RIYADH, Kingdom of Saudi Arabia: Global technology company Mastercard, and Geidea, the largest fintech company in Saudi Arabia by market share, have announced a strategic partnership agreement to accept Mastercard payments on Tap-on-Phone solution in Saudi Arabia – the first such agreement to be signed in the Middle East and North Africa. Geidea is the first fintech company to roll out this contactless payment acceptance technology across the Kingdom, which will enable businesses to use smartphones as payment acceptance devices.

Tap-on-Phone is an innovative, intuitive, and cost-effective app-based solution that allows small businesses to quickly embrace electronic acceptance through their smart mobile or tablet device. With smart phone penetration of more than 70% in the Kingdom, Tap-on-Phone has the potential to reach over 300,000 small and medium enterprises (SMEs) and merchants in the first year alone.

“The COVID-19 pandemic has forced a shift in consumer behavior towards digital and contactless payment channels, making it imperative for businesses to adapt and shift to a more online based model. We are therefore proud to partner with Mastercard and provide businesses with a relevant solution that offers the ability to accept safe, secure and seamless contactless payments through Tap-on-Phone technology,” said Abdullah Al-Othman, the Founder and Chairman of Geidea.

At present, the Geidea network provides best-in-class payment and e-commerce solutions to more than 100,000 merchants – covering 600,000 payment terminals and ATMs within the Kingdom.

As one of the many use cases, Tap-on-Phone enables more SMEs to accept secure card payments on delivery, in lieu of cash-on-delivery (COD) which is often the only on-delivery payment option. According to Bain.com around 62% of MENA online shoppers choose COD as payment method when buying online, compared with less than 5% in the UK and France. Cash conversion is key to developing payment landscape and improve consumer experience.

“Enabling small businesses to sustain themselves and realize opportunities during and post the pandemic is of paramount importance to us. Through our partnership with Geidea, we can help small businesses expand their ability to accept digital payments and grow their earning potential. The solution will also help Saudi Arabia to transition safely into a secure digital payment ecosystem, without the risks associated with a large cash pool. In this respect we are proud to jointly make a significant stride to Saudi Vision 2030’s objective to increase digital transactions in the country. We will continue to leverage our network, insights, and technology to help inform and adapt their operations as we begin to enter a normalization phase,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain & Levant, Mastercard.

Tap-on-Phone makes it easier for SMEs to use their compatible smartphones to accept quick, easy, and secure, payments from their customers for goods or services. It saves businesses money and time, because all they need to receive electronic payments is an NFC-enabled Android device on version 7.0 or newer.

Geidea also recently became the only non-bank institution in Saudi Arabia to be granted an acquiring license from Saudi Central Bank (SAMA). The license enables Geidea to process secure, fast, and seamless end-to-end payment solutions directly to merchants.

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About Mastercard (NYSE: MA), www.mastercard.com 

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Geidea

Geidea is a leading and fully licensed payment service provider offering digital banking technology, Point-of-Sale (POS) Terminals and business management solutions for both financial institutions and small businesses in retail and digital commerce. Founded locally in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower merchants of all types and sizes with the tools to start, manage and grow their business. The company believes that the latest payments and commerce technology should be accessible, affordable, and intuitive for everyone. Based in Riyadh, Geidea has more than 800 employees, over 150,000 merchants, and provides support to more than 600,000 payment terminals and ATMs networks within the Kingdom. The company is rapidly expanding branches in several locations across the GCC, including UAE and Egypt, with an eye to further locations in 2021.

For detailed information, please visit: http://www.geidea.net/ 

For further information, please contact: geidea@webershandwick.com 

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