Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), has acquired of Saudi Arabia’s Payment Technical Services Provider (PTSP) certification.
This certification, issued by Saudi Payments, allows Paymob to operate fully in the Kingdom and offer its seamless, secure payment gateway services to merchants in Saudi Arabia.
With over 1.14 million microbusinesses and SMEs in Saudi Arabia experiencing a growth rate of 12 percent per annum, the PTSP certification presents a significant market opportunity for Paymob.
The Kingdom, in line with its Vision 2030, aims to increase SME contribution to its GDP from 20 percent to 35 percent and achieve 70 percent non-cash transactions by 2030. Additionally, Saudi Arabia is witnessing rapid growth in e-commerce, with a year-on-year transaction increase of 65 percent.
Paymob, established in 2015, specialises in digitising SMEs by providing comprehensive payment acceptance methods.
Its omni-channel payments infrastructure empowers merchants with over forty online and in-store payment methods through a single integration.
Paymob serves as a growth partner to over 200,000 merchants across MENAP, offering tailored financial technology solutions to simplify and streamline businesses’ growth in the digital economy.
Obtaining the PTSP certification in Saudi Arabia marks a significant accomplishment for Paymob.
Islam Shawky, Co-founder and CEO of Paymob, expressed the company’s commitment to its expansion plans in the Kingdom and its dedication to supporting the growth of merchants and entrepreneurs through cutting-edge financial technology solutions.
“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,” Shawky said.
Paymob, backed by regional and global investors such as PayPal Ventures, Kora Capital, and Global Ventures, established its office in Riyadh in April 2023 and aims to maintain a strong local presence in Saudi Arabia.
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