Saudi Arabia’s HyperPay plans to expand in MENA: report

HyperPay, Saudi Arabia’s online payments solutions firm, is planning to expand its presence in the Middle East and North Africa (MENA) region, Zawya reported, citing chairman Abdullah Altamami.

“We plan to continue to invest in Saudi, primarily and the region,” he said as the company plans to provide “local products for local consumers and businesses”.

HyperPay, which is currently operating in Kuwait, Bahrain and Oman, is looking at foraying into the Egyptian market.

“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,” he added.

Meanwhile, Saudi Payments Network (Mada), the domestic network for online payments, recorded a 47 percent 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.