Tap Payments onboards 30,000 new merchants in Bahrain

Tap Payments onboards 30,000 new merchants in Bahrain

Tap Payments, a GCC-based fintech company, has reported onboarding around 30,000 new merchants across the region over the past year.

The company connects businesses around the world to the Mena region through its payment infrastructure by facilitating connection to the local payment networks in Saudi Arabia, UAE, Kuwait, Bahrain, Qatar, Oman, Jordan, Lebanon and Egypt.

In 2020, Tap Payments set up operations in Bahrain to take advantage of its advanced financial services sector, best value operating model and progressive legislations.

Bahrain is home to the region’s oldest and most established banking and financial services sector, with over 350 financial institutions.

The sector, which accounts for 17.3 per cent of non-oil GDP in the kingdom, benefits from a stable, predictable, and forward looking regulatory and business environment.

Financial services continue to be a key contributor to Bahrain’s economy and will play a critical role in the Kingdom’s economic recovery plan which was announced in October 2021.

There are currently five GCC country specific local payment networks and another two in Egypt, in addition to the internationally known payments networks.

This means that it is an expensive process for e-commerce companies to expand their offering regionally.

Tap Payments provides the ease of doing business in the region without the hassle