Saudi HyperPay to expand in MENA – Chairman

Mubasher: HyperPay, Saudi Arabia’s online payments solutions firm, intends to expand its presence in the Middle East and North Africa  (MENA) region, Zawya reported citing HyperPay’s chairman, Abdullah Altamami.

The Saudi-based company is cementing its position in the kingdom while expanding into other territories.

HyperPay is already operating in Saudi Arabia, the UAE, Jordan, Bahrain, Kuwait, Oman, and Egypt, and it aims to expand to cover other regions to provide local products for local consumers and businesses.

According to Saudi Arabia’s Vision 2030, the kingdom has to raise online or cashless transactions, as the target is to increase the rate of non-cash utilisation to 28% by 2020 from 18% in 2016 in a move to hit 70% in 2030.

Recent data by Amazon’s PAYFORT showed that electronic payments across the kingdom are expected to double to more than $22 billion over the coming four years.

“We will continue to build local infrastructure pieces and localize payment types and payment territories. We are the only ones who are able to provide or use American Express in Saudi Arabia, because AMEX in Saudi Arabia is technically and legally designed for abroad,” Altamami commented.

He added that HyperPay is considered the only firm able to process payments for STC Pay, the new wallet from telecom provider, Saudi Telecom Company (STC).

“When it comes to UnionPay, which is dominant in the Far East, Russia and other places, we are the only ones who can provide it in the whole region. We do that because we already saw the increased relations between Saudi and China, and the rise in the number of tourists expected from the Far East, so we expect it to be in high demand,” the chairman said.

He noted that around 45% of HyperPay’s transactions in Saudi Arabia are from Mada Online.

“We will lead the way in localizing top-tier payment services to Saudi and the region, with world-class quality and security,” Altamami concluded.

Mubasher Contribution Time: 14-Oct-2019 10:52 (GMT)
Mubasher Last Update Time: 14-Oct-2019 10:52 (GMT)