SABB and Geidea have launched a strategic partnership that combines SABB’s trusted digital banking services with Geidea’s payments acceptance technology expertise to launch the app based “tap on phone “or SoftPoS solution under the enablement and guidance of Saudi Payments.
In order to drive digital payment acceptance in the Kingdom aligned with the Vision 2030 and Financial Sector Development Program to promote cashless economy. This will empower large to small enterprises in digitalizing the footprint to build their customer base and meet demands for cashless payments. This will transform the payment acceptance process via smartphones and create a frictionless customer experience. Commercialization of the solution will be in line with the regulatory timelines to be announced shortly.
Commenting on this achievement, Majed Najm, Deputy Managing Director, Corporate and Institutional Banking, SABB said: "Digital Acquiring and Payments is the new normal and SABB has been a leading player in this space in the past few years. On the COVID-19 backdrop, banking solutions ought to be more agile, innovative to meet the customer demands. We are committed to delivering the best in class digital services and are focused on creating value and bespoke solutions that help our clients achieve their business objectives. SoftPoS is one such initiative that will be a game changer in the KSA payment landscape. This is just the beginning to our great collaboration with Geidea for many more financial payments innovation initiatives in the pipeline”.
SoftPoS is a revolutionary payment acceptance solution developed by Geidea and certified by Saudi Payments, which will create a demarcated shift in merchant’s tendency to deal in cash to accepting secure, contactless digital payments instead. Simply, it transforms a regular smartphone or tablet into a secure payment acceptance terminal and enables acceptance of EMV contactless cards. Merchants can securely accept payments from cards and mobile wallets without the need for extra hardware, which will greatly benefit with the mobility, convenience, lower cost and high scalability. This solution ideal for on-the-go sales force, delivery services, ride hailing companies etc and a great tool for quick checkout.
Abdullah Bin Faisal Altothman, Founder and Chairman of Geidea added" We are honoured to be the strategic partner with SABB on their journey to provide their merchants and institutional clients both innovative and intuitive digital payment acceptance solutions. With over 85% smart phone penetration in KSA and increasing trend of contactless payments in the Kingdom, the ability for Financial institutions to provide integrated digital and agile payment acceptance solutions is not only a key differentiator but a step forward in improving the payment experience of both merchants and customers alike.