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NearPay is the region’s first softPOS developer that provides a 360 solution to merchants, payment providers, enablers, has received the PCI DSS security certification.
The PCI DSS security certification attests that NearPay is upholding global standards in its handling of consumer financial data, after examining all the security practices of the company to ensure that best efforts are being taken to protect data from misuse or breaches. NearPay is only the 8th company in Saudi to receive this certification.
NearPay’s proprietary financial technology developer that provides banks and payment service providers (PSP) the ability to launch branded softPOS systems while allowing logistics and cashier companies to embed a softPOS system within their suite of solutions.
The startup had raised $2.8M in funding from angel investors since its founding in late 2020.
It recently partnered with DigitalPay, a leading Saudi payment services provider, to expand its suite of payment solutions with NearPay’s white-label softPOS offering.
“We are excited to partner with NearPay’s team” commented Abdulwahab Alahmari CEO of Digital Pay, “including their technology within our suite of payment solutions will help us improve our offering to existing clients, and tap into new markets that require more agile and mobility friendly payment solutions that are in high demand across the kingdom.”
Mohammed Aleban, Co-founder and CEO of NearPay said, “according to data shared by Mada and Visa earlier this year, NFC or contactless payments reached 94% of all POS payments in Saudi Arabia, the highest percentage globally. And yet, there are still very few technology developers in the market,” he continued, “at Nearpay we aim to translate that growth in digital payments from retail outlets to every payment interaction across the economy, from logistics providers to entertainment venues. We are building local and proprietary technology in the kingdom as part of our commitment to empower local talent and innovation in line with Vision2030 goals.”
NearPay has acquired both Visa Pure Kernel for Softpos, and Visa Ready Tap to Phone Kernel Specification (VRTPKS) certifications.
About NearPay
NearPay is the region’s first softPOS developer that provides a 360 solution to merchants, payment providers, enablers. Its proprietary solution allows merchants to set up a softPOS for their businesses in less than 3 minutes and without the need for specialized hardware. The technology also allows banks and payment service providers (PSP) to launch branded softPOS systems while allowing logistics and cashier companies to embed a softPOS system within their suite of solutions. NearPay has acquired the PCI DSS security certification.
© Press Release 2021
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