Touch app.
Commenting on the partnership with Nearpay, Eyad Musharbash, PayTabs Regional Head and Operating Partner for the LEVANT region said, “Two Saudi fintech brands are joining hands to power contactless payments the region. We are excited to collaborate with Nearpay to introduce this elevated Soft POS experience to our users. The integration of ‘Tap to Phone’ technology into PayTabs Touch will not only streamline payment processes for businesses but also offer millions of customers a modern and secure payment option.”
Mohammad Aleban, Nearpay CEO and co-founder added: “We’re excited about our partnership with PayTabs. Integrating Nearpay’s ‘Tap to Phone’ technology into PayTabs Touch is a game changer, streamlining payments for businesses and offering users a modern, secure option. This collaboration sets new standards for contactless payments, reflecting Nearpay’s commitment to transforming the payments landscape.”
SoftPOS enables smartphones or tablets with NFC capabilities to function as contactless payment terminals. Merchants transform their smartphones into secure and efficient point-of-sale terminals, enabling them to accept payments with just a tap. Individuals and businesses can accept payments from contactless cards and digital wallets on their devices while capturing necessary transaction authentication details. According to an exclusive report by The Insight Partners; due to the uptake of NFC enabled wearable technology and the increasing demand for contactless payments, the MENA NFC chip market is expected to reach USD1,191.20 million by 2028, a compound growth of 7.3% from 2021.
About Nearpay
Nearpay is a Saudi FinTech company specializing in payment infrastructure as a service (PIaaS). The company’s innovative Tap on Phone/Contactless payment infrastructure simplifies touchless payments, offering businesses a secure and seamless solution for accepting transactions.
About PayTabs
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale, and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the first soft POS solution in the MENA market to transform smartphones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payment orchestration platform. PayTabs unified payment processing and orchestration enables governments and large-scale originations to become independent payment platforms to serve their industries.
In 2022, PayTabs acquired Türkiye’s social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments. By end of 2023, PayTabs was awarded MENA’s Best Merchant Solution and the glowing recognition of Fintech Company of the year. PayTabs has dedicated offices in SaudArabia and UAE and presence in other
locales including Jordan, Türkiye, and Egypt. The company is an equal opportunities employer.
