Saudi Press

Saudi Arabia and the world
Tuesday, Jul 23, 2024

Egypt’s Paymob expands its footprint into Saudi Arabia

Egypt’s Paymob expands its footprint into Saudi Arabia

Saudi Arabia’s fintech sector will soon get a new player with Egyptian cashless services provider Paymob securing the Kingdom’s Payment Technical Services Provider certification.
Issued by Saudi Payments, the certificate is a crucial milestone for Paymob as it seeks to expand its services to merchants in the Kingdom.

The Kingdom’s drive toward payment digitalization is projected to surge from $675 million in 2022 to $2.6 billion by 2027, according to a recent report by payment software provider ACI Worldwide with GlobalData.

“Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our Saudi expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions,” said Islam Shawky, co-founder and CEO of Paymob, in a press statement.

Founded in 2015, Paymob has been digitizing payments for small and medium enterprises by enabling them with a comprehensive suite of payment methods.

The company’s infrastructure gives merchants access to over 40 online and in-store payment methods through a single integration on its gateway.

The foray into Saudi Arabia is crucial because of its vast opportunity for cashless payments.

In the fourth quarter of 2022, the Kingdom registered over 1.14 million microbusinesses and small and medium enterprises as it aims to increase their contribution to the gross domestic product to 35 percent by 2030.

Its thriving SME ecosystem, paired with the developments in the financial technology sector, presents a perfect opportunity for Paymob to boost its regional growth.

Moreover, e-commerce transactions in Saudi Arabia have been increasing rapidly, prompting Shawky to say: “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.”

The company established its first Saudi office in Riyadh last month and is “dedicated to having a strong local presence in the Kingdom,” according to the press release.

Paymob has over 200,000 merchants in the Middle East, North Africa and Pakistan. The company raised over $68.5 million in funding through investors such as PayPal Ventures and Kora Capital.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
World's Hottest Day Recorded on July 21
Sri Lanka Apologizes for Forced Cremation of Muslim Covid Victims
President Biden Returns to White House After Testing COVID Negative
Trump Says Kamala Harris Would Be Easier Election Opponent Than Biden
4.7 Magnitude Earthquake Strikes Northwestern Turkey
Hacking Vulnerabilities: Androids vs. iPhones
Israel Conducts First Direct Air Raid on Yemen's Hodeidah Port
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Elon Musk's Companies Drop CrowdStrike After Global Windows 10 Outage
US Criticizes International Court's Opinion on Israeli Occupation
Netanyahu Denounces World Court Ruling on Israeli Occupation
Adidas Drops Bella Hadid Over Controversy
Massive Flight Cancellations Across the U.S. Due to Microsoft Outage
Russia Accuses Ukraine of Using Chemical Weapons
Ursula von der Leyen Wins Second Term as European Commission President
Japan to Allocate $3.3 Billion to Ukraine Using Frozen Russian Assets
Google and Microsoft Now Consume More Power Than Several Large Countries
Increased Security for Trump After Assassination Threat
New AI Chipset Set to Revolutionize ChatGPT
Thai-Saudi Investment Roadshow Yields 100 Partnerships
Trump Media Shares Surge Following Re-Election Bid Boost
Russia's Electronic Warfare Neutralizes Western Weapons in Ukraine
Trump Challenges Biden to Debate and Golf Match
Macron Accuses Israeli Minister of Election Interference
US Senator Highlights Weaknesses in Western Military Industry During Ukraine Conflict
George Clooney Urges Biden to Withdraw from Presidential Race
Political Shift in the UK: A Detailed Analysis of Labour's Victory and Future Prospects
Viktor Orbán's Peace Mission: A Diplomatic Controversy in the EU
UAE Court Sentences 43 to Life Imprisonment Over Terrorist Links
Spain PM Pedro Sanchez Denounces Double Standards on Gaza at NATO Summit
Biden Affirms Commitment To Presidential Race
Putin Hosts PM Modi for a Private Meeting
2024 Predicted to Be World's Hottest Year
Iran's President-Elect Masoud Pezeshkian Reiterates Support for Hezbollah
Biden Insists on Continuing Presidential Race Amid Criticism
Macron Faces New Political Challenges Despite Election Relief
US Officials Resign Over Biden's Gaza Policy
Campaigners Push for Emergency Uplift Visa for Palestinians Escaping Gaza Conflict
Netanyahu Criticizes Release of Gaza Hospital Head
UK Government and British Airways Sued Over 1990 Kuwait Hostage Incident
Afghan Women's Rights Declared Internal Issue by Taliban
UK Appeals to ICC May Delay Arrest Warrants for Israeli Leaders
ZATCA Allows Non-citizens to Participate in Auctions
UK Investors Encouraged to Enter Saudi Sports Market
Saudi Arabia's Remarkable Position for Sustained Economic Growth
Iran's Presidential Election: A Close Race
Iran Threatens Retaliation if Israel Attacks Lebanon
EU Enforces Sanctions on Hamas Financiers
Turkey Removed from Financial Watchdog's Grey List
×