Global payments company Mastercard and Saudi fintech business Geidea have announced a strategic partnership agreement to accept Mastercard payments for Tap on Phone solutions in Saudi Arabia. This is claimed to be the first such agreement to be signed in the Middle East and North Africa.
Geidea will roll out this contactless payment acceptance technology, which will enable businesses to use smartphones as payment acceptance devices.
Tap on Phone is described as an innovative, intuitive and cost-effective app-based solution that allows small businesses to quickly embrace electronic acceptance through a smart mobile or tablet device.
With smartphone penetration of more than 70 percent in the kingdom, the partners estimate that Tap on Phone has the potential to reach over 300,000 small and medium enterprises (SMEs) and merchants in the first year alone.
At present, the Geidea network provides best-in-class payment and e-commerce solutions to more than 100,000 merchants – covering 600,000 payment terminals and ATMs within Saudi Arabia.
Tap on Phone makes it easier for SMEs to use their compatible smartphones to accept quick, easy, and secure payments from their customers for goods or services. All they need to receive electronic payments is an NFC-enabled Android device on version 7.0 or newer.
Geidea recently became the only non-bank institution in Saudi Arabia to be granted an acquiring license from Saudi Central Bank. The license enables Geidea to process secure, fast, and seamless end-to-end payment solutions directly to merchants.