Safexpay ventures into GCC, pledges up to $10M in digital payments ecosystem

Digital payments company safexpay has ventured into the Middle East, expanding its tailored suite of payment solutions in three key GCC (Gulf Cooperation Council) countries—Oman, Qatar, and Saudi Arabia.

It will offer various products to these markets, including white-labelled payment aggregation, payout solutions, contactless payments like facial recognition-based payments, and single-click checkout, among others.

As part of the expansion, Safexpay has partnered with organisations in the UAE, such as Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank, and Network International. These partnerships are expected to onboard merchants and offer them tailor-made solutions.

"Our focus has always been on creating a global network effect and contributing to the fintech and techfin space by innovative solutions. The decision to target Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay," said Ravi Gupta, Founder and CEO at Safexpay.

"The GCC countries, including the UAE, Qatar, Oman, and KSA, are witnessing exponential growth in contactless payments and are actively exploring innovative ways to serve consumers and businesses. This presents a significant opportunity for Safexpay to make a meaningful impact. We aim to onboard around 5,000 merchants over the next 2-3 years, further cementing its presence in these markets, our value proposition is offering omnichannel platform for merchants," he added.

The Mumbai-headquartered company will be investing $8-10 million in the GCC region and expects an annual growth rate of 80-100% by 2025.

With an estimated count of four million micro, small, and medium enterprises (MSMEs), the substantial prospective customer market extends across Saudi Arabia, Qatar, Oman, and the UAE.