PayTabs Group, a Middle East and North Africa (MENA) payment orchestration company, has introduced PayTabs Issuance, a prepaid card issuing solution, with a focus on expanding its regional business operations.
The move comes as the company aims to tap into the global cards market, which was valued at $524.9billion in 2022 and is also projected to reach $1.2trillion by 2032.
PayTabs Issuance offers a streamlined approach to acquiring, issuing, managing and controlling payments. It enables banks, retailers and corporations to issue cobranded Visa, MasterCard and debit cards, as well as local cards in various currencies.
The ultimate goal of PayTabs’ orchestration platform is to enable any company, in any market, to become self-reliant in terms of payment processing technology. This aims to eliminate the complexities and costs associated with prepaid card issuance, providing businesses with streamlined solutions and innovation.
Powered by banking as a service (BaaS), PayTabs Issuance leverages globally acquired expertise and data-driven insights to simplify the card issuance process, from concept to optimisation. It aims to empower brand owners to focus on enhancing customer experiences and expanding their businesses.
PayTabs has tailored its card issuance technology to cater to entities and users across markets, providing a range of card functions to accommodate various business models. The platform offers partners the flexibility to scale their operations and achieve industry dominance.
Facilitating card issuance for businesses
“PayTabs has teamed up with banks and processors worldwide to help businesses issue cards globally,” said Abdulaziz Al Jouf, CEO and founder of PayTabs Group. “Using smart tech orchestration, we’re making it possible for thousands of businesses to execute transactions, access data and scale their operations. Being able to offer cards program gives PayTabs a unique positioning by offering the best of both acquiring and issuance as a bundled solution”
Vikas Om Choudhary, head of issuance at PayTabs, also outlined the potential for growth opportunities with this venture into the issuance business: “For businesses in the PayTabs network, this signifies not just cost efficiencies, but the creation of multiple growth opportunities through our issuance orchestration platform, shaping a future of unparalleled fintech offerings.”
PayTabs Issuance aims to serve various segments of the prepaid card market in the MENA region, offering solutions tailored to different offerings, card types as well as end users and markets.