PayTabs Issuance, equipped with its own IP and built on globally acquired expertise, is custom designed to empower any business with a solution which includes acquiring, issuing, managing, and controlling payments. It is an orchestration platform that empowers banks, retailers, and corporates to issue cobranded Visa, MasterCard, and debit cards along with other local cards in multiple currencies.
As stated in the press release, the ultimate objective of the PayTabs orchestration platform is to empower any company, across any market to become standalone and self-reliant in terms of payment processing technology. PayTabs acquiring and issuing orchestration platforms aim to deliver fintech strategies for any enterprise and create a new line of revenue with the minimum hassle of building or adapting multiple technology platforms from multiple vendors.
The press release further states that the issuing market is an exponential market and the Middle East is moving to digitise cash in the region, while in Africa the market is progressing towards building a strong card base dominated economy.
Entering into a global cards market valued at USD 524.9 billion in 2022, projected to reach USD 1.2 trillion by 2032, and growing at a CAGR of 8.8% from 2023 to 2032 is something that PayTabs has planned, as part of growing its orchestration platform.
PayTabs Issuance is aimed at simplifying the complexity and cost barriers that often hinder prepaid card issuance. Powered by the force of BaaS, it is equipped with proprietary technology and an acute understanding of the entire card issuance lifecycle. Moreover, PayTabs issuance is about crafting, customising, and overseeing multiple programs across borders.
This launch seeks to unlock new possibilities as businesses can anticipate substantial cost efficiencies and solutions including virtual card generation, personalisation, co-branding, and value-added services like reward, and loyalty programs.
About PayTabs
Based in Saudi Arabia, The PayTabs Group is a payments solutions provider that processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR codes, social media payments, SOFT POS and switching platforms, PayTabs facilitates ecommerce and social commerce solutions for merchants and super merchants. PayTabs' unified payment orchestration platform intends to enable governments and large-scale organisations to become independent payment platforms to serve their industries.
