PayTabs, a Saudi-based payments company focused on the Middle East, Africa and South Asia (MEASA) market, has announced that it intends to acquire Saudi Arabian point-of-sale (POS) technology company Digital Pay.
According to a Tuesday (Nov. 1) press release, under the terms of the acquisition, PayTabs will offer Digital Pay POS terminals to its clients as a hardware product to complement the firm’s existing POS offerings.
“The aim is to grow the bottom line, revenue, transaction volumes, ticket sizes and the number of transactions for both firms,” per the release.
Financial details of the deal were not disclosed.
Related: PayTabs Brings Instant Payments to GCC’s Gig Economy
Until now, PayTabs has focused mostly on online payments, although it did recently branch out into in-person retail with its own soft POS solution. With this acquisition, however, the business will be able to offer merchants a suite of online and in-store payment solutions.
For Digital Pay, the merger will allow the company to branch out of its home market in Saudi Arabia.
“As an innovative FinTech company driving digital payments in the Kingdom of Saudi Arabia, the proposed merger with PayTabs will enable us to expand our customer and merchant reach across the region,” Digital Pay Chairman Abdulwahab F. Alahmari said in the release. “We see limitless opportunity, growth, and potential in this upcoming alliance.”
“Our aim is to be the foremost infinite payment platform equation that accelerates the Kingdom’s economy towards Vision 2030,” Abdulaziz Al Jouf, PayTabs founder and CEO added.
“We’re offering merchants of all sizes and scale a single platform and dashboard for all their next-generation payment processing requirements — be it virtual, physical, or digital,” he said. “Online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between will emerge winners from this powerful dynamic.”
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