PayTabs Gears Up To Expand Beyond MENA Region In 2024

Saudi Arabia’s fintech sector has been rapidly evolving throughout the past few years, backed by the adoption of digital financial services, including mobile payments, online banking, e-wallets, and payment applications. In 2023, the fintech industry was ranked first in Saudi Arabia with funding amounting to $704 million deployed through 30 deals.

Being one of Forbes’ top 50 fintech companies in 2023, PayTabs offers a full stack of avant-garde, user-friendly, and secure payment solutions that revolutionize the payments scene in Saudi Arabia and the region.

With seven BNPL partners across Saudi Arabia, the UAE, and Egypt, the leading fintech company is gearing up to expand its business beyond the MENA region and scale its products in 2024.

In this regard, Sharikat Mubasher had an exclusive interview with Huda Al Benmoussa, Country President of PayTabs Saudi Arabia, to showcase the company’s innovative offerings and success journey, discuss future plans, and share her insights on the Saudi fintech sector.

What are the key services provided by PayTabs? and how could your payment solutions contribute to boosting various businesses?

As an entity, PayTabs caters to the entire business lifecycle segments including freelancers, start-ups, SMEs, enterprises, financial institutions, governments, and the connected commerce market. Our commitment to innovation has allowed the company to deliver a range of secure payment services to suit every industry.

No matter if your business is online or physical, PayTabs omnichannel acceptance and issuance solutions cater to multiple business models and add value to the payment ecosystem by helping businesses to build, grow, and scale.

• Payment Gateway Platform: Via our payment gateway, we enable startups, SMEs, and e-commerce businesses to accept multiple payment methods, including credit/debit cards, buy now pay later schemes, SADAD, and digital wallets. This diversity ensures that customers have the flexibility to choose the payment option that best suits their preferences and financial circumstances. Whether they prefer the convenience of digital wallets, the flexibility of installment plans, or the familiarity of traditional cards, PayTabs caters to varied customer needs. This not only saves customers valuable time but also contributes to a positive and efficient purchasing journey, elevating the entire shopping experience.
• Social Commerce Platform: In our efforts to enable more segments to enter the world of mainstream payments, PayTabs’ Social Commerce Platform, driven by Paymes, redefines entrepreneurial empowerment. The platform empowers millions of freelancers, artisans, consultants, home-based business owners, personal trainers, and micro vendors to receive instant payments via links and QR codes, in sync with our enthusiastic pursuit of following merchants across their lifecycles to elevate their payment habits.
• Payment Orchestration Platform: PayTabs’ Payment Orchestration Platform is tailored for larger clients managing high transaction volumes. Simplifying operations, seamless deployment with diverse payment methods, and strengthening fraud prevention and data analytics capabilities, the platform elevates customer experiences, drives operational efficiency, enhances entity branding and with its PCI compliant, infrastructure sparks innovation in the payment industry.
• PayTabs Card Issuance: PayTabs presents an all-encompassing Card Issuance Solution. Designed to enhance B2B and B2C transactions, this solution opens doors to possibilities in payments and payouts for different business lines including travel, logistics, and retailers.

Being one of Forbes’ top 30 fintech companies in 2023, can you please share more about the key factors behind this success?

A couple of factors:

Innovation: PayTabs continually seeks new ways to improve payment processing, enhance security, and adapt to evolving market needs.

Customer-Centric Approach: PayTabs prioritizes its customers’ needs by providing user-friendly interfaces, responsive customer support, and customized solutions for businesses in multiple industries.

Strategic Partnerships: We have signed significant collaborations and partnerships within the fintech industry. These alliances enable PayTabs to expand its reach, offer more comprehensive services, and stay ahead of the game.

Commitment to Security: PayTabs prioritizes data security and compliance with PCI standards to ensure customer trust and reliability. All PayTabs transactions are 3D secure ready.

Employee Expertise: The company’s employees contribute to its success through their expertise, dedication, and commitment to driving innovation. The company is an equal opportunities employer with a diverse and multi-cultural team comprising of over 20 nationalities.

PayTabs has a solid presence in the GCC and other countries such as Egypt. Do you plan to expand into new markets? and what are PayTabs’ plans for 2024?

While the exact nature of our plans cannot be revealed at this juncture, when it comes to expansion, we will expand our payments business vertically and horizontally.

In 2024, we will also see product expansion – for example introducing our social commerce platform Paymes to the Levant region and market expansion – introducing PayTabs payments in more North African markets.

In November, PayTabs announced a partnership with Tabby to offer its clients with BNPL services. Do you plan to enter into further partnerships in the near future?

Absolutely. We currently have over 7 BNPL partners across KSA, UAE & Egypt and more partnerships are on the cards. In our dynamic digital we’re not just a payment solutions provider; we empower businesses with a comprehensive suite of services. By integrating BNPL options, we unlock opportunities for them to tap into a broader customer base and elevate their average transaction values. PayTabs is transforming the merchant-customer dynamic by enabling convenient purchases of everyday, premium, and luxury products. Our merchants stand to gain significantly as they offer customers flexible payment choices, making every transaction a delightful buying experience.

Does PayTabs plan to raise further funding rounds, following its Series B round in 2017?

Our corporate strategies, including fundraising plans, continue to evolve over time and will be announced accordingly.

How do you evaluate the fintech ecosystem in the GCC region, and Saudi Arabia in particular?

The fintech ecosystem in the GCC region, including Saudi Arabia, has been experiencing significant growth and transformation. Several factors contribute to this positive trend:

Government Support: Governments in the region, including Saudi Arabia, have shown a commitment to fostering innovation in the financial sector. Regulatory sandboxes and initiatives to encourage fintech startups have been introduced.

Digital Transformation: The region has witnessed a broader digital transformation across industries. This digital shift creates an environment conducive to fintech innovation.

Youthful Population: The GCC region has a large, tech-savvy, and youthful population. This demographic is more inclined to adopt digital financial services, providing a ready market for fintech solutions.

Strategic Partnerships: Fintech companies in the GCC often form strategic partnerships with traditional financial institutions, facilitating collaboration and the integration of new technologies into existing financial systems.

In your opinion, how do you see the future of the Saudi fintech sector? and what does it need to boom more?

The future of the fintech sector in Saudi Arabia holds promise, driven by the increasing adoption of digital payments and contactless transactions in line with global cashless trends. A supportive regulatory environment, efforts to enhance frameworks, and a focus on financial inclusion are pivotal factors. Fintech has the potential to reach underserved populations, providing access to banking services, but cybersecurity measures must be prioritized as the sector expands. Investing in local talent and fostering international collaboration, alongside continued investment, consumer education, and agile regulatory frameworks, will be essential for the Saudi fintech sector to flourish. Additionally, ongoing infrastructure development is crucial for seamless integration of fintech solutions