Fintech PayTabs acquires Turkey’s social commerce platform, Paymes

Fintech PayTabs acquires Turkey’s social commerce platform, Paymes

PayTabs, Saudi’s payment gateway, has announced that it has acquired a 100 per cent stake in Paymes, Turkey’s social commerce platform. Under the terms of the acquisition, Paymes will serve as PayTabs social commerce platform. It will empower freelancers, artisans, consultants, home-based business owners, personal trainers and micro vendors across the Middle East and Africa to receive instant payments. The synergy with Paymes will open new social media platforms such as Messenger, Facebook and Instagram for merchants that trade and sell over social media but need a 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 features 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 capitalise 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 e-commerce webstore – known as the ‘Paymes shop’. The web store