Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), announces that it has secured Saudi Arabia’s Payment Technical Services Provider (PTSP) certification, making it fully operational in the Kingdom, according to a press release.
The certification paves the way for Paymob to provide its seamless, secure payment gateway services to merchants in KSA.
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.”
There are over 1.14 million microbusinesses and SMEs in KSA, with a growth rate of 12% per annum, according to the press release.
The Kingdom’s Vision 2030 outlines that 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.
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 established its office in Riyadh in April 2023 and is dedicated to having a solid 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.
Read More: Paymob raises US$50 million in a Series B funding round
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.