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Tue 26 May 2020 12:36 PM

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Saudi Arabia's Geidea launches beta tests of new digital payment products

Geidea has 70% market share in POS terminals that are sold to Saudi banks

Saudi Arabia's Geidea launches beta tests of new digital payment products

Saudi fintech firm Geidea has launched beta testing of new a number of digital payment processing and store management products, the company has announced.

In a statement, the company said that merchants will be able to co-create product features alongside Geidea based on their particular needs, as well as give feedback and suggest changes.

The new digital product range will accommodate every type of SME through every step of the payment process with an all-in-one solution, including card and digital payment processing and e-commerce tools such as a website builder, e-invoicing and payment gateway.

Additionally, merchants will be able to integrate the tools with their existing software or hardware, as well as with third-party providers like courier services and food delivery apps.

At the moment, Geidea has 70 percent market share in POS terminals that are sold to Saudi banks.

In February, the company was the first to obtain a payment license from the Saudi Arabian Monetary Authority (SAMA), allowing it to operate in the Saudi banking environment as a non-banking actor.

“We are excited to launch our beta testing and co-create innovative product features with our merchants,” said Abdullah Faisal Alothman, the company’s founder and chairman. “Through this process, we will be able to gain valuable insight into what our merchants want from their payment process products and to tailor our services to their needs.”

“At Geidea, we are committed to helping SMEs thrive by providing them with customer centric and best-in-class payment solutions that until now, only bigger merchants and global chains had access to,” he added. “For SMEs, these products will serve as the digital, inexpensive and agile solution to payment acceptance and business management.”

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