The Kingdom of Saudi Arabia (KSA) seeks to achieve the highest levels of financial inclusion by improving access to financial services for all segments of society, including small and medium enterprises. This is an essential part of the Kingdom’s Vision 2030 objectives to diversify the economy and stimulate economic growth by enhancing the role of the financial sector as a fundamental pillar of the economy.
Financial inclusion is the key to a thriving economy. It is a vital component in driving the development process in the Kingdom, as the country seeks to enable individuals and companies to access financial services easily and safely, enhancing economic diversification and fostering sustainable development. Furthermore, providing accessible banking services ensures that the unbanked and underbanked population, such as those who do not have bank accounts and access to bank loans and electronic payment services, participate in the formal financial system, thereby stimulating economic growth. Thus, financial inclusion becomes a pivotal tool for empowering individuals and companies, particularly small and medium-sized enterprises (SMEs), and fostering economic growth. It also enhances the ability of companies to expand and grow within a safe and effective digital environment.
In this context, financial technology is becoming increasingly important. Digital solutions in the field of electronic payments have become instrumental in enabling companies to simplify their financial operations and enhance their ability to expand and grow in competitive markets. Small and medium enterprises, which constitute 99.5 percent of all companies in Saudi Arabia, are a key element in achieving economic growth, and financial inclusion enables these companies to obtain the requisite financial tools to achieve sustainable development.
The Kingdom has witnessed a remarkable boom in the use of digital solutions, thanks to rapid technological developments and the increased spread of smartphones and the internet, which has brought a qualitative shift in how financial services are provided.
In this context, HyperPay stands out as one of the leading companies in the Kingdom that provides digital payment solutions. As one of the most prominent players in this field, the company offers innovative solutions enabling SMEs to accept electronic payments easily and securely. This enhances their cash flows, allowing them to expand the scope of their business and elevate their business to greater heights.
In addition, HyperPay contributes to creating a safe and sustainable environment for small and medium-sized enterprises by providing advanced technologies such as payment processing and risk management. This further advances their ability to expand and develop, whether in the Saudi market or internationally. The company relies on the latest digital technologies, including artificial intelligence, to improve the accuracy and speed of operations while providing effective protection against potential threats. Artificial intelligence solutions enable the rapid detection of suspicious transactions, enhancing security and providing proactive protection against any risks that may arise in the future. This reflects HyperPay’s commitment to providing innovative solutions that keep pace with the market’s evolving needs and increase companies’ confidence in electronic payment platforms.
HyperPay is also expanding its digital solutions to include integrated services that aim to improve customer experience and loyalty. The company relies on innovative technologies such as chatbots and virtual assistants to provide immediate and personalised support to companies and individuals alike. Thanks to advanced data analysis technologies, HyperPay can obtain valuable information about customer behaviour and trends, enabling companies to improve their marketing strategies, provide financial services that are compatible with the market’s evolving needs, enhance performance efficiency, and raise the level of interaction between companies and customers. HyperPay seeks to support SMEs in the Kingdom by forming strategic partnerships with international companies that enable them to provide innovative payment solutions that meet the local market’s needs. These partnerships are a qualitative step towards developing the digital payment system in the Kingdom, accelerating digital transformation and raising the level of security and efficiency in financial transactions.
HyperPay is expanding its operations to include other Middle Eastern countries, such as Egypt, Bahrain, and Oman, to enhance its position as a leading provider of cross-border digital payment services. This expansion will strengthen the company’s ability to support financial inclusion in these markets and enable SMEs in these countries to access innovative digital payment solutions that help them expand their businesses and achieve sustainable growth.
In conclusion, financial inclusion and digital transformation are inextricably linked, driving economic growth in the Kingdom of Saudi Arabia. With the acceleration of this digital transformation in the country, HyperPay aims to become one of the most prominent entities that support this trend by providing innovative digital financial solutions for SMEs, helping them build and sustain a competitive edge in the current fierce market. These solutions are also key to achieving financial stability and sustainable economic growth in the Kingdom and advancing the country’s position on the global stage.

HyperPay, the leading payment gateway provider in the MENA region, showcased its cutting-edge digital payment technologies and connected with key leaders in the fintech sector at Seamless Saudi Arabia 2024. During its interactions, HyperPay emphasised its role in advancing Saudi Arabia’s digital transformation goals following the Saudi Vision 2030 strategy.

