HyperPay is Saudi Arabia's online payments solution firm and it is now planning to expand its presence in the Middle East and North Africa (MENA) region. This is according to Zawya chairman Abdullah Altamami.
He went on to say, "We plan to continue to invest in Saudi, primarily and the region with us planning to offer products for local consumers and businesses”.
HyperPay, which is currently operating in Kuwait, Bahrain and Oman, is also looking at coming into the Egyptian market. Altamami said, "We also want to increase our presence in Egypt because it is becoming more cashless. Lately, there has been a move towards a cashless society, so we want to be part of that transition."
During this same time, Saudi payments network (Mada), the domestic network for online payments, recorded a 47 per cent surge in completed deals to 688 million in the first half of 2019, at a value of SAR 136 billion, in comparison to the same period last year. “About 45 per cent of our online transactions in Saudi are from Mada online,” Altamami noted.