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Top 5 KSA Payment Service Providers 

KSA Payment Service Providers, KSA Payment Service Providers, KSA Payment Service, KSA Payment, KSA

While shoppers in Saudi Arabia have a longstanding love affair with brick-and-mortar stores and shopping malls, they are also heavily invested in the world of ecommerce. Bringing people more convenience, choice and additional rewards, online sales have skyrocketed over the last few years.

The recent pandemic has also pushed many people online for the first time, including older demographics who had never purchased an online product or service before, but are now avid internet shoppers.

With all this comes an added requirement for brands and businesses to improve their online capacity. This means building better online sales platforms and ensuring that payment processes are 100% safe, easy-to-use and rewarding for customers. 

As such, we discuss the top payment services providers in KSA today that are already helping thousands of businesses to adapt their services to online.  

1. Amazon Payment Services

Even before the company rebranded as Amazon Payment Services from Payfort, it enjoyed a formidable reputation as the leading payments provider in the region. However, after formalising its backing from Amazon it has become a one-stop shop for all payment needs (whether you’re a small start-up or a global fashion brand) with unrivaled recognition.

This PSP offers a wide range of features that cover all the basics of payments collection and processing, but also extends into areas such as Installments and even short-term financing options for customers.

The fraud prevention and tech support team are also a huge bonus for companies who need support getting the most from their payments. And when combined with real-time payments monitoring and in-depth analytics, this platform becomes more than just a way to handle online payment — giving businesses owners the intelligence they need to grow and expand into new areas. 

2. 2Checkout

2Checkout offers easy accessibility and a smooth user experience for those who have little technical knowledge, which has made it a popular choice for many new businesses and those who are just migrating to online sales for the first time.

While it doesn’t have the same level of features and integrations as others on this list, it can be a great option for diving into the world of online transactions with its low barrier to entry.

The PSP has recently increased its offerings of local payment options and alternative methods of payment like ApplePay in a move to help merchants capture more sales. We’re likely to see the company integrate even more currencies and payment methods as time goes on.

3. Hyperpay

Hyperpay is one of the fastest growing internet payment service providers in the region. Based in Saudi Arabia, it enjoys a strong reputation here with many key partnerships with global payment providers as well as regional banks and credit-card companies.

Founded in 2010 under the name Gate2Play, the rebrand has since helped the company to become one of the most popular PSP options among startups.

4. Checkout

Checkout is a well-known payments provider in the Middle East and KSA today. It offers a good coverage of different payment features and a user-friendly interface that makes getting started on the platform easy.

Currently, it offers over 150 different currencies and digital payment methods, including Visa, Mastercard, American Express, and all major international cards. We are seeing the company make some strategic partnerships with local payment methods too as well as catering to alternative methods of payment like SamsungPay and ApplePay.

It has worked with many global brands including Pizza Hut, Swarovski and L’occitane and continues to attract homegrown businesses from KSA.

5. PayPal

PayPal enjoys good brand recognition in Saudi Arabia as it does in many parts of the world. Known by millions of people across the globe, it offers peace of mind for merchants who want an internationally-known PSP who can help them expand beyond the country. Today, it operates in over 200 countries and supports 25+ currencies.

Planning Your Expansion?

While price is always an important factor in making key business decisions, it’s also vital that you consider reliability, scalability and performance when it comes to the world of online payments. Slow, poorly designed or clunky payment flows can quickly kill your sales these days.

As such, we recommend thinking long and hard about the PSP you choose to partner with and consider how this platform can help you grow in the future while protecting you from the increasing threats from payments fraudsters.

By: Muhammad Habib