The company unveiled new services that leverage AI to optimise the user experience and strengthen transaction security, reflecting HyperPay’s ongoing plans to expand across the Middle East to reach new markets such as Bahrain, Egypt, and Qatar.

In addition to highlighting new AI-driven payment solutions, the company fortified its partnerships to improve the cashless ecosystem in Saudi Arabia and beyond. HyperPay expanded its strategic collaborations by signing agreements with GOSI and ANB to optimise payment solutions by streamlining GOSI’s subscription processing and enhancing ANB’s financial transactions with improved efficiency and security.

HyperPay also signed an agreement with Parcelat, an eCommerce service provider, to offer integrated payment solutions. The partnership is in line with HyperPay’s plans to assist Saudi Arabia’s e-commerce industry by providing companies with flexible and safe payment services. These initiatives highlight HyperPay’s role in modernising financial operations in both the public and private sectors of Saudi Arabia, which is consistent with the country’s overall digital transformation goals.

 

Muhannad Ebwini, Founder and CEO of HyperPay stated, “At HyperPay, our mission is to deliver cutting-edge payment solutions to promote digital transformation in Saudi Arabia’s major industries. Our participation in Seamless Saudi Arabia 2024 and these latest collaborations demonstrate our commitment to improving the effectiveness, security, and convenience of financial transactions – all of which are critical to improving Saudi Arabia’s evolving financial ecosystem. More significantly, they also support the Vision 2030 objectives, which include implementing seamless digital solutions that promote modernisation and sustainable growth.”

“Our goal is to improve the end-user experience by making every interaction quicker, safer, and more effective with our wide range of innovative payment solutions. We will continue to introduce significant, scalable innovations to the financial sector that empower companies and promote growth, thereby strengthening the cashless ecosystem in Saudi Arabia and beyond,” he added.

By offering safe, easy payment methods that streamline online transactions for companies and government organisations, HyperPay’s platform caters to several industries, including hospitality and education. The company strives to simplify payment processes, enhance user experiences, and boost digital transaction capabilities for clients, thereby contributing to a resilient financial ecosystem.

Payment gateways have witnessed a profound transformation, thanks to the innovative applications of AI-powered tools.

These tools are not only enhancing security and streamlining operations but also revolutionising the way financial institutions engage with their customers, a HyperPay release said.

AI-driven technologies, such as chatbots and virtual assistants, are reshaping the customer experience by providing efficient and personalised support. These intelligent systems leverage natural language processing to understand and respond to customer inquiries, offering instant assistance during checkout or order fulfilment.

Imitating human intelligence

Moreover, AI algorithms can analyse vast amounts of data to identify potential fraud risks, safeguarding both businesses and consumers. In essence, AI tools imitate human intelligence to address payment-related problems quickly and cost-effectively.

The Mena region has witnessed a surge in digital payments, driven by increasing internet penetration, mobile usage, and supportive government initiatives. About 85% of fintech firms in the region are actively engaged in payments, transfers, and remittance services, contributing to the growth of the digital economy. The UAE, Saudi Arabia, and Egypt have emerged as key players in the fintech landscape, with a thriving ecosystem of startups and a focus on innovation.

For instance, the UAE has over 800 startups worth $15.5 billion. With nearly a third of businesses expecting significant growth (over 20%) in 2024, digital payment innovations have emerged as a crucial element for success in the dynamic, ever-evolving business landscape.

More than 100 industry executives across the UAE, Saudi Arabia, and Egypt emphasise the critical importance of digital payment for businesses in the region. A staggering 81 per cent of companies surveyed believe that speedier transactions directly contribute to increased revenue. Additionally, around 83 per cent of executives recognise the significance of easy payment completion in building customer loyalty.

HyperPay at the forefront

HyperPay, a leading payment gateway provider in the Mena region, has been at the forefront of integrating AI into its operations. The company’s commitment to providing exceptional payment solutions is driven by a deep understanding of the evolving needs of businesses and customers.

At the heart of the company lies its mission of providing companies with the best payment gateway, payment solutions, and payment services, to make all payment processes easier, faster, and more reliable.

The company has incorporated AI across many of its operations for a variety of reasons. AI-driven algorithms analyse transaction patterns in real-time to detect and prevent fraudulent activities. Its advanced fraud prevention solution leverages a combination of risk, settings, machine learning, fraud and payments data, as well as advanced analytics to identify suspicious transactions and protect businesses from financial losses. Businesses that use or accept debit and credit cards online are always at risk of fraud.

