MENAP’s fastest growing Fintech Paymob secures PTSP certification in KSA
Paymob, the leading financial services provider 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.
The PTSP certification, issued by Saudi Payments, is a significant operational milestone in Paymob’s expansion strategy in the Kingdom. The certification paves the way for Paymob to offer its seamless, secure payment gateway services to merchants in KSA.
There are over 1.14 million micro and small and medium enterprises in KSA, with a growth rate of 12% per year. Outlined in the Kingdom’s Vision 2030, 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 growth in online commerce and is witnessing a transaction from year to year. increase of 65%. This growth presents a large market opportunity for a digital payment solution like Paymob with a history of providing localized, cutting-edge solutions.
Since its inception in 2015, Paymob has set itself the goal of digitizing SMEs by providing them with the most comprehensive payment acceptance methods in MENAP. Its omnichannel payment infrastructure provides merchants with more than forty online and in-store payment methods through a single integration on the gateway, point-of-sale (POS) devices and soft POS mobile. Paymob operates in several markets across MENAP, where it acts as a growth partner for over 200,000 merchants. By offering innovative financial technology solutions tailored to meet the needs of merchants at any stage of their growth, Paymob simplifies and streamlines the process of growing businesses in the digital economy.
Islam Shawky, Co-Founder and CEO of Paymob said, “Achieving the PTSP certification in Saudi Arabia is a significant achievement 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.”
Paymob established its office in Riyadh in April 2023 and is dedicated to having a strong 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.
