Egypt’s Paymob expands its footprint into Saudi Arabia

Saudi Arabia’s fintech sector will soon get a new player with Egyptian cashless services provider Paymob securing the Kingdom’s Payment Technical Services Provider certification. 
Issued by Saudi Payments, the certificate is a crucial milestone for Paymob as it seeks to expand its services to merchants in the Kingdom. 
The Kingdom’s drive toward payment digitalization is projected to surge from $675 million in 2022 to $2.6 billion by 2027, according to a recent report by payment software provider ACI Worldwide with GlobalData.
“Obtaining the PTSP certification in Saudi Arabia is a significant accomplishment for us. It reflects Paymob’s commitment to our Saudi expansion plans while serving merchants and entrepreneurs across the Kingdom to support their growth with cutting-edge financial technology solutions,” said Islam Shawky, co-founder and CEO of Paymob, in a press statement. 
Founded in 2015, Paymob has been digitizing payments for small and medium enterprises by enabling them with a comprehensive suite of payment methods.  
The company’s infrastructure gives merchants access to over 40 online and in-store payment methods through a single integration on its gateway.