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Saudi Fintech Firm Launches BETA Testing For New Payment Processes

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Saudi fintech company Geidea has officially launched its BETA testing for a host of new digital payment processing and store management products. Merchants will be able to co-create product features alongside Geidea based on their needs, give feedback and suggest  new innovations.

The new digital product range will accommodate every type of SME through every step of the payment process with an all-in-one, affordable and attractive solution. This will not only include card and digital payment processing but also everything from e-commerce such as the website builder, e-invoicing and payment gateway to store and restaurant management software. Merchants will also be able to integrate solutions with their existing software or hardware, with third party providers like courier services, and food delivery apps.

The BETA testing is due to last until August followed by a soft launch in September and a full roll out in October. The testing will ensure existing merchants are completely satisfied with the products before proceeding to the launch stage.

At present, Geidea has 70% of the market share in POS terminals that are sold to banks in Saudi Arabia and is number one in the market. In February, Geidea was the first fintech company to obtain a payment licence from the Saudi Arabian Monetary Authority, allowing it to operate in the Saudi banking market as a non-banking actor.

Now, the firm plans to utilise its long-standing legacy and its licence to empower merchants to start, grow or manage their businesses anytime and anywhere by providing them with the latest technological payment tools to do so.

Abdullah Faisal Alothman, Founder and Co-Chairman of Geidea, said, “We are excited to launch our BETA testing and to co-create innovative product features with our merchants. Through this process, we will be able to gain valuable insight into what our merchants want from their payment process products and to tailor our services to their needs.”

He added, “At Geidea, we are committed to helping SMEs thrive by providing them with customer centric and best-in-class payment solutions that until now, only bigger merchants and global chains had access to. For SMEs, these products will serve as the digital, inexpensive and agile solution to payment acceptance and business management. Our new products are designed for any business, whether they’re on the go, in-store or online.”

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