Riyadh, Saudi Arabia: Geidea, a leading fintech company in Saudi Arabia, today announced that it has entered into a strategic partnership with Nayifat, one of the pioneers of the finance industry in Saudi Arabia.
As part of this collaboration, Geidea will provide Nayifat customers with a full suite of point-of-sale solutions. This will allow merchants to accept payments through many methods, including contactless cards and handheld devices through Geidea’s POS terminals and Tap-on-Phone solutions.
Additionally, merchants will benefit from a simplified refund solution through Geidea’s point-of-sale terminals. In the future, merchants will be able to allocate payments to utilities such as their rent or office maintenance, through point-of-sale (PoS) terminals by automatically reserving a percentage or amount of monthly revenue towards their obligations. of payment. . The solution thus automates the entire process, making it transparent and secure.
Abdullah Alshowaier, Chief Commercial Officer of Geidea, said“As one of the most respected names in the financing industry, Nayifat has a long standing reputation for providing innovative and financing solutions to clients across the Kingdom. This partnership will allow us to bring our payment and e-commerce solutions to more people who use their services, and help their borrowers and SME customers take advantage of some of the latest technologies aimed at providing a smooth and convenient payment experience.
Abdulmohsen Alsowailem MD and CEO of Nayifat, said“We are delighted to partner with Geidea, market leader in payment solutions. This partnership will allow us to offer our SME customers a first-class experience during their payments. The Point of Sale (POS) financing product is definitely designed with business needs in mind, allowing businesses to streamline cash flow and finances, which is Nayifat’s key driver as we go the extra mile to raise the bar of the structured finance product offer, to continue supporting SMEs in line with the 2030 vision”
Geidea is a leading, fully-licensed payment service provider offering digital banking technology, point-of-sale (POS) terminals and business management solutions for financial institutions and small businesses in retail and digital commerce. . Founded locally in Saudi Arabia in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea’s mission is to empower merchants of all types and sizes with the tools to start, run and grow their business. The company believes that the latest payment and commerce technologies should be accessible, affordable and intuitive for everyone. Based in Riyadh, Geidea has more than 1,000 employees, 150,000 merchants and provides support to more than 700,000 payment terminal and ATM networks in the Kingdom and captures 75% market share in the sector. The company is rapidly expanding branches in several GCC locations, including the United Arab Emirates and Egypt, with plans for new locations in 2022.