Saudi Arabia, the nation that was well-known for its conventional dependence on oil, is now shifting in direction of innovation, digitization, and entrepreneurship. To strengthen this shift additional beneath Saudi Imaginative and prescient 2030, the Saudi Arabian authorities goals to boost the contribution of small to medium-sized enterprises (SMEs) to the GDP from 20% to 35% by 2030.
As such, there are great development alternatives and potential for folks, companies, and communities who need to be a part of this transformation. And PayTabs, a home-grown funds firm is contributing to the Saudi 2030 imaginative and prescient by offering a neater and safe fee gateway.
“We’ve got analyzed the gaps within the fee market and launch options that play to the strengths of our various and dynamic staff,” says Abdulaziz Al Jouf, the Founder and CEO of PayTabs.
Learn the next interview the place Abdulaziz has shared how he was impressed to enterprise into funds gateway area and the way PayTabs has been serving to companies streamline their on-line transactions by way of the corporate’s simpler and safer platform.
Please transient our viewers about your organization, its values, and its journey thus far.
Again in 2014, PayTabs was established in a humble workplace with solely 6 members on the staff. Seven years in the past, we had been a struggling start-up and at the moment we’re proud to say that we’re an award-winning fee options firm with operations across the MENA area.
Our imaginative and prescient has at all times been to be world in outlook however next-door in service by making fee processing easy, easy, and seamless for all members of the e-commerce subject.
Over 7 years, PayTabs has advanced since its founding from a home-grown funds firm within the Kingdom of Saudi Arabia to a regional GCC market participant to an iconic world fee options enterprise.
With presence from Cairo to Dubai. Initially backed by Aramco’s Waéd Entrepreneurship Heart and later by different non-public establishments and people, it now has strategic partnerships worldwide.
PayTabs success has been constructed on many elements:
Listing the vary of PayTab’s choices, and the way you might have ascertained your stronghold inside Saudi Arabia.
We’ve got analyzed the gaps within the fee market and launch options that play to the strengths of our various and dynamic staff. We’re geared to take the area’s fee ecosystem to the subsequent stage of sophistication and e-commerce adaptation through our digital merchandise and on-line options suite which incorporates:
On-line Funds/Cell Funds: We allow clients to pay and receives a commission immediately, securely, and globally on-line through our cell fee utility.
Recurring Funds: This resolution is ideal for retailers who want to arrange repeat funds comparable to gymnasium membership, academic charges, and so forth.
Social Funds – Paylinks: Our new social commerce resolution #PayLinks permits our retailers to promote from the consolation of their dwelling or workplace desk and receives a commission with ease. It’s a safe fee hyperlink that our retailers can share with their clients over any fashionable messaging platform and receives a commission immediately.
E-Invoices: An in-built in-house resolution for fast digital invoicing and bill customization. PayTabs helps as much as 168 currencies for efficient digital invoicing.
Biller Options: From Oman to Jordan and UAE to Egypt, we’ve localized choices for invoice funds to simplify the lives of thousands and thousands and permit them to make easy invoice funds from dwelling.
Training Options: A centralized charge fee portal that permits mother and father to pay enrolment, registration, tuition, and different charges on-line whereas offering faculties and academic institutes with a safe platform to handle the gathering of scholar charge funds.
Hospitality Options: PayTabs and SecurePay have partnered to supply a seamless pay by hyperlink and 3DS fee gateway resolution for the hospitality trade to streamline reservations operations, enhance occupancy, and get rid of chargebacks.
Paytabs Change: In This fall 2020, PayTabs entered a software program buy association with an India primarily based know-how firm – for a middleware swap know-how that can complement PayTabs’ present know-how stack and assist in increasing the enterprise to cater to multinational banks and companions that could be searching for an end-to-end fee processing resolution.
Being an skilled chief, share with us your opinion on why the adoption of recent applied sciences is critical on your trade and the way have you ever leveraged know-how inside your organization?
The silver lining of 2020 was that retailers elevated their engagement of on-line platforms and demand in direction of progressive fee options and acceptance of cashless transactions grew.
From Zoom conferences to on-line meals supply and on-demand films to digital health, know-how has overpowered our lives. Buyer habits through the pandemic was proof of the know-how surge in our lives.
Our enhanced fee processing platform has been designed to reinforce our retailers’ person expertise, automate, and streamline fee processes.
The PT 2.0 100% in-house know-how platform will finally end in ﬂexible and nimble rollout of recent product options for internet, social media, and cell play. PayTabs quickly goals to supply a full suite of buying options that embody each oﬄine and on-line processing modules which can deliver cutting-edge know-how like Telephone NFC, social commerce, digital invoicing, and service provider ﬁnancing together with issuing an end-to-end buying platform.
In at the moment’s hyper-connected world, we proceed to make funds tremendous easy for purchasers which have positioned their belief in us. For the ﬁrst time within the area, we efficiently launched PayLinks which can allow our retailers to promote from their houses or oﬃce and receives a commission simply.
