The deployment is a major milestone for the advancement of digital payment security in the Kingdom.
RIYADH, Saudi Arabia, June 14, 2023 /PRNewswire/ -- Saudi Arabia's PayTabs Group, the region's award-winning payment solutions provider, today announced a strategic agreement with Modirum - a global brand with a track record of delivering effective 3D secure solutions for over 20 years.
The alliance between the two firms aims to offer flexible, robust, and cost effective EMV 3D secure authentication solutions for PayTabs merchants, banks, and processors across the Kingdom of Saudi Arabia.
With cybercriminals on the lookout for security lapses, one of their favorite targets is collecting sensitive payment information of online shoppers. The biggest benefit of 3D secure payments is that it prevents any payment fraud or identity theft for both the end customer and merchants. According to a report by Deloitte, several organizations in the Middle East are struggling with online payment fraud, especially since the pandemic hit.
Modirum's 3DS solutions make it possible for PayTabs as a payment processor to offer authentication and verification of users' identity. This ensures secure and seamless digital payments across all devices such as desktops, laptops, tablets, and mobiles. The software security solution also aims to prevent card fraud on merchants' websites and e-stores offering ecommerce vendors peace of mind.
Certified for Verified by Visa and Visa Secure, MasterCard SecureCode, American Express Safekey, Union Pay and various other card schemes, the solution from Modirum also offers PayTabs merchants multiple integration options and APIs to ensure secure end to end transaction processing.
Commenting on the partnership, Jari Heikkinen, CEO of Modirum said, "We are delighted to be working with PayTabs, the leading payment company in Saudi Arabia. Our 3D Server Solution is in use globally and recognized as one of the best in the industry by merchants, payment gateway companies and acquirers. We are proud that PayTabs chose to partner with us in this highly dynamic market and we look forward to continued growth in the region."
While at the PayTabs Group HQ in Saudi Arabia, Abdulaziz Al Jouf, founder, and CEO of the PayTabs Group added, "Together with Modirum, we are committed to elevating digital payments on Saudi soil by offering millions of ecommerce merchants, globally certified 3D Secure solutions. This partnership marks a new dimension in payment security and is one step closer in the Saudi Kingdom's vision 2030 to digitize the economy and payment ecosystem."
About PayTabs
The PayTabs Group is an award-winning payments solutions powerhouse founded by Saudi entrepreneur Abdulaziz Al Jouf.
Having processed the first live payment gateway transaction in 2014, today PayTabs processes transactions in multiple currencies and markets, swiftly and securely. By providing the infrastructure for B2B payment solutions, including digital invoicing for businesses, QR code, social media payments, point of sale and switching platforms, PayTabs facilitates seamless e-commerce and social commerce solutions for merchants and super merchants.
Over a decade, PayTabs has custom built and exported a full stack of game changing solutions. These include mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the region.
In 2021, PayTabs launched PT Touch, the ?rst soft POS solution in the MENA market to transform smart phones into merchant point of sale (POS) terminals. In 2022, PayTabs made a leapfrog move to pioneer next generation payments, by launching its home owned, globally validated unified payments and transaction processing platform -PayTabs SwitchOn®. PayTabs unified payment processing orchestration enables governments and large-scale originations to become independent payment platforms to serve their industries.
In 2022, the company acquired Türkiye's social commerce platform Paymes to complement its existing retail portfolio. In early 2023, PayTabs received payment gateway certification from Saudi Payments.
PayTabs has dedicated offices in the GCC including the UAE & Saudi Arabia and presence in many other locales including Turkey, India, and Egypt. The company is an equal opportunities employer with a multi-cultural team. For more milestones visit https://site.paytabs.com/en/
About Modirum
Modirum is a global leader in 3-D Secure technologies and services. Founded in Helsinki in 1998. Modirum offers a complete range of 3-D Secure solutions for Issuers, Acquirers, Processors, Payment Service Providers and Merchants to authenticate, secure and process online payments.
Modirum software and services are used by customers in over fifty countries worldwide. Modirum software is certified to the latest requirements from EMVCo and the major Payment Systems, and our hosting facilities are audited annually for PCI 3DS and PCI DSS compliance.
Our expertise in this domain is widely recognized in the industry and we now offer expert consulting services to our client base to optimize their use of 3D secure solutions.
Modirum have personnel located in seventeen countries, with our hosting centres located in Norway and Estonia.
We sales offices in Estonia (Tallinn), UK (London), Cyprus (Larnaca), United Arab Emirates (Dubai) and the USA (California). Our support and development offices are in Estonia, Finland, Greece, India, Kenya, Nigeria, Philippines, Pakistan, Singapore, South-Africa, Ukraine, and the USA.
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