Safexpay has revealed its commitment to invest $10 million in the GCC region to support and enhance its operations.
India’s Safexpay, a digital payments firm, unveiled its expansion of customized payment solutions into three pivotal GCC nations – Saudi Arabia, Qatar, and Oman, addressing the distinct requirements of businesses and consumers in the area.
Additionally, the company has outlined its intention to commit $10 million to bolster its operations in the GCC region, ensuring their success.
“This strategic initiative marks a substantial advancement in Safexpay’s commitment to redefining the landscape of payment solutions and promoting innovation within these vibrant Middle Eastern markets,” the company stated in a press release.
Safexpay further expressed its anticipation of impressive growth in the GCC region, aiming for an annual growth rate of 80-100 percent by the year 2025.
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Within the GCC market, the company provides a range of product offerings, encompassing White Labeled Payment Aggregation, Payout Solutions, contactless payment options such as facial recognition-based payments, and streamlined single-click checkout features known as Aasaan.
Key Partnerships Fostered by Safexpay
The indian firm has strategically forged partnerships with prominent organizations in the UAE, including Magnati, Abu Dhabi Islamic Bank, Paynest, Dubai Chamber of Commerce, Rakbank, and Network International, to bolster its expansion into the GCC region.
These collaborations are expected to play a pivotal role in facilitating seamless merchant onboarding and delivering tailored solutions to businesses. Safexpay aims to ensure that its expertise and value proposition effectively reach the target players in the market.
Ravi Gupta, Founder and CEO of Safexpay, explained, “Our focus has always been on creating a global network effect and contributing to the fintech and techfin space with innovative solutions. Targeting Saudi Arabia, Qatar, and Oman was a natural progression for Safexpay.” He highlighted the exponential growth in contactless payments in GCC countries, including the UAE, and the active exploration of innovative ways to serve consumers and businesses. Safexpay aims to onboard approximately 5,000 merchants over the next 2-3 years, solidifying its presence in these markets by offering an omnichannel platform for merchants, a first of its kind in the GCC markets.
With an estimated count of 4 million Micro, Small, and Medium Enterprises (MSMEs), the potential customer base for Safexpay extends significantly across Saudi Arabia, Qatar, Oman, and the UAE.