HyperPay’s advanced fraud protection solution empowers companies to detect risks accurately, maximise genuine profits, and minimise any potential loss. Machine learning models adapt to new fraud techniques, ensuring ongoing security. AI optimises payment routing, reducing transaction times and costs. Machine learning models predict transaction outcomes, minimising errors and failures, enabling real-time response to fraudulent acts and ensuring a seamless payment experience.

The company uses ‘Blacklists’ based on IP address, region, credit card information, and other factors to further identify suspicious customers. It refers to a transaction that will be rejected if the details of the customer match those on the blacklist. Predictive analytics is an additional AI-powered method. It compiles data and information from across industries (fraud intelligence) to assist the fraud team in identifying fraud more quickly and accurately using data analytics. Furthermore, companies can promptly and precisely detect new fraud patterns before they influence the company, thanks to real-time machine learning judgments.

AI-powered chatbots

HyperPay’s AI-powered chatbots and virtual assistants further provide instant support to businesses and consumers, enhancing customer satisfaction and loyalty. AI enables real-time data analysis, helping businesses gain valuable insights into customer behaviour and optimise their marketing strategies.

The company is committed to expanding its AI capabilities in fraud prevention, analytics, and customer service. The company envisions a future where AI-driven payment gateways become an integral part of the Mena region’s digital economy, empowering businesses and customers alike.

AI is revolutionising payment gateways, offering unprecedented opportunities for growth and innovation.

HyperPay’s leadership in integrating AI into its operations positions the company as a key player in shaping the future of payments in the Mena region. By leveraging AI-powered tools, the company seeks to provide secure, efficient, and customer-centric payment solutions that drive business success.

HyperPay, the largest and fastest-growing payments services provider in the MENA region, has formed an extended partnership with ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, to facilitate AI-driven payment innovations across the MENA region. The partnership was signed on the sidelines of HyperPay’s participation in Seamless Saudi Arabia 2024, held at the Riyadh Front Exhibition Centre between October 22 and 24.

 

HyperPay provides an all-in-one payment platform that empowers eCommerce and retail providers to seamlessly accept payments and rapidly grow while efficiently managing risks and tracking results. The company’s one-click payment solution ensures a highly convenient and efficient payment experience by enabling customers to complete transactions at the click of a button while adhering to the Saudi Arabian Monetary Agency’s stringent regulations for safeguarding sensitive payment information.

The partnership enables HyperPay to leverage ACI’s Payments Orchestration Platform to streamline all payments within a single platform, ensuring optimal conversion rates and minimal operational costs. Moreover, the company will also utilise ACI’s Payment Intelligence and Fraud Orchestration Platform which is integrated with AI and machine learning, to automate fraud protection and access key analytics on consumer behaviours, thereby enhancing interactions, reducing friction and bolstering acceptance rates.

ACI Worldwide’s 2024 Prime Time for Real-Time report has positioned the Middle East as the fastest-growing real-time payments market for the second year in a row. Within this dynamic landscape, Saudi Arabia is emerging as one of the region’s largest economies and digital payment adopter, with the nation’s real-time payment transaction volume poised to grow from 430 million in 2023 to 1.3 billion by 2028. This reflects the objectives of Saudi Vision 2030, a strategic framework that aims to nurture a prosperous economy through digital transformation and financial inclusion while achieving 70 per cent of non-cash transactions by 2030.

Muhannad Ebwini, Founder and CEO of HyperPay said: “HyperPay is at the forefront of Saudi Arabia’s cashless revolution, and we are fully dedicated to advancing digital payment innovation, harnessing AI to elevate payment experiences, and ensuring robust security of all transactions. Our partnership with ACI Worldwide supports our global and forward-looking outlook to expand into new markets and introduce new products and services with speed and agility.”

Santhosh Rao, Senior Vice President, MEASA, ACI Worldwide said: “ACI is proud to partner with HyperPay to revolutionise digital payments across the MENA region. Through this partnership, ACI and HyperPay aim to empower customers by offering fast, secure and frictionless payment experiences. The partnership further underscores our joint strategic vision of leveraging advanced AI-driven technologies to promote innovation and positively shape the future of digital payments across the MENA region and beyond.”

HyperPay, the leading payment gateway provider in MENA, showcased its cutting-edge payment solutions and services at Seamless Middle East 2024, held at the Dubai World Trade Centre from May 14 to 16, 2024. The company utilised the platform to share valuable insights and long-standing expertise in positively transforming the regional fintech landscape.

