PayTabs, a payments firm based in Saudi Arabia, has reached a deal to purchase a 100% stake in Digital Pay for an undisclosed amount.
As part of the memorandum of understanding (MoU) signed in this regard, Digital Pay will become PayTabs’ flagship point of sale (POS) terminal system.
The consolidated entity will allow millions of e-commerce and retail enterprises along with physical stores, hypermarkets and departmental outlets to accept payments via POS.
Through the deal, PayTabs will be able to execute its presence in both online and offline payment offerings as well as achieve its commitment to Saudi Arabia’s Vision 2030.
PayTabs and Digital Pay will be able to increase their revenues, sizes of transactions, tickets and others.
In addition, both the companies expect to develop combined super payments platform under the deal.
The agreement will also pave way for omnichannel payments, noted PayTabs.
It will help Digital Pay enhance its presence by delivering POS to online merchants and in various markets where PayTabs has a hold.
PayTabs founder and CEO Abdulaziz Al Jouf said: “Our aim is to be the foremost infinite payment platform equation that accelerates the Kingdom’s economy towards Vision 2030.
“Every merchant wants you to solve his problem – and every payment solution, PayTabs orchestrates, is essentially born out of a problem in the market. 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.
“Online and in-person retailers, subscriptions businesses, software platforms and marketplaces, and everything in between will emerge winners from this powerful dynamic.”
In August this year, PayTabs announced a strategic alliance with Swiss payment outfit Netcetera to offer secure and advanced payments solutions in the Middle East, Africa and South Asia.