Geidea, a Saudi based payments company, has launched BETA testing for its new range of SME products. Geidea currently claims 70% market share in Saudi Arabia and is the top service provider to banks in the country, according to the company. In February, Geidea became the first Fintech company to obtain a payment license from the Saudi Arabian Monetary Authority, allowing it to operate in the Saudi banking market as a non-banking actor.
The new products seek to deliver to any business type end-to-end payment solutions and store management technology previously only available to large chains or global merchants.
The new product is said to accommodate every type of SME through every step of the payment process with an all-in-one, and affordable solution. This will include card and digital payment processing but also additional features like e-commerce including a website builder, e-invoicing, and payment gateway to store and restaurant management software.
Abdullah Faisal Alothman, Founder and Co-Chairman of Geidea, commented on the announcement:
“We are excited to launch our BETA testing and to co-create innovative product features with our merchants. Through this process, we will be able to gain valuable insight into what our merchants want from their payment process products and to tailor our services to their needs.”
The BETA testing is due to last until August followed by a soft launch in September and a full roll out in October.
Alothman said that Geidea is committed to helping SMEs thrive by providing them with customer-centric and best-in-class payment solutions that until now, only bigger merchants and global chains had access to.
“For SMEs, these products will serve as the digital, inexpensive and agile solution to payment acceptance and business management. Our new products are designed for any business, whether they’re on the go, in-store or online.”