GCC-based fintech provider Tap Payments has received the certification of its payment gateway technology by Saudi Arabia’s national domestic payment network mada.
This certification will enable merchants to leverage advanced features and technologies provided by the Saudi Payments network including the ability to tokenise cards and securely store them for clients.
This feature streamlines checkout experiences and boosts conversion rates for businesses.
Co-founder and CEO of Tap Payments, Ali Abulhasan, said: “Achieving payment gateway certification from Saudi Payments is in line with the Financial Sector Development Program (FSDP), which is a key part of the Kingdom’s 2030 Vision and a step toward having a cashless society and achieving the 70 per cent target of non-cash transactions by 2025.
“Our goal is to simplify the payment process for businesses and help them grow and thrive as we grow the region together.”
This certification makes Tap Payments one of the first fintech companies in the region to build its own proprietary payment gateway technology and secure certification for the country’s national domestic payment network.
Market statistics show that mada has issued more than 30 million, representing nearly 90 per cent of all payment transactions processed within the country.
In Q1 of 2023, e-commerce transactions in the country saw a 50 per cent growth compared to the same month in the previous year.
Additionally, it is estimated that mada cardholders account for over 50 per cent of the GCC’s purchasing power and more than 35 per cent of the entire Mena region’s spending capacity.
Managing director for Saudi Arabia at Tap Payments, Sultan Alonazi, said: “Partnering with Saudi Payments allows us to collaborate in building meaningful technologies that have a major impact on digitizing payments and elevating the payment experience for cardholders in the region. It provides businesses with the capability to roll out recurring subscription payments and on-demand payments to evolve the transformation of digital commerce and the adoption of IOT (Internet of Things) commerce.”
Prior to its most recent certification, Tap had been certified as a payment technology provider and currently holds a license from the Saudi Central Bank as a payment institution in Saudi Arabia.
Founded in 2013, Tap Payments powers more than a hundred thousand businesses of all sizes across all industries.
