MEPS to offer cashless payment services
Dubai, January 2, 2012
Amman-based Middle East Payment Services (MEPS) said it has signed a partnership deal with leading mobile payments technology firm MOBIbucks to offer cashless payment services in Levant region.
A consortium of 7 Arab Banks providing payment processing services in the region, MEPS said the move is likely to open a new chapter of electronic payments for consumers in the Levant region.
The agreement will enable consumers in the Levant region to avail of the first cardless and cashless payment service, said a senior official.
'MOBIbucks was delighted to offer its innovative solutions that enable consumers to make everyday purchases using just a cell phone number, without the need for cash, card or even mobile phone to be in the user’s possession,' remarked Ziad Alshobaki, MOBIbucks managing director of Mena operations.
The new service will be offered very soon to other parts of the Middle East, he added.
'Through this partnership MEPS will offer the MOBIbucks mobile payment solution to banks as well as to businesses, such as restaurants, fast food outlets and coffee shops,' Alshobaki noted.
Dr Abdul Malik Jaber, CEO of Middle East Payment Services said, 'MEPS is leading the way in the development of the payments landscape in Jordan.'
“The emerging needs for payments in the digital economy demand new payment tools. MOBIbucks is such a tool.'
'MOBIbucks is a unique system with a wide variety of functionalities that will be used by consumers for such things as frequent low-value purchases, person-to-person (P2P) payments and money transfers. It will facilitate their transactions and make their lives easier,' he added.
MEPS offers payment management services to banks and facilitates payment for other businesses, such as hotels, restaurants, travel and tourism agencies, car rental, hospitals and a variety of shops in Jordan, Iraq and Palestine.
“Jordan in particular and the Levant region in general is a fast-growing digital economy. It boasts a mobile phone penetration rate exceeding 100 per cent. These factors make mobile payments a natural fit,” said Alshobaki.
Jorge Fernandes, CEO of MOBIbucks pointed out that Jordan was a key market for the company in the Middle East.
“With this initiative, MEPS is laying the foundation to empower consumers in Jordan with the most innovative and contemporary method for doing payment transactions,” he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Mena inbound M&A value triples to $3.9bn
- DFM opens educational trading floor at varsity
- Egypt urban inflation hits 4-year high in Nov
- Adib honoured for SME support services
- Saudi rallies ahead of 2014 budget speech
- Qatari oil, gas to have limited impact on GDP growth
- Xerox Emirates, Asseco offer banking solutions
- Omani bank rolls out home finance products
- NBAD steps up hiring ahead of Expo boom
- Acuma names new UAE head