SABB and Geidea launched a partnership to launch an app-based tap-on-phone (SoftPoS) solution under the enablement and guidance of Saudi Payments.
The payment acceptance process via smartphones combines SABB’s digital banking services with Geidea’s payments acceptance technology expertise.
The initiative aims to drive digital payment acceptance in the Kingdom aligned with the Vision 2030 and Financial Sector Development Program to promote cashless economy.
Majed Najm, Deputy Managing Director, Corporate and Institutional Banking of SABB said,
“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”.
Abdullah Bin Faisal Altothman, Founder and Chairman of Geidea said,
“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.”
Featured image: SABB