WadzPay announces strategic partnership with Geidea
By Leandra Monteiro
Geidea, a FinTech company in Saudi Arabia and WadzPay Middle East Technology have forged a new strategic partnership to power the transformation of pilgrimage payments.
Geidea is utilising the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.
WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.
WadzPay partnered with Algorand, a high-performance, next-generation ISO 20022 and Sharia-compliant blockchain with a roadmap to 46,000 transactions per second to deliver stability and near-instant finality to its clients.
WadzPay, Founder and Group CEO, Anish Jain said, “I am delighted to team up with Geidea to deliver the absolute best in payments experience for pilgrims. Saudi Arabia is home to the annual Hajj and Umrah, about one million people from nearly two hundred countries perform these pilgrimages; with Geidea merchant and POS networks, WadzPay is also enabling merchants to benefit from faster, secure and seamless payments”.
Renier Lemmens, CEO at Geidea said, “The pilgrim market is an incredibly important part of the Saudi economy, which is why we are thrilled to partner with WadzPay in a move that will unlock vast SME business success for merchants across the Kingdom. 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 – and we’re delighted to be able to help them on their way.”
IBSi Daily News Analysis
January 27, 2023
Embedded finance, Web3 to trigger FinTech investment in 2023 amid looming recessionRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage