SABB and Saudi fintech company Geidea have partnered to launch the tap-on-phone payment solution app, known as SoftPoS (software point of sale), under the guidance of Saudi Payments.
The move aims to drive digital payment acceptance in the Kingdom, in line with Vision 2030 and the Financial Sector Development Program, to promote a cashless economy. This will empower enterprises — small to large — in digitizing the footprint to build their customer base and meet demands for cashless payments. It 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.
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. In the COVID-19 backdrop, banking solutions ought to be more agile and innovative to meet the customer demands. We are committed to delivering 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 Saudi payments landscape. This is just the beginning of our great collaboration with Geidea as there are many more financial payment innovation initiatives in the pipeline.”
The app-based SoftPoS solution developed by Geidea and certified by Saudi Payments, aims to create a demarcated shift in the 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, greatly benefiting from the mobility, convenience, lower cost and high scalability of the process. This solution is ideal for on-the-go sales, delivery services, ride-hailing companies, and others, and a convenient tool for quick checkout.
Abdullah bin Faisal Al-Othman, founder and chairman of Geidea, added: “We are honored 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 percent smartphone penetration in the Kingdom and an increasing trend of contactless payments, 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.”