Geidea obtains license from the Saudi Central Bank

In addition, the company has developed a tap-on-phone feature for its app for contactless payments. The app-based solution will enable merchants to accept payments on their mobile phones without the need for a separate payment terminal or connection.

According to the press release, the tap-on-phone payment solution provides features such as traditional point-of-sale terminal, including acceptance of payments from contactless cards, mobile wallets, and wearable devices. All the transactions are settled directly in the Geidea app on the merchant’s mobile phone. Funds can be automatically transferred into their existing bank account within the same or next day. The company aims to rollout the service across other markets in the MENA region by the end of 2021.