MENAP’s fastest growing fintech Paymob secures PTSP Certification in KSA

MENAP’s fastest growing fintech Paymob secures PTSP Certification in KSA

RIYADH, SAUDI ARABIA – Paymob, the leading financial services enabler in the Middle East, North Africa, and Pakistan (MENAP), announces that it has secured Saudi Arabia’s Payment Technical Services Provider (PTSP) certification, making it fully operational in the Kingdom.

The PTSP certification, issued by Saudi Payments is a significant operational milestone in Paymob's expansion strategy in the Kingdom. The certification paves the way for Paymob to provide its seamless, secure payment gateway services to merchants in KSA.

There are over 1.14 million microbusinesses and SMEs in KSA, with a growth rate of 12% per annum. Outlined in the Kingdom’s Vision 2030, KSA aims to increase SME contribution to its GDP from 20% to 35%, while achieving 70% non-cash transactions by 2030. KSA is also experiencing rapid ecommerce growth and witnessing a year-on-year transaction increase of 65%. This growth presents a major market opportunity for a digital payments enabler like Paymob with a history of providing localized, cutting-edge solutions.

Since its inception in 2015, Paymob has set out to digitize SMEs by enabling them with the most comprehensive payment acceptance methods in MENAP. Its omnichannel payments infrastructure empowers merchants with over forty online and in-store payment methods through a single integration on its gateway,