Safexpay Ventures into Saudi Arabia, Oman, and Qatar; Pledges USD 8-10 Million Investment in Digital Payments Ecosystem
- 21.09.2023 07:35 am
Safexpay, a leading digital payments company, announces the expansion of its tailored suite of payment solutions in three key GCC (Gulf Cooperation Council) countries- Saudi Arabia, Qatar, and Oman to cater to the unique needs of businesses and consumers in the region. This strategic move represents a significant step forward in Safexpay's mission to reshape the future of payments, solutions and foster innovation in these dynamic Middle Eastern markets.
The product offerings in these nations encompass a comprehensive range of solutions designed to cater to specific market requirements. . These include, a White Labelled Payment aggregation, Payouts solutions, contactless payments like Facial Recognition-Based Payments, and Single-Click Checkout features viz. Aasaan.
To support its expansion into the GCC region, Safexpay has strategically partnered with prominent organisations in the UAE, such as Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank and Network International. These partnerships are instrumental in enabling Safexpay to on-board merchants seamlessly and provide tailor-made solutions for their businesses, ensuring that their expertise and value proposition reach the right players in the market.
Safexpay is committed to investing approximately 10 million USD in the GCC region to ensure the success of its operations and provide world-class payment solutions. The company anticipates remarkable growth in the GCC region, with expectations of achieving an annual growth rate of 80-100% by 2025.
"Our focus has always been on creating a global network effect and contributing to the fintech and techfin space by innovative solutions. The decision to target Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay. The GCC countries, including the UAE, Qatar, Oman, and KSA, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses. This presents a significant opportunity for Safexpay to make a meaningful impact. We aim to on-board around 5000 merchants over the next 2-3 years, further cementing its presence in these markets, our value proposition is offering omnichannel platform for merchants, which is first of its kind in GCC markets" stated Ravi Gupta, Founder and CEO at Safexpay.
With an estimated count of 4 million Micro, Small, and Medium Enterprises (MSMEs), the substantial prospective customer market extends across Saudi Arabia, Qatar, Oman, and the UAE. Safexpay envisions becoming the preferred payment service provider for customised solutions in the fintech space within the region. It embodies the “India to the world” sentiment with commitment to establishing an indelible mark in the international fintech space by catering to the unique needs of businesses and consumers in Saudi Arabia, Qatar, and Oman. Moreover, Safexpay has set its sights on further expansion into neighbouring markets once its presence is well-established in the GCC region. This expansion plan aligns with the company's strategy of creating a strong foothold before broadening its reach.