As part of PayTabs Orchestration final touches to build fintech domination in the region, this proprietary solution will enable banks, enterprises, and corporates to issue cobranded Visa, MasterCard, and debit cards like RuPay along with other local cards
RIYADH, Saudi Arabia, Nov. 27, 2023 /PRNewswire/ — PayTabs Group, MENA’s award-winning payment orchestration powerhouse today announced the launch of PayTabs Issuance – secure prepaid card issuing solutions aimed at scaling business operations, regionally. As experienced by PayTabs Group CEO and founder, Abdulaziz Al Jouf, “The issuing market is an exponential market and the Middle East is moving aggressively to digitize cash in the region, while in Africa the market is progressing towards building a strong card base dominated economy.”
Entering into a global cards market valued at $524.9 billion in 2022, and projected to reach $1.2 trillion by 2032, (according to Allied Research) and growing at a CAGR of 8.8% from 2023 to 2032 is something that PayTabs has planned, as part of growing its orchestration platform.
PayTabs Issuance, armed with its own IP and built on globally acquired expertise – is poised to be a game-changer in the fintech industry. It is custom designed to empower any business with a seamless solution which includes acquiring, issuing, managing, and controlling payments. Picture this: a dynamic orchestration platform that empowers banks, retailers, and corporate giants to issue cobranded Visa, MasterCard, and debit cards along with other local cards in multiple currencies. It’s a move destined to redefine payment processing dynamics. The ultimate objective of the PayTabs orchestration platform is to empower any company, across any market to become standalone and self-reliant in terms of payment processing technology. PayTabs acquiring and issuing orchestration platforms aim to deliver fintech strategies for any enterprise and create a new line of revenue with zero hassle of building or adapting multiple technology platforms from multiple vendors.
PayTabs Issuance is aimed at simplifying the complexity and cost barriers that often hinder prepaid card issuance. Think streamlined solutions, effortless processes, and true innovation. Powered by the force of Banking as a Service (BaaS), PayTabs Issuance is strategically armed with globally acquired expertise, proprietary technology, and an acute understanding of the entire card issuance lifecycle. From concept to optimization, it’s about driving success through data-driven insights and simplifying the journey for businesses. PayTabs issuance is about crafting, customizing, and overseeing multiple programs across borders, giving brand owners the freedom to focus on core customer experiences and their business expansion plans.
PayTabs’ pioneering technology in card issuance is a customized fit for entities and users across markets who can offer a range of card functions to suit their business model. The PayTabs issuance orchestration platform offers partners the power and flexibility to scale to new heights to achieve industry domination.
This launch has unlocked new possibilities as businesses can anticipate substantial cost efficiencies and solutions including virtual card generation, personalization, co-branding, and value-added services like reward, and loyalty programs.
Commenting on the group’s latest move, PayTabs Group CEO and founder, Abdulaziz Al Jouf stated, “PayTabs has teamed up with banks and processors worldwide to help businesses issue cards globally. Using smart tech Orchestration, we’re making it possible for thousands of businesses to execute transactions, access data and scale their operations. Being able to offer cards program gives PayTabs a unique positioning by offering the best of both acquiring and issuance as a bundled solution”
Vikas Om Choudhary, Head of Issuance, PayTabs concluded: “This is a new chapter for PayTabs. Venturing into the issuance business, we unlock diverse growth opportunities. For businesses in the PayTabs network, this signifies not just cost efficiencies, but the creation of multiple growth opportunities through our issuance orchestration platform, shaping a future of unparalleled fintech offerings.”
Modor Intelligence says MENA’s prepaid card market is segmented by offering (general purpose, gift, government benefit, incentive/payroll cards), by card type (closed/open loop), user (retail, corporate, and government), and geography (KSA, UAE, South Africa, and MENA). What’s unique about PayTabs issuance is that it is designed to serve each offering, card type, end user, and market.
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, SOFT pos and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants. PayTabs unified payment orchestration platform enables governments and large-scale originations to become independent payment platforms to serve their industries.
PayTabs has dedicated offices in the GCC including the UAE & Saudi Arabia and presence in other locales including Turkey, India, and Egypt. For more milestones visit https://site.paytabs.com/en/