Paytabs, a payment solutions provider in the MENA region, announced the launch of PayTabs Issuance — secure prepaid card issuing solutions aimed at scaling business operations regionally.
Abdulaziz Al Jouf, CEO and founder of PayTabs Group, emphasized the potential of the issuing market in the Middle East and Africa, with the former moving towards digitizing cash and the latter building a card base-dominated economy.
Entering into a global cards market, valued at $524.9 billion in 2022 and projected to reach $1.2 trillion by 2032, according to Allied Market Research, and growing at a CAGR of 8.8% from 2023 to 2032, is something that PayTabs has planned, as part of boosting its orchestration platform.
The platform enables banks, retailers, and corporations to issue co-branded Visa, MasterCard, and local cards in multiple currencies.
The platform’s goal is to make companies self-reliant in payment processing technology, offering acquiring and issuing solutions that are easy to implement without the need for multiple technology platforms from different vendors, per the announcement.
PayTabs Issuance addresses the complexities and costs associated with prepaid card issuance, providing streamlined, innovative solutions powered by Banking as a Service (BaaS).
This launch opens up new possibilities for businesses, offering cost efficiencies and features such as virtual card generation, personalization, co-branding, and rewards programs.
Abdulaziz Al Jouf highlights that PayTabs has collaborated with banks and processors globally, enabling businesses to issue cards worldwide and offering a unique combination of acquiring and issuing services.
“Being able to offer a cards program gives PayTabs a unique positioning by offering the best of both acquiring and issuance as a bundled solution,” Al Jouf added.
Vikas Om Choudhary, Head of Issuance at PayTabs, views this as a new chapter, as the issuance business unlocks diverse growth opportunities for the companies.
“For businesses in the PayTabs network, this signifies not just cost efficiencies, but the creation of multiple growth opportunities through our issuance orchestration platform, shaping a future of unparalleled fintech offerings,” he added.