It’s a safe fee hyperlink that retailers can share with their clients over any social platform. As soon as the shopper clicks on the shared PayLinks they’re directed to a fee web page after which the service provider will get paid immediately. PayLinks will be shared through Fb posts, Instagram pictures, Tweets, LinkedIn articles, and even emails.
Making an allowance for, the present pandemic, and its affect on world economies, how are you driving your organization to maintain operations and making certain the protection of your staff on the similar time?
We targeted on the well being, security, and well-being of the PayTabs staff and different stakeholders by persevering with to make money working from home the place essential, throughout these unusual occasions.
It took upon us to inspire the staff to progress with the roll-out of PayTabs’ refined new fee platform PT 2.0 to our retailers and companions, in KSA and globally to facilitate their funds extra effortlessly, amidst Covid-19. The corporate additionally launched related fee options through the pandemic and enabling companies to suppose cashless.
One of many options of our new system is social commerce. Social funds allow hundreds of freelancers and small companies within the Kingdom of Saudi Arabia and different markets to promote through Instagram, WhatsApp, and Messenger, by sharing fee hyperlinks with their purchasers.
Here’s a enjoyable reality, throughout the Center East, Instagram has 63 million customers, representing about 10% of world customers on the platform. Think about with the ability to promote to all of them and get settled through a easy and efficient fee hyperlink. That is what excites and motivates me about operating a fee firm.
What could be your recommendation to budding entrepreneurs who aspire to enterprise into the market that your organization is catering to?
In the present day, it’s a special mindset and tradition introduced on by millennials. What I want to say to this younger technology of entrepreneurs is, take probabilities and benefit from given alternatives.
One of many first issues I discovered by way of my expertise is that you simply can’t do it with out cash; operation prices are inevitable. You have to work smarter and be extra ready with regards to entrepreneurship.
Secondly, you can’t do it with out a good staff. Whereas that is true, I at all times encompass myself with what I name challengers (individuals who don’t concern to problem the boss). I rent and work with folks I’ve by no means labored with earlier than and be taught from their various cultures and multicultural backgrounds Rent folks that can amaze you. Negate your weaknesses by the strengths of your staff members.
I believe what I’ve grown up believing is that individuals who finally achieve life should not the strongest or essentially the most clever however the ones most adaptable to alter and survival. Its’ at all times about shifting to your subsequent vacation spot immediately. Change is part of the journey so why concern?
Travelling, one other passion of mine that has helped me be an open-minded particular person. Travelling opens my eyes and the doorways to new potentialities and makes me strive issues that I don’t know about however excite me.
How do you envision scaling your organization’s operations and choices in 2021?
Being the primary homegrown firm in KSA to supply seamless B2B e-commerce options to SME’s, the staff and I at PayTabs are at present engaged on launching our subsequent technology, unified funds platform, PayTabs Change© to interlink the multi-billion-dollar enterprise market chain within the MENA area.
PayTabs Change© is an digital fund switch (EFT) software program platform. This turnkey platform will energy safe transaction processing on an elevated scale in real-time for banks, monetary establishments, processors, and different companies with a retail interface.
PayTabs Change©, a full-stack product suite, will supply different Fee Service Suppliers (PSPs) and monetary establishments a premium gateway to entry main various fee strategies within the MENA area.
Concerning the Chief
Serial entrepreneur and fintech influencer, Abdulaziz Al Jouf based PayTabs when he confronted issues to find an appropriate fee gateway for considered one of his enterprise startups. After figuring that many different SME homeowners within the MENA area want entry to a fee platform tailor-made to their necessities, Abdulaziz created one of the thrilling and profitable new e-commerce companies within the MENA area.
Recognized to his workers as AA, his ardour and focus and together with his trait of being a hands-on pure chief Abdulaziz has been main the corporate to soar new heights whereas being fiercely supportive of his staff’s development. He believes in giving again and he does so by tirelessly mentoring the area’s younger entrepreneurs. As a confessed risk-taker, Abdulaziz is at all times open to alternatives as they come up and benefiting from them. He acknowledges failure as a lesson to realize useful expertise.
Abdulaziz and PayTabs have been usually lauded by their friends each regionally and internationally. In 2020, PayTabs emerged as one of many high 10 funded startups within the Center East whereas in 2019, it was ranked primary on the highest 20 Fintech Startups checklist, by Forbes Center East.
“We’ve got labored just lately with PayTabs and so they had been very useful, making an attempt to assist the startup ecosystem as a lot as they’ll, it was a terrific expertise.” – Yousef Gamal, Nerd Mentors, Jordan
“Distinctive and fast service, wonderful platform. Particular thanks for help with concluding the company enterprise partnership.” – Karl Hougaard, Commerce License Zone, UAE