December 29, 2022
NearPay, a developer of point-of-sale systems and payment solutions, has announced the signing of a partnership with Digital Pay, a payment services provider in the Kingdom of Saudi Arabia, with the aim of expanding its range of payment solutions.
NearPay was founded in late 2020 as a financial technology company specializing in payments and point of sale solutions, and closed two investment rounds this year; The first was in January 2021 with a value of 2.2 million Saudi riyals, and the second in May 2021 with a value of 8 million Saudi riyals. These investments contributed to the launch of the company’s first point of sale system, softPOS, this year.
The company says that it has obtained the PCI DSS certificate, which means its adherence to international standards in dealing with users' financial data, after examining all the company's security practices to ensure that the best efforts are taken to protect data from misuse or violations. This is after obtaining Visa Pure Kernel and VRTPKS certifications for SoftPOS Point of Sale System.
On this occasion, Abdulwahab Al-Ahmari, CEO of Digital Pay, commented: “We are excited to partner with the NearPay team, and including their technologies within our suite of payment solutions will help us improve our offering to existing customers, and tap into new markets that require flexible payment solutions that It is in great demand all over the Kingdom.”
Muhammad Al-Aiban, co-founder and CEO of NearPay, updated, saying: “According to data shared by (Mada) and (Visa) earlier this year, contactless payments reached 94% of all point-of-sale payments in the Kingdom.” Saudi Arabia, the highest rate in the world. However, there are still very few developers of these technologies in the market.
Al-Aiban continued, “At Nearpay we aim to translate this growth in digital payments from retail outlets to every payment operation across the economy, from logistics service providers to entertainment venues. We are building local and Kingdom-specific technology as part of our commitment to empowering local talent and innovation in line with the goals of Vision 2030.”