Global financial assistance company Mastercard, and Geidea, the giant fintech company in Saudi Arabia by market share, declared earlier this week a strategic team-up agreement in order to accept Mastercard payments using a Tap-on-Phone key in Saudi Arabia.
Geidea is the first fintech company to offer contactless payment acceptance technology across the country, which will allow businesses to use smartphones as payment acceptance devices.
Tap-on-Phone solution is an intuitive, innovative, and cost-effective app-based option that enables small businesses to conveniently embrace electronic payment acceptance just by using their smartphones or tablet device.
With intelligent mobile penetration of more than 70 percent in the nation, the Tap-on-Phonesolution 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 induced a shift in consumerinterest towards online and contactless payments channels, making it crucial for businesses to adapt and shift to a more digital based model. We are therefore glad to partner with Mastercard and offer businesses with a relevant solution that provides the potential to accept safe, secure and seamless contactless payments through Tap-on-Phone solution,” said Abdullah Al-Othman, the Founder and Chairman of Geidea.
Currently, the Geidea network offers payment and e-commerce options to more than 1,00,000 merchants – covering 6,00,000 payment nodes and ATMs within the nation.
As one of the several use cases, Tap-on-Phone technology allows more Small and Medium Enterprises to accept safe card payments on delivery in cash-on-delivery (COD) is usually the only on-delivery payment method.
According to Bain.com, about 62 percent of MENA online buyers choose Cash-On-Delivery as a payment option when buying online, compared with less than 5 percent in the United Kingdom and France. Cash conversion is a solution to developing a new payment model and improve the consumer experience.
“By our partnership with Geidea, we can support small and medium businesses expand their potential to accept online payments and grow their earning ability. The Tap-On-Phone technology will also support Saudi Arabia to transition securely into a safe digital payment ecosystem, without the perils associated with a large cash pool,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain & Levant, Mastercard.
Tap-on-Phone solution makes it simpler for SMEs to utilize their compatible smart mobile devices to accept fast, simple, and secure payments from their consumers for goods or services. It saves businesses time and money because all they require to receive electronic payments is an NFC-enabled Android device on version 7.0 or latest.
Geidea also became the only non-bank institution in Saudi Arabia to be permitted an acquiring license from Saudi Central Bank (SAMA) lately. The license allows the fintech company to process secure, quick, and seamless end-to-end payment options directly to merchants.
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