PayTabs

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PayTabs Group
Founded2014 in Saudi Arabia
FounderAbdulaziz Al Jouf
Websitewww.paytabs.com

PayTabs is a payment processing company based in Saudi Arabia.[1][2][3][4]

History[edit]

PayTabs was established in 2014 with a 6-member team, with the founder's seed investment of 2 million US dollars by Abdulaziz Al Jouf, a Saudi entrepreneur. Subsequently, in March 2014, PayTabs opened an office and commenced payment processing operations. Afterwards the company set up business offices in Riyadh, the Saudi Arabian capital, and Dubai.[5][6]

PayTabs is headquartered in Saudi Arabia with its other offices in the UAE, Jordan, Palestine, Egypt, India and Turkiye.[7]

PayTabs entered the majority of GCC markets by negotiating partnerships with local national payment service providers by May 2015. Abdulaziz Al Jouf, the inventor of PayTabs, received the Payment Solutions Innovation award for PayTabs' substantial contribution to the Saudi e-commerce market in June at the Saudi Arabian Enterprise Agility Awards, which were conducted with the cooperation of the Riyadh Chamber of Commerce and Industry. In November, PayTabs obtained Payment Card Industry (PCI) Standards Certification.[8]

In 2016, PayTabs awarded most promising Saudi startup by Forbes Middle East.[9] The company was also listed fourth on the top one hundred startups in the Arab World, by Forbes Middle East in 2017. Asian Banker awarded PayTabs CEO and founder an Innovation Leadership Award for his visionary approach to payments in December 2017.[10]

In 2018, the company announced Top 20 Fintech Startups in the Middle East as accorded by Forbes Middle East.[11]

In July 2019, PayTabs signed an agreement to enable customers in Saudi Arabia to pay online using STC Pay wallets.

In 2020, EFG Hermes, an Egyptian financial services company partnered with PayTabs.[12][13]

In 2021, PayTabs partnered with Visa and Union Pay International to provide services on mobile payment. With this company also enabled merchants to accept contactless payments via their Android smartphone devices.[14]

PayTabs signed an agreement with a subsidiary of Alinma Bank in KSA to grow its market reach in the Kingdom.

In November 2021, the Soft POS was launched in Jordan, in collaboration with Middle East Payment Services (MEPS). In December, the company had acquired a 100% stake in Paymes, Turkiye's largest social commerce platform.[15]

In early 2022, PayTabs acquired India's OGS PayLab. PayTabs was awarded Best Fintech Company in Saudi Arabia in 2022.[16]

On Nov 27, 2023 PayTabs announced the launch of PayTabs Issuance – secure prepaid card issuing solutions aimed at scaling business operations, regionally.[17]

Awards[edit]

  • Fintech Company of the Year 2023[18]
  • Best Merchant Solution – Mena Fintech Awards 2023[19]
  • Business Excellence Award – Westford Awards 2023[20]
  • Forbes Middle East – Top Fintech Companies 2023[21]
  • Middle East's Leaders in Fintech Awards 2021[22]

References[edit]

  1. ^ Mughal, Waqar. "PayTabs - The Middle East's Top 25 Fintech Companies 2022". Forbes .
  2. ^ "TOP 20 FINTECH STARTUPS IN THE MIDDLE EAST". Forbes.
  3. ^ "Abdulaziz Fahad Al-Jouf, founder and CEO of payment processing company PayTabs". Arab News. 24 March 2022.
  4. ^ "Saudi's PayTabs: Is this the future of banking?". Arabian Business. 7 June 2018.
  5. ^ Jain, Aashika (9 March 2018). "Will PayTabs be Able to Catch the Fancy of Small and Medium Merchants in India?". Entrepreneur.
  6. ^ "PayTabs opens account with Bubble Bash". Trade Arabia. 30 July 2014.
  7. ^ The Business Year: Saudi Arabia 2021. The Business Year. ISBN 978-1-912498-80-2.
  8. ^ Mughal, Waqar. "PayTabs - The Middle East's Top 25 Fintech Companies 2022". Forbes Lists.
  9. ^ "50 Most Promising Saudi Startups 2016". Forbes ME.
  10. ^ "Top 100 Startups In The Arab World 2017". Forbes ME.
  11. ^ "Top 20 Fintech Startups In The Middle East". Forbes ME.
  12. ^ "Egyptian Financial Group-Hermes Holding Company (HRHO.CA) Concerning the PayTabs Egypt". EGX.
  13. ^ "EFG Hermes signs partnership agreement to set up PayTabs Egypt". Enterprise.
  14. ^ "PayTabs, Visa partner on mobile payment solution". Trade Arabia.
  15. ^ "Home-grown Saudi Brands PayTabs and Digital Pay Merge To Champion The Digital Payment Ecosystem". Construction Business News. 9 November 2022.
  16. ^ Mughal, Waqar. "Top 25 Fintech Companies 2022". Forbes Lists.
  17. ^ "aninews.in". aninews.in.
  18. ^ "Entrepreneur.com". entrepreneur.com.
  19. ^ "LinkedIn". LinkedIn.
  20. ^ "Gulfnews". Gulfnews.
  21. ^ "forbesmiddleeast.com". forbesmiddleeast.com.
  22. ^ "EFG Hermes". EFG Hermes.
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