PayTabs Expands into Prepaid Card Market with PayTabs Issuance Platform
PayTabs Group, a leading payment orchestration company in the Middle East and North Africa (MENA) region, has recently introduced its latest innovation, the PayTabs Issuance platform, as highlighted by The Fintech Times. This new offering is designed to streamline the prepaid card issuance process and marks a strategic move to bolster the company’s presence in the global cards market.
According to the company’s announcement, PayTabs Issuance is a comprehensive solution aimed at facilitating the acquisition, issuance, management, and control of payments. It enables financial institutions, retailers, and corporations to issue co-branded Visa, MasterCard, debit cards, and local cards in various currencies, offering a versatile solution for businesses in the region.
The global cards market, valued at $524.9 billion in 2022, is projected to reach a staggering $1.2 trillion by 2032. PayTabs is positioning itself to tap into this lucrative market by simplifying the complexities and costs associated with prepaid card issuance. The goal of PayTabs’ orchestration platform is to empower businesses of all sizes, in any market, to become self-reliant in terms of payment processing technology.
Powered by banking as a service (BaaS), PayTabs Issuance leverages a wealth of global expertise and data-driven insights to streamline the card issuance process, from conception to optimization. This approach allows brand owners to focus on enhancing customer experiences and expanding their operations.
Abdulaziz Al Jouf, CEO and founder of PayTabs Group, highlighted the company’s mission, stating, «Using smart tech orchestration, we’re making it possible for thousands of businesses to execute transactions, access data, and scale their operations. Being able to offer a card program gives PayTabs a unique positioning by offering the best of both acquiring and issuance as a bundled solution.»
Vikas Om Choudhary, head of issuance at PayTabs, also emphasized the growth potential of this venture into the issuance business, saying, «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.»
PayTabs Issuance aims to cater to various segments of the prepaid card market in the MENA region, providing tailored solutions for different card types, end-users, and markets. With its commitment to simplifying payment processing and fostering innovation, PayTabs is poised to make a significant impact on the evolving landscape of financial technology.