WadzPay partners with the payment service provider Geidea to facilitate digital payments during the Islamic holy pilgrimage.
The partnership merges WadzPay’s e-money wallets with Geidea’s point-of-sale (POS) terminals deployed across merchants in the Kingdom of Saudi Arabia (KSA).
The move is an effort to support digital payments, specifically during the Islamic holidays of Hajj and Umrah. The spiritual pilgrimages brought one million pilgrims to the holy city of Mecca this year; with a typical spending force of $20billion (2018).
While Umrah can be undertaken at any time of year, Hajj takes place between 26 June and 1 July.
By the year 2030, the KSA has a goal of hosting 30 million pilgrims in the city.
The combination of WadzPay and Geidea’s solutions is seeking to prove these pilgrims with e-money wallets to enable better expenses management with payments supported through the security of the blockchain.
“With Geidea merchant and POS networks, WadzPay is…enabling merchants to benefit from faster, secure and seamless payments,” comments Anish Jain, WadzPay founder and group CEO.
“The integration of an e-wallet into over a million merchant POS systems will also make transactions faster and safer for the millions of pilgrims that visit Hajj and Umrah every year,” adds Renier Lemmens, CEO at Geidea
The blockchain payment service provider’s newfound partnership with Geidea sits on solid ground following its April 2022 partnership with the blockchain network Algorand.
The network ensures WadzPay’s payment processing speed while it explores the development of white-labelled blockchain solutions.
Now having developed its strategy with Geidea, the company’s is actively preparing the suitability and reach of its services in time for the holy pilgrimage.
We are thrilled to announce that Geidea, a leading fintech and acceptance company in Saudi Arabia and WadzPay have forged a new strategic partnership to power the transformation of pilgrimage payments. pic.twitter.com/5wkTderhSZ
— WadzPay (@WadzPay) November 14, 2022
Sailesh Malhotra, GM, GCC at Geidea, explains that the partnership will offer its merchants and consumers a “best-in-class experience whenever they make payments.”
He cites “the delivery of a swift transaction process for merchants” and “a seamless payment experience for pilgrims” as critical drivers of the partnership.
Image and article originally from thefintechtimes.com. Read the original article here.