Middle East Payment Services (MEPS), Jordan’s leading payment service provider, has announced a strategic collaboration with PayTabs, a renowned Saudi Arabian payment solutions provider, to introduce the latest version of the ‘Tap to Phone’ soft POS application, MEPS FAST.
‘Tap to phone’ enables secure contactless payments for small businesses operating in various sectors, including retail, tourism, leisure, delivery and logistics, entertainment, hospitality, and food and beverage. Developed by PayTabs in the Levant fintech space, the soft POS technology allows retailers, boutiques, kiosks, delivery companies, and other small businesses to accept contactless payments using their smartphones. The MEPS Fast mobile app transforms merchants’ personal Android phones into high-speed point-of-sale terminals, allowing them to seamlessly accept contactless payments from NFC-enabled MasterCards and Visa cards.
According to Statistica, the Digital Payments market in Jordan is expected to grow by 14.13% from 2023 to 2027, reaching a market volume of US$12.25 billion in 2027. In January, the Central Bank of Jordan (CBJ) authorized all e-payment companies and banks operating in the Kingdom to set new limits for contactless payments, with one transaction capped at JD100 and a daily limit of JD300. Jordan experienced significant growth in contactless payments after the Central Bank mandated, in late 2020, that all banks and e-payment companies use contactless-enabled cards and POS devices. In 2022, contactless payments accounted for 37% of the total value of e-payments in Jordan. With this promising market growth, MEPS Fast aims to reach new merchant segments and replace physical POS devices wherever applicable.
One key advantage of soft POS technology for Jordanian retailers is that it eliminates the need for additional hardware. Once the MEPS Fast app is downloaded, it remains available to retailers around the clock, facilitating digital payments at any time. MEPS Fast also supports the ‘PIN on Glass’ feature, allowing PIN entry directly on PCI-certified touchscreen payment devices.
MEPS has also partnered with Huawei to offer MEPS merchants discounted Android devices that can be paid for in 12 easy monthly installments at 0% interest. The discounted pricing on these devices will be exclusively available to MEPS merchants through Smart Buy.
Mr. Ali Abdel Jabbar, CEO of Middle East Payment Services Company, stated, “The launch of the newer version MEPS Fast reinforces the company’s slogan, ‘Powered by Innovation,’ which sets MEPS apart from its competitors in Jordan by consistently offering the latest solutions. This unique service aligns with the company’s vision of achieving financial inclusion in Jordan and expanding our merchant customer base, with a focus on small and medium-sized businesses such as home delivery, transportation, and distribution companies.”
Eyad Musharbash, PayTabs’ Regional General Manager for Levant & Southern Gulf, concluded, “Enabling secure digital payments is a game-changer in the Levant’s payments landscape. We are excited to partner with MEPS once again to deliver innovative, cost-effective acceptance solutions that meet the evolving payment needs of small businesses in Jordan. The convenience, security, and user-friendliness offered by MEPS Fast will undoubtedly enhance businesses’ capabilities while improving the payment experience for consumers.”