Paymob Becomes Fully Operational in Saudi Arabia with PTSP Certification
After opening its office in Riyadh in April this year, Cairo-headquartered omni-channel payments facilitator Paymob has now secured Saudi Arabia's Payment Technical Service Provider (PTSP) certification in May, making the enterprise fully operational in the Kingdom.
Paymob is a payments facilitator in the Middle East, North Africa, and Pakistan (MENAP) region that employs 1,400 team members across the markets it serves. Its omnichannel gateway offers more than 40 payment methods and empowers over 200,000 SME merchants to manage and scale their businesses by giving them access to innovative financial services not readily available in emerging markets.
In a statement, Islam Shawky, co-founder and CEO of Paymob, noted that the PTSP certification paves the way for Paymob to provide its seamless, secure payment gateway services to merchants in KSA.
"Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us," Shawky said. "It reflects Paymob's commitment to our KSA expansion plans, while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions. We are excited to contribute to the emerging fintech ecosystem in Saudi Arabia, and to play our part in driving the Kingdom's digital transformation outlined in Vision 2030."
Having established its office in Riyadh in April 2023, Paymob is dedicated to having a strong local presence in the Kingdom as the country aims to increase SME contribution to its gross domestic product from 20% to 35%, while achieving 70% non-cash transactions by 2030. The Kingdom is also experiencing rapid e-commerce growth and witnessing a year-on-year transaction increase of 65%, and the Paymob team considers this growth as a major market opportunity for its localized digital payments solutions.
Following its launch in Egypt in 2015, Paymob kicked off operations in Pakistan in 2021, and in the UAE in 2022. It is today backed by regional and global investors including PayPal Ventures, Kora Capital, Clay Point Capital, Global Ventures, FMO, A15, and Nclude.
Related: The MENA Region's 5 Top Fintech Hot Spots
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