News of the acquisition comes as PayTabs receives mada Payment Gateway Certification from Saudi Payments
CHENNAI, India, May 25, 2023 /PRNewswire/ -- PayTabs Group, the regional award-winning payments powerhouse, in an unprecedented move announced that it has completed its acquisition of 100% stake in OGS PayLab. OGS PayLab based in Chennai, India, is one of the leading service providers of transaction processing services, turnkey cloud payment solutions and electronic fund transfer (EFT) Switch solutions in the globe.
As a Fintech enabler for the region, PayTabs' mission is to simplify yet orchestrate a unified payments experience and value for key players in MENA's payment ecosystem. OGS PayLab, which operates across the USA, Europe, Middle East & Africa, and Asia, further strengthens, and broadens PayTabs niche position in the fintech market. The acquisition creates an organization better positioned to serve stakeholders and compete in the global marketplace. It is also expected to result in greater efficiencies and significantly increase PayTabs' market dominance regionally by working the entire payment chain.
Under the terms of the acquisition, both entities have been at the grind for a year prior, to unveil PayTabs SwitchOn â PayTabs home owned, globally validated, unified payments and transaction processing platform. After multiple launches with clients across the region, the payment card industry (PCI) certified solution includes a Switching and Authorization System, a Card and Wallet Management System, and a Merchant Management System. The architecture of PayTabs SwitchOn is designed to ensure a unique payment orchestration capability allowing clients from multiple industries and scale to maximise the benefits in just couple of weeks at a fraction of the cost. It connects the last mile payment orchestration to empower PayTabs merchants in any industry, to use the platform anywhere in the region and localizing the infrastructure in every market of the region.
In March, PayTabs received mada Payment Gateway (PG) Certification from Saudi Payments. As a home-grown Saudi Brand, securing this certification from Saudi Payments is a key milestone for PayTabs as a payment processing superpower engine with a vision to continue engineering and championing payments.
At the PayTabs Headquarters in the Kingdom of Saudi Arabia, founder and CEO of the PayTabs Group, Abdulaziz Al Jouf said, "Since inception, PayTabs has been powering digital payment solutions for some of the largest multinational brands in the region. As a result of this acquisition, we now have our own IP and payments infra to provide switch and issuance services to the most progressive global brands. PayTabs can now connect multiple APIs in the region with the turbo power of PayTabs SwitchOn."
Speaking on the acquisition, co-founder of OGS PayLab Simon Soloman said, "Merging with PayTabs was a natural step in our expansion strategy as it now provides us with the synergy to engineer and champion payments on a national, regional and international scale."
While OGS PayLab co-founder Johnson Sasikumar added, "The dynamic of this acquisition is a sure-fire way to be a payments market leader in the MENA region, considering problem statements faced by markets in the ecosystem. Legacy players with outdated technology infrastructure and non-internet friendly products were unable to nurture the exponential growth of fintech and that's where we aim to interconnect banks and financial institutions with the MENA payments corridor to digitize the market."
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the ï¬rst soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, the company acquired TÃ¼rkiye's social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments.
PayTabs has dedicated offices in the GCC including the UAE & Saudi Arabia and presence in many other locales including Turkey, India, and Egypt. The company is an equal opportunities employer with a multi-cultural team. For more milestones visit https://site.paytabs.com/en/
View original content to download multimedia:https://www.prnewswire.com/in/news-releases/paytabs-acquires-ogs-paylab-india-to-deliver-mada-certified-payment-orchestration-in-the-kingdom-of-saudi-arabia-301834611.html