PayTabs Group, a Middle East and North Africa (MENA) payments solution provider, has entered into an agreement with Middle East Payment Services (MEPS), Palestine to power digital payments in Palestine.
The key objective of the alliance is to enable and empower small and medium merchants, e-commerce entrepreneurs, webpreneurs and creators in Palestine. It looks to do so through simple and trusted payment solutions to be able to sell over the internet or social media.
PayTabs along with MEPS Palestine, aims to achieve these objectives by facilitating seamless online payments, recurring payments, electronic invoicing, and accepting business payments in US dollars, Jordanian Dinars, and the local currency. The full stack technology deck and capabilities of PayTabs aims at allowing more flexibility in payment acceptance. Especially via Visa and Mastercard payment options.
Via PayTabs digital payment solutions Palestinian e-tailers and online merchants will also be able to use PayLinks to sell over social media channels such as Facebook, WhatsApp, or Instagram. Datareportal states there were 2.95 million social media users in Palestine in January 2023 which is 56 per cent of the total population. Further, over 80 per cent of the population has mobile connectivity which presents a huge opportunity for social commerce.
The importance of social media platforms
According to World Economic Forum, numerous Palestinian companies are now using social media platforms to offer delivery services. Importantly, their product delivery range is wide – from groceries to electronic devices and gym equipment. Furthermore, many Palestinians are now, for the first time, experiencing the convenience of ordering a product online and getting it delivered to their doorstep.
It is no secret that the pandemic necessitated the acceleration towards adopting digital payments in most cash-driven markets around the world, including Palestine. Hence, because of the competitive product pricing and affordable website integration solutions offered by PayTabs, retailers in Palestine stand to benefit by scaling up their businesses, making them financially viable in the online space.
Developing the economy of Palestine
Speaking at the media briefing Sami Abu Yousef vice chairman of the board of directors of MEPS Palestine said: “Collaborate with PayTabs will facilitate and accelerate e-commerce business for owners of small projects, e-commerce sites, and virtual stores through social media sites. This service contributes to the promotion and expansion of sales operations, as well as the variety of electronic payment mechanisms, including the acceptance of all types of international payments.
“The development and introduction of the e-commerce market in Palestine is one of the engines of the economy, with a direct impact on supporting entrepreneurs, digital innovations, and openness to the global trade market, and contributes to increasing Palestinian exports and improving the trade balance on the one hand, and an opportunity to display Palestinian products and services on the other.”
Eyad Musharbash, PayTabs regional general manager for Levant & Southern Gulf added: “PayTabs is honoured to enter the Palestine market. Web commerce in the market is at the cornerstone of development.
“We will innovate and fill the regional fintech gap by leveraging the massive potential of the Palestinian market. As well as the wider Levant region. It gives us a deep sense of purpose to contribute to the growth of the developing economy of Palestine.”
