Riyadh – Mubasher: Geidea, a Saudi Arabia-based fintech company, has partnered with Nayifat Finance Company to offer various payment solutions.

Geidea's point-of-sale (POS) terminals and tap-on-phone solutions will enable Nayifat’s customers, namely merchants, to accept various payment methods, including contactless cards and wearable devices, according to a press release on Thursday.

Through Geidea’s POS terminals, merchants will also benefit from a simplified repayments solution and will be able to allocate a percentage or amount of monthly revenues for their payment obligations.

The Chief Business Officer at Geidea, Abdullah Al Showaier, said: "This partnership will enable us to bring our payment and e-commerce solutions to several people that use their services, and help their borrowers and SME customers take advantage of some of the latest technologies aimed at providing a seamless and convenient payment experience."

Meanwhile, the Managing Director and CEO at Nayifat, Abdulmohsen Al Sowailem, commented: "The POS financing product is definitely set to satisfy business needs allowing companies to streamline cash flows and finances, which is the key driver for Nayifat as we go an extra mile to raise the bar for structured finance product offering, to continuously support SMEs in line with the 2030 vision."