BayanPay Online Payment Services Obtains a Sama License

The Bayan Digital Payments Company, whose business is focused in the Kingdom of Saudi Arabia, has obtained a license from the Saudi Arabian Monetary Agency  to act as a provider of electronic payment services. BayanPay becomes the first e-commerce payment portal to provide services to small and medium-sized companies, after undergoing a trial period during which it was able to gain the confidence of the Saudi Arabian Monetary Agency.

This license represents a strong impetus to the business of “Venable”, which seeks to benefit from its long experience and global spread, to expand its business in providing electronic payment services to Saudi companies and citizens both locally and internationally, through its company in the Kingdom, BayanPay.

BayanPay offers a range of payment solutions, foremost of which is BayanPay Business, which is a portal for online group payment services. It provides an easy and safe way to handle digital payments between commercial companies and some, between commercial companies and customers, between commercial companies and government agencies. In addition to the BayanPay Digital Portfolio, which is an innovative service supported by electronic payment technologies from “Finable”, it allows customers in Saudi Arabia to make smooth and secure payments, including international payments from the third largest market for remittances in the world amounted to 33.47 billion dollars in 2018, according to World Bank estimates.

Fahd Al-Fawaz, founder and CEO of BayanPay, said, “Venable’s expertise, its global network and its technological leadership will enable BayanPay to take more steps to become the leader in the field of digital payments in the Kingdom. Our digital solutions will contribute to Supporting, developing and diversifying the Saudi economy by enhancing the efficiency of payment for corporate and individual customers, in line with the Saudi vision for the year 2030. We provide a service that is highly reliable, comfortable and very smooth in addition to many other benefits provided by our system of digital payments. I thank the Saudi Arabian Monetary Agency and our partners for Let It is a constant concern of us as we strive to create an active digital payment community in Saudi Arabia. ”

It is noteworthy that BayanPay was established in Riyadh, Saudi Arabia, and it occupies an important position enabling it to support the goals of the Saudi Vision 2030, by providing a set of reliable and secure digital payment solutions that enable it to support the growth of the Saudi economy. The Saudi Arabian Monetary Agency estimates that non-cash payments to the retail sector in Saudi Arabia amounted to more than 36% of all other payments as of July 2019, targeting the institutions

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The Bayan Digital Payments Company, whose business is focused in the Kingdom of Saudi Arabia, has obtained a license from the Saudi Arabian Monetary Agency  to act as a provider of electronic payment services. BayanPay becomes the first e-commerce payment portal to provide services to small and medium-sized companies, after undergoing a trial period during which it was able to gain the confidence of the Saudi Arabian Monetary Agency.

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