Saudi-based fintech company, Geidea has added a ‘tap-on-phone’ feature for contactless payments with the aim to empower SMEs with a simple way to process customer payments.
With the implementation of the new feature, Geidea has become the first fintech in the region to develop such an app-based contactless service. The new solution will make it easier for SMEs to process customer payments and it will also allow merchants to securely accept payments on their mobile phones without the need for a separate payment terminal or connection.
The new solution will have all the features of a traditional point-of-sale terminal, like acceptance of payments from contactless cards, mobile wallets, and wearable devices. All transactions are settled directly in the Geidea app on the merchant’s mobile phone and funds can be automatically transferred into their existing bank account within the same or next day. It will enable business-owners with the capabilities to track and manage their sales, transactions, revenues and costs.
“With over 85 percent smartphone penetration in Saudi Arabia, the development of ‘Tap on Phone’ mobile payment acceptance will help realize our vision of making payment technologies accessible, affordable and intuitive for SMEs. No matter what merchants do, or where they sell, we can provide them with new and easier ways of accepting digital payments that fit the way they do business.”
All of Geidea’s contactless, eCommerce and online payment solutions are open and made available to its existing banking partners in Saudi Arabia, as well as offered directly to merchants and SMEs across various sectors. The company aims to launch the service across other markets in the Middle East and North Africa by the end of this year.
Recently, the fintech company became the first non-bank institution in the Kingdom to be granted an ‘acquiring license’ by the Saudi Central Bank (SAMA). This enables Geidea to process end-to-end payment solutions directly to merchants.