- PayTabs, a provider of online money transfer services in Saudi Arabia, has announced the purchase of a social commerce company called Paymes.
- The purchase means that Paymes will offer up its social platform to users of PayTabs, who tend to be artisans and freelancers.
- "By acquiring Paymes, we are consolidating our position as the only payment solutions powerhouse that has a payment orchestration platform to offer payments solutions for any business size – micro or macro, across the globe, “ said a spokesperson for PayTabs.
PayTabs, a provider of online money transfer services in Saudi Arabia has announced the purchase of social commerce company Paymes.
The purchase means Paymes will offer up its social platform to users of PayTabs. The audience group includes individuals who work for themselves, such as personal trainers and freelancers.
The arrangement will be in effect across the Middle East and Africa (MENA). Paymes currently has just under a million users in two major countries in the region: Azerbaijan and Turkey. It is thought that the company will expand to other areas next year, including Jordan, Uzbekistan and Georgia.
PayTabs CEO and Group Founder Abdulaziz Al Jouf said that clients of all sizes should be permitted access to quality payment services.
“Payments are a commodity and our mission at PayTabs is to ensure that payments are easily made available to every customer segment from the super merchant or bank to a nano merchant,” he said.
He went on to say that the new acquisition would help the firm get its position even stronger.
“By acquiring Paymes, we are consolidating our position as the only payment solutions powerhouse that has a payment orchestration platform to offer payments solutions for any business size – micro or macro, across the globe,” he said.
Paymes's Co-founder, Hasan Jabbrov, said that the team there would boost its current responsibilities over the geographical region in question. He explained that this was part of the agreement the firms had struck – and he added that the firm would be providing new products.
"Under the acquisition agreement, the Paymes team will expand our responsibilities to cover the many markets that PayTabs operates in throughout MENA,” he explained.
“We will also be supporting PayTabs with our range of new social commerce products, a sector in which we have considerable experience. Exciting times ahead for webpreneurs in the region,” he added.
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