CASHU plans expansion

CASHU plans expansion
Thaer Suleiman
Updated 15 July 2016

CASHU plans expansion

CASHU plans expansion

CASHU, one of the leading players in the online payment industry in the MENA, intends to drive further expansion in Saudi Arabia and introduce new products via strategic partnerships with key local Saudi financial entities in the next two months.
Saudi Arabia is one of CASHU’s major markets due to the brand’s vast market share and continuing growth of its operations. The Kingdom’s e-commerce industry growth continues, with online payment transactions increasing 40 percent in 2015, compared to the previous year.
“CASHU is collaborating with the Saudi Arabian Monetary Agency (SAMA) to provide the highest international security standards for e-payment for the Saudi consumer,” said CASHU CEO Thaer Suleiman.
“The company has been successfully operating in the Saudi market since 2003 and has since become the preferred method of payment for online shoppers of both products and services within the Kingdom,” he said, adding that CASHU cards enable the Saudi customer to shop electronically with the “utmost security and ease” through thousands of global e-commerce sites.
“Concurrently, CASHU works as a catalyst for Saudi economic growth, especially in the e-commerce sector. Security is the key word here when it comes to e-commerce, since CASHU’s vision aspires to a cashless society. Users usually prefer safe and secure options when it comes to online payment. CASHU presents a viable solution to the region’s low credit card penetration that stands at 30 percent,” Suleiman added.
CASHU recently launched the first prepaid electronic card in the UAE in partnership with MasterCard, a global payment network, and Noor Bank, a major Shariah-compliant bank in the UAE.
CASHU claims to operate in accordance with the highest standards of central banks across the world. In the beginning of this year, the company introduced a variety of operational improvements to its payment platform in compliance with the Monetary Authority of Singapore (MAS).