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For the first time, merchants can now offer international visitors the choice of paying in their own currencies, supporting Saudi Vision 2030’s transformation toward digital payments.
Planet, a leading global provider of integrated payments and technology services, has announced an innovative new partnership with Geidea, a leading Saudi fintech company specialising in digital banking technology, Point-of-Sale (POS) terminals, and business management solutions for SMEs in retail and digital commerce.
Through the partnership, Planet will introduce its currency conversion services across Geidea’s suite of fully integrated POS solutions and POS terminals, further enhancing the value Geidea delivers to its merchant customers across Saudi Arabia.
In what is a first for the Kingdom, international visitors can now benefit from the choice and convenience of being able to pay for goods and services in their own currency, while merchants offering Planet’s currency conversion service can also generate additional revenue from payments.
Visitor numbers across the Kingdom are expected to grow significantly over the next few years as Saudi Arabia looks to transform its tourism sector into a key driver of economic growth as part of Vision 2030.
With the country targeting 150 million visitors by 2030, the introduction of currency conversion services couldn’t have come at a better time for merchants looking to enhance the payments experience for their international customers.
At the same time, Planet will also be offering its payment gateway service through Geidea, further enhancing the range of products and services Geidea offers its merchant customers across the hospitality sector, for a superior payment experience.
Mr. Omar Yassine, Group CEO, Geidea, said, “We chose Planet because of their strong local market presence, experience in the Middle East and the quality of their payments offering. The partnership builds on our existing relationship in the UAE and we’re looking forward to working with Planet to introduce these new payments services for the benefit of our merchant customers across Saudi Arabia.”
Colin Close, Chief Commercial Officer (CCO), Planet, said, “We’re delighted to extend our partnership with Geidea into Saudi Arabia, and are proud and excited to be the first payments provider to launch currency conversion services in the Kingdom. Saudi Arabia is a key growth market for us and this extension of our collaboration with Geidea will allow us to further expand our payments solutions across this strategically important region.”
About Planet
Planet is a leading global provider of integrated technology and payments solutions for retail and hospitality customers. We create great experiences for the millions of people who use our payments, software, and tax-free solutions every minute of every day.
Planet empowers its customers to deliver great customer experiences by combining payments and software in ways that drive greater loyalty, increase revenue and save time.
Founded over 35 years ago and with our headquarters in London, today we have more than 2,500 employees located across six continents serving our customers in more than 120 markets.
About Geidea
Founded locally in 2008 by entrepreneur Abdullah Faisal Al-Othman, Geidea has evolved into a leading and fully licensed payment service provider offering digital banking technology, Point-of-Sale (POS) terminals and business management solutions serving both financial institutions and small businesses in retail and digital commerce.
As the leading payment solutions provider, we are proudly based in Riyadh, Saudi Arabia, and offer services in several locations across the GCC, including the United Arab Emirates and Egypt.
Today, we have over 1,000 employees, serve over 150,000 merchants, and provide more than 700,000 payment terminals in addition to ATM networks with 75% market share across the Kingdom alone.
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