Dubai: The Saudi fintech company, Geidea, has added a 'tap-on-phone' feature to for contactless payments.
Geidea thus becomes the "first fintech in the region" to develop such an app-based contactless feature. This will make it easier for SMEs to process customer payments, while merchants can securely accept transactions on their mobile phones without the need for a separate payment terminal or connection.
The company recently became the first non-bank institution in Saudi Arabia to be granted an 'acquiring license' by the country's central bank. This enables Geidea to process end-to-end payment solutions directly to merchants.
Multiple paying ways
The tap-on-phone solution will also have all the features of a traditional point-of-sale terminal, including acceptance of payments from contactless cards, mobile wallets, and wearable devices. All transactions are settled directly in the Geidea app on the merchant’s mobile phone. Funds can be automatically transferred into their existing bank account within the same or next day.
It will enable business-owners with the capabilities to track and manage their sales, transactions, revenues and costs. “We strongly believe we can empower the growth of the SME sector," said Abdullah Al-Othman, Chairman. "Additionally, with over 85 per cent smartphone penetration in Saudi Arabia, the development of tap-on phone mobile payment acceptance will help realize our vision of making payment technologies accessible, affordable and intuitive for SMEs."