PayTabs, the Middle East, Africa, and South Asia’s (MEASA’s) award-winning payments powerhouse, has acquired a 100 percent stake in Paymes, Turkey’s largest social commerce platform.
Under the acquisition, Paymes will serve as PayTabs social commerce platform empowering millions of freelancers, artisans, consultants, home-based business owners, personal trainers and micro vendors across the Middle East and Africa to receive instant payments.
For PayTabs, the acquisition is in sync with their passionate pursuit of following merchants across their lifecycles to elevate their payment habits. Micro merchants have been an underserved segment in the ecosystem and Paymes, with its simplex social commerce platform provides the key for webpreneurs to enter the main-stream payment market by enabling them to create web stores and sell online with minimum effort.
Abdulaziz Al Jouf Founder & CEO PayTabs
“Payments are a commodity and our mission at PayTabs is to ensure that payments are easily made available to every customer segment from the super merchant or bank to a nano merchant. By acquiring Paymes, we are consolidating our position as the only payment solutions powerhouse that has a payment orchestration platform to offer payments solutions for any business size, micro or macro, across the globe.”
Having championed digital payments in the MENA region for a decade, the synergy with Paymes will open new social media platforms such as Messenger, Facebook, and Instagram for millions of merchants that trade and sell over social media but have no legitimate way of collecting their funds.
The acquisition provides an opportunity for PayTabs to grow and expand its payment footprint in the Eurasian markets, with futuristic market differentiators offered by the Paymes platform, such as live cashier inventory management and Paymes Reels.
In the Turkish region this acquisition allows Paymes to elevate itself as a “social commerce processor.” Paymes, which currently serves over 850,000 users across Turkey and Azerbaijan will capitalize on the market presence of PayTabs to advance digital and social payments in the MENA region. One of the key benefits of Paymes is that it allows users to set up a mini eCommerce webstore, known as the ‘Paymes shop’.
Mr. Sabrican Zaim, the co-founder and CEO of Paymes said that “We are targeting to improve the cash flows of our merchants by providing them buy now pay later, consumer finance and even a special Paymes Card. As the most preferred social commerce platform of the region, under PayTabs global vision we are targeting to serve more merchants in all continents.”
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