During the event, the HyperPay team proactively engaged with attendees, educating them about the latest trends, challenges, and opportunities shaping the regional fintech sector. The company has positioned itself as a trailblazer in the dynamic fintech landscape, led by an unwavering commitment to steering innovation and revolutionising financial services through an array of cutting-edge payment solutions.

Muhannad Ebwini, Founder and CEO of HyperPay, said: “We are pleased to be a part of Seamless Middle East 2024, which is a leading platform that promotes innovation across diverse sectors in the MENA. At HyperPay, our mission is to develop best-in-class fintech payment solutions that streamline our clients’ key processes and enhance customer satisfaction. The event provided us with a platform to showcase our highly secure and advanced financial services through which we aim to revolutionise the regional payment system. Driven by the success of this exhibition, we will continue to address pertinent challenges impacting the industry and shape transformative solutions that will benefit the sector.”

At a time when the global banking and financial services sector is undergoing an unprecedented transformation due to the advent of fintech, Seamless ME aims to convene innovative fintech startups from across the globe, creating a collaborative forum for tackling pertinent challenges. The event hosted over 25,000 attendees, more than 500 startups, 700 exhibitors, and 500 speakers from across the MENA, facilitating discussions on important fintech topics such as mobile banking, blockchain, digital payments, and cybersecurity among others. It also encompassed keynote addresses, panel discussions, workshops, and exhibitions focusing on the latest innovations in fintech.

HyperPay is known for facilitating innovative payment solutions across the MENA region, empowering companies to process payments seamlessly and securely through cutting-edge technology and reliable customer services. The company offers online payment, mobile payment, and point-of-sale solutions, as well as value-added services such as fraud protection, chargeback management, and data analytics to ensure efficient payment services for users.

HyperPay, a leading payment gateway provider in the MENA region, showcased its innovative payment solutions and services at the prestigious Arabian Travel Market (ATM), which was held from May 6 to 9, 2024, at the Dubai World Trade Centre.

HyperPay’s presence at ATM not only underscored its commitment to driving innovation but also solidified its position as a leader in the fintech industry. With a focus on enhancing guest experiences and streamlining hotel operations, HyperPay’s hospitality service offers a seamless payment and collection method.

Highlighting the importance of the event, Muhannad Ebwini, founder and CEO of HyperPay, emphasized the event’s significance in forging new partnerships and elevating customer experiences. He stated, “At HyperPay, we are committed to excellence, quality, and innovation. Our participation at ATM underscores our dedication to providing the best payment solutions in the fintech sector, particularly in the hospitality industry, to streamline processes and enhance customer satisfaction.”

ATM, renowned as the nexus of tradition and innovation in the hospitality sector, provided an optimal platform for HyperPay to showcase its unparalleled hospitality services. As one of the premier global events for the inbound and outbound travel industry in the Middle East, ATM served as a meeting point for visionaries and industry leaders.

The Arabian Travel Market serves as the ultimate convergence point for various travel sectors and verticals, facilitating networking opportunities and fostering growth. With over three decades of unlocking business potential for the travel trade industry, ATM continues to drive global travel and tourism growth. Whether the focus lies in expanding MICE, leisure, luxury, or corporate travel, ATM caters to all. With its exponential growth mirroring the markets it serves, the event fosters a staggering USD 2.5 billion in deals.

By unveiling its innovative payment solutions at ATM 2024, HyperPay reaffirmed its commitment to transforming the hospitality landscape and delivering unparalleled value to its clients and partners.

HyperPay, the leading payment gateway provider in the MENA region, signed a collaboration agreement with Capital Bank intending to drive the future of streamlined payment gateway services for merchants. The collaboration marks a significant step in the journey of both parties, as they will make combined efforts to develop the payment landscape for merchants.

The collaboration will enhance the online payment gateway services, offering benefits to both merchants and consumers. By leveraging Capital Bank’s digital payment acceptance services, HyperPay seeks to deliver a seamless and efficient payment gateway experience, solidifying its commitment to empowering businesses and ensuring a secure and seamless transaction experience.

The agreement covers three key areas to provide the highest quality services to both merchants and customers. The initial focus of the collaboration is the optimisation of payment gateway services. This enables HyperPay and Capital Bank to offer enhanced payment gateway services that can meet the evolving requirements of merchants. The second focus area is the enhancement of merchant experience, in line with which both parties will prioritise ensuring a user-friendly payment experience through its services that promote customer satisfaction and foster loyalty. Finally, it aims to offer secure and reliable transactions by integrating Capital Bank’s digital payment acceptance services with HyperPay’s advanced technology. It will also help in instilling confidence in both merchants and customers alike.

