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PayTabs: A Special Tryst with Saudi Arabia

Tag: SADAD

PayTabs: A Special Tryst with Saudi Arabia

PayTabs: A Special Tryst with Saudi Arabia

What California is to Apple and Redmond is to Microsoft, Saudi Arabia is to PayTabs. We are proud to call ourselves a Saudi startup and proud to have spread our wings in the GCC region and the World.

Circa 2014: PayTabs was incorporated in Saudi Arabia with a mission to provide a convenient and secure online payment solutions for individuals and organizations to transact globally. As the sun rose and the idea began to take shape, the vision to craft a global payment processor with an emphasis on the local culture came to the fore.

Since inception, PayTabs has been at the forefront of driving positive change with regards to building a transparent and effective payment processor, not only for the Saudi Arabia, but for the entire world. But our special focus on Saudi Arabia is intrinsic to who we are as a company. In fact, as a testimony to our focus to the Kingdom, we have a dedicated page on our website, where we illustrate about PayTabs integration with SADAD.

SADAD as we all know is a new service that enables your business with an easy, secure and convenient online payments platform for any customer who has an account with any Saudi Bank. SADAD is a new electronic bill payments service established by SAMA(Saudi Arabian Monetary Authority) with an objective of establishing a trusted and seamless centralized bill payment systems within Saudi Arabia.

Because of our commitment to the Kingdom, we had recently offered a special promo for startups in Saudi Arabia, to commemorate National Day and celebrate 87 years of unity in the kingdom. We as a proud Saudi startup, believe in the nation’s vision for 2030 and are playing a small role in helping realize the vision.

We have a dedicated Arabic site for those who would like to know about us. Apart from that, you can explore and experiment more by signing up for a free demo to fully understand the length and breadth of our payment solution.

Payments in The Kingdom

Payments in The Kingdom

Recent research has found out that Alternative Payment Methods will account for 59% of all online transactions by 2018. With increasing complexities in the global market with regards to payments, it is imperative for economies to allow alternative payment methods which instill that confidence in consumers to pay online. Because the truth is that, as much as the security of payments gateways have improved over the years, there are sections of consumers who still aren’t comfortable in using their cards online.

As a testimony to having a secured alternative payment option, Saudi Arabia has taken the lead and introduced an online payment system known as SADAD, which is a payment system established by the Saudi Monetary Agency. It is designed to be the kingdom’s national electronic bill presentment and payment service. The system links commercial services to local banks, streamlining bill payment transactions for the end consumer as well as the collecting party, through all banking channels 24*7. With SADAD, consumers can shop online, pay utility bills, pay for travel booking, pay for government services, tuition fees, etc…

In recent times, the Saudi E-Commerce landscape has grown significantly, amplified by the consumer’s high purchasing power and growth, thereby sparking off considerable activity in the online payments space, which is not surprising considering Saudi Arabians have the most number of Credit and Debit Cards, amounting to 12.3 million. However, interestingly, 76% of all payments are done through cash on delivery and 24% are made through cards. Moreover, the e-commerce industry is projected to grow to $10.8 Billion by 2020.

As one can make out, Saudi Arabia is positioned in a sweet spot when it comes to online payments and e-commerce, aided by strong government backing & a growing venture funding landscape.

PayTabs is a global payment processing company incorporated in Saudi Arabia. We accept SADAD account at PayTabs. To know more about us, click here.

Data Sources:

Satista

Mastercard

Wamda