Safexpay, an India-based digital payments company, announced on Thursday the expansion of its tailored suite of payment solutions in three key GCC countries – Saudi Arabia, Qatar, and Oman to cater to the unique needs of businesses and consumers in the region.
It also announced plans to invest $10 million in the GCC region to ensure the success of its operations.
“This strategic move represents a significant step forward in Safexpay’s mission to reshape the future of payments, solutions and foster innovation in these dynamic Middle Eastern markets,” the company said in a media statement.
The company also said it anticipates remarkable growth in the GCC region, with expectations of achieving an annual growth rate of 80-100 percent by 2025.
The company’s product offerings in the GCC market include a White Labelled Payment aggregation, payouts solutions, contactless payments like facial recognition-based payments, and single-click checkout features viz. Aasaan.
Safexpay’s key partnerships
To support its expansion into the GCC region, Safexpay has strategically partnered with prominent organisations in the UAE, such as Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank, and Network International.
The company said these partnerships will be instrumental in enabling it to on-board merchants seamlessly and provide tailor-made solutions for their businesses, ensuring that their expertise and value proposition reach the right players in the market.
“Our focus has always been on creating a global network effect and contributing to the fintech and techfin space by innovative solutions. The decision to target Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay,” Ravi Gupta, Founder and CEO of Safexpay, said.
He said the GCC countries, including the UAE, Qatar, Oman, and Sadui Arabia, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses.
“This presents a significant opportunity for Safexpay to make a meaningful impact. We aim to on-board around 5,000 merchants over the next 2-3 years, further cementing its presence in these markets, our value proposition is offering an omnichannel platform for merchants, which is first of its kind in GCC markets,” he said.
With an estimated count of 4 million Micro, Small, and Medium Enterprises (MSMEs), the substantial prospective customer market for Safexpay extends across Saudi Arabia, Qatar, Oman, and the UAE.
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