By Bernd Debusmann Jr
Government statistics show that non-cash payments accounted for 36 percent of all payments in Saudi Arabia in July 2019
Finablr network brand BayanPay – a Saudi based digital payments firm – has been awarded a payment services provider licence by the Saudi Arabian Monetary Authority (SAMA), allowing it to offer digital wallets, e-commerce and SME business payment products in the kingdom.
BayanPay’s portfolio includes BayanPay Business, an online payments gateway services aggregator designed to provide a way to accept, process and disburse digital payments for B2B, B2C and B2G businesses in Saudi Arabia.
Additionally, the company offers BayanPay Wallet that enables users to make seamless payments. The service also allows for cross-border payments from Saudi Arabia, which according to the World Bank is the world’s second-largest remittance market.
“Saudi Arabia is a fast-evolving market in the payments space with the right infrastructure readiness and a conducive regulatory framework,” said Finablr group CEO Promoth Manghat.
Manghat added that through BayanPay, Finablr hopes to support the Saudi government’s objectives of creating a cashless society, one of the goals of the financial sector development portion of Saudi Vision 2030.
Finablr acquired its majority stake in BayanPay in 2019.
“Finablr’s experience, expertise and global network, underpinned by its technology leadership, will enable BayanPay to take the next step in becoming a leading player in Saudi Arabia’s digital payments space,” said BayanPay chairman and founder Fahad Al Fawaz.
According to SAMA statistics, non-cash payments accounted for 36 percent of all payments in Saudi Arabia in July 2019. Vision 2030 calls for the figure to rise to 70 percent by 2030.finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.