Saudi Arabia introduces cashless services to expand digital payment development

Saudi Arabia goes cashless to boost digital payment growth

Saudi Arabia introduces cashless services to expand digital payment development

Egyptian cashless service provider Paymob will receive certification from Saudi Arabia’s payment technology service provider, Saudi Payments. The certificate is an important milestone for Paymob’s efforts to expand its services to merchants in the Kingdom of Saudi Arabia. According to a recent report by payment software supplier ACI Worldwide and GlobalData, Saudi Arabia’s drive towards digital payments is expected to increase from USD 675 million in 2022 to USD 2.6 billion in 2027.

The co-founder of Paymob stated that obtaining PTSP certification in Saudi Arabia is a significant achievement for them, reflecting Paymob’s commitment to its expansion plans in Saudi Arabia, while providing cutting-edge financial technology solutions for Saudi businessmen and entrepreneurs to support their development. Paymob was founded in 2015 and has been dedicated to providing a complete set of payment methods for small and medium-sized enterprises to achieve digital payments. The company’s infrastructure allows merchants to use more than 40 online and in-store payment methods through a single integration on its gateway. Entering Saudi Arabia is crucial because of the huge opportunity for cashless payments.

In the fourth quarter of 2022, more than 1.14 million micro and small businesses were registered in Saudi Arabia, with the goal of increasing their contribution to the country’s gross domestic product to 35% by 2030. The thriving ecosystem of small and medium-sized enterprises, coupled with the development of financial technology, has provided Paymob with an excellent opportunity to promote its regional growth.

Paymob has more than 200,000 merchants in the Middle East, North Africa, and Pakistan, and has raised more than USD 68.5 million in funding from investors such as PayPal Ventures and Kora Capital.

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