Saudi Arabian payments firm PayTabs has purchased a 100% stake in Paymes, a social commerce platform based in Turkey, for an undisclosed sum.
As part of the deal, Paymes will become PayTabs social commerce platform to enable freelancers, artisans, consultants, home-grown businesses, personal trainers and micro vendors throughout the Middle East and Africa (MENA) region to accept instant payments.
Using Paymes’ social commerce platform, webpreneurs can develop web stores and sell online as well as foray into the mainstream payment industry.
Integration of both the firms will help merchants who do their business over social media platforms, including Messenger, Facebook, and Instagram, but lack a genuine way of receiving payments.
Through the deal, PayTabs will be able to boost its payment business in the Eurasian markets.
The firm will also be able to offer various improved services from Paymes platform, including live cashier inventory management and Paymes Reels.
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Paymes will leverage the market presence of PayTabs to further grow its digital and social payments in MENA.
The firm, which currently caters to more than 850,000 users throughout Turkey and Azerbaijan, enables its users to open a mini ecommerce webstore, called Paymes shop.
It expects to launch its service in Uzbekistan, Jordan, and Georgia next year.
PayTabs Group founder and CEO Abdulaziz Al Jouf said: “Payments are a commodity and our mission at PayTabs is to ensure that payments are easily made available to every customer segment from the super merchant or bank to a nano merchant.
“By acquiring Paymes, we are consolidating our position as the only payment solutions powerhouse that has a payment orchestration platform to offer payments solutions for any business size – micro or macro, across the globe.”
The latest deal comes shortly after PayTabs’ acquisition of a 100% stake in Saudi Arabia’s Digital Pay.