Muhannad Ebwini, Founder and CEO of HyperPay said: “At HyperPay, our strategies and initiatives come in line with our keenness for empowering businesses and facilitating seamless transactions. Our recent collaboration with Capital Bank is a testament to our commitment to achieving excellence through technological synergy. This partnership combines Capital Bank’s acquiring expertise with HyperPay’s cutting-edge technologies, aiming to redefine merchant payment experiences. Our goal is not only to enhance transactional efficiency but also to elevate the overall journey for both merchants and customers. We are dedicated to delivering secure, reliable, and innovative payment solutions that promote customer satisfaction and loyalty. As we embark on this journey with Capital Bank, we are excited to exceed the evolving needs of merchants in the present dynamic business landscape.”

Rajaei Ajjour, Chief Payments & Acquiring Officer at Capital Bank – Jordan & Iraq, expressed his enthusiasm for the collaboration, stating, “This strategic partnership with HyperPay underscores Capital Bank’s commitment to elevating payment gateway services. By integrating our digital payment acceptance services with HyperPay’s advanced technologies, we aim to empower merchants with efficient, secure, and seamless transaction experiences. This collaboration is a testament to our dedication to fostering innovation and providing unparalleled value to both merchants and consumers.”

HyperPay is renowned in the MENA region for its distinguished services that support companies to accept payments from customers rapidly, securely, and seamlessly. With a significant focus on advanced technologies, the company offers online payments, mobile payments, point-of-sale solutions, and value-added services, such as fraud protection, chargeback management, and data analytics.

HyperPay, the leading payment gateway provider in the MENA region, showcased the upgraded version of its ‘HyperSight’ analysis tool at the recently held LEAP 2024 Conference in Riyadh. The newly enhanced tool boasts a cutting-edge dashboard equipped with innovative features designed to transform real-time data analysis and visualisation for businesses in the fintech sector.

HyperPay’s participation in the LEAP 2024 Conference demonstrates its unwavering commitment to fostering the growth and innovation of the fintech industry in the region while offering assistance to companies in the sector through various innovative solutions. The new dashboard of HyperSight includes a variety of intuitive features, including visualisation, tracking, monitoring, filtering, and data exploration capabilities. These features enable businesses to effortlessly monitor crucial metrics such as transaction volume, overall revenue, acceptance rates, and decline reasons, providing invaluable insights to inform strategic decision-making.

Muhannad Ebwini, Founder and CEO of HyperPay stated: “We are pleased to have participated in the LEAP 2024 Conference and showcased our upgraded HyperSight tool, which aims to empower businesses by unlocking the power of data. Through this solution, we seek to enable companies to take informed actions based on real-time, reliable data and insights. The LEAP 2024 Conference served as an excellent opportunity for us to shed light on our solutions, share our vision and connect with the global tech community. Our participation in this event aligns with our commitment to advance the growth of the fintech industry through numerous diverse financial solutions.”

The HyperSight tool facilitates the identification of patterns and trends in sales, customer behaviour, and performance over time. It also generates reports on a variety of payment processing-related topics, including daily summaries, keeps close tabs on possible fraud attempts and suspicious activity in real time, as well as efficiently manages chargebacks by reviewing payment details. Furthermore, it determines and resolves the issues that affect conversion rates, such as abandoned carts and unsuccessful payments, and allows to experiment with various payment options, checkout procedures, and promotional offers in order to enhance customer experiences. To raise the average order value, the tool provides flexible payment alternatives, such as installment plans or recurring billing, as well as utilises data to tailor communications and websites to customers’ preferences.

Additionally, the tool offers self-service tools where customers can monitor their orders, update their payment details, and control subscriptions. To promote transparency and trust, the tool provides real-time transaction confirmations and notifications. It further analyses customer behaviour and preferences to gain a deeper understanding of the target audience, in addition to customising communications based on purchase history and customer data. Moreover, by examining previous performances, the tool also helps companies to anticipate upcoming trends, enabling them to proactively adjust their strategies and operations to align with changing market dynamics.

One of the pioneers in the fintech sector, HyperPay provides businesses and customers throughout the Middle East and North Africa region with an extensive array of state-of-the-art payment solutions and services. The company’s offerings include online and mobile payments, in addition to value-added services, such as cost management, fraud protection solutions, and data analytics