Global technology company Mastercard and Geidea, the largest fintech company in Saudi Arabia by market share, have announced a strategic partnership agreement to accept Mastercard payments on Tap-on-Phone solution in Saudi Arabia, a first such agreement to be signed in Middle East and North Africa. 

 

Tap-on-Phone is an innovative, intuitive, and cost-effective app-based solution that allows small businesses to quickly embrace electronic acceptance through their smart mobile or tablet device. 

 

Geidea is the first fintech company to roll out this contactless payment acceptance technology across the kingdom, which will enable businesses to use smartphones as payment acceptance devices.

 

With smart phone penetration of more than 70% in the Kingdom, Tap-on-Phone has the potential to reach over 300,000 small and medium enterprises (SMEs) and merchants in the first year alone. 

 

"The Covid-19 pandemic has forced a shift in consumer behaviour towards digital and contactless payment channels, making it imperative for businesses to adapt and shift to a more online based model," said Abdullah Al Othman, the founder and chairman of Geidea. 

 

"We are therefore proud to partner with Mastercard and provide businesses with a relevant solution that offers the ability to accept safe, secure and seamless contactless payments through Tap-on-Phone technology," noted Al Othman. 

 

At present, the Geidea network provides best-in-class payment and e-commerce solutions to more than 100,000 merchants – covering 600,000 payment terminals and ATMs within the kingdom.

 

JK Khalil, Country Manager, Saudi Arabia, Bahrain & Levant, Mastercard, said: "Enabling small businesses to sustain themselves and realize opportunities during and post the pandemic is of paramount importance to us. Through our partnership with Geidea, we can help small businesses expand their ability to accept digital payments and grow their earning potential."

 

"The solution will also help Saudi Arabia to transition safely into a secure digital payment ecosystem, without the risks associated with a large cash pool. In this respect we are proud to jointly make a significant stride to Saudi Vision 2030’s objective to increase digital transactions in the country," stated Khalil. 

 

"We will continue to leverage our network, insights, and technology to help inform and adapt their operations as we begin to enter a normalization phase," he added. 

 

Al Othman said the Tap-on-Phone makes it easier for SMEs to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services. 

 

It saves businesses money and time, because all they need to receive electronic payments is an NFC-enabled Android device on version 7.0 or newer. 

 

Geidea also recently became the only non-bank institution in Saudi Arabia to be granted an acquiring licence from Saudi Central Bank (SAMA). The license enables Geidea to process secure, fast, and seamless end-to-end payment solutions directly to merchants, he added.-TradeArabia News Service