Saudi-based FinTech, Geidea has acquired a license from the Saudi Central Bank (SAMA) in order to process end-to-end payment solutions directly to merchants. In addition, the Saudi FinTech has developed a ‘tap-on-phone’ feature to its app for contactless payments.
This ‘tap-on-phone’ payment solution will empower SMEs with a simple way to process customer payments. The app-based solution will enable merchants to securely accept payments on their mobile phones without the need for a separate payment terminal or connection.
The tap-on-phone payment solution additionally has features such as traditional point-of-sale terminal, including acceptance of payments from contactless cards, mobile wallets, and wearable devices. All the transactions are settled directly in the Geidea app on the merchant’s mobile phone. Funds can be automatically transferred into their existing bank account within the same or next day. The company aims to rollout the service across other markets in the Middle East and North Africa by the end of 2021.
According to media reports, the founder and chairman, Abdullah Al-Othman said, “With over “85 percent smartphone penetration in KSA, the development of ´Tap on Phone´ mobile payment acceptance will help realize our vision of making payment technologies accessible, affordable and intuitive for SMEs. No matter what merchants do, or where they sell, we can provide them with new and easier ways of accepting digital payments that fit the way they do business.”
According to media reports, Fahad Al-Aqeel, CEO of the Saudi Payments Company, a SAMA subsidiary said, “We look forward to seeing Geidea and other payment companies licensed by SAMA to complement our efforts to encourage the acceptance and adoption of digital payments in the Kingdom, and to actively contribute to completing the transformation of SMEs to adopt electronic payment methods, in order to achieve our ambition to shift towards a cashless economy.”