AMMAN — Navigating a pandemic is hard in and of itself, yet Jordan-based financial technology (fintech) company Middle East Payment Services (MEPS) was able to do more than just weather the storm. It actually grew during the pandemic, despite the challenges.
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During the COVID-19 pandemic, dependency on MEPS’ e-commerce
and online payment solutions has been growing, as more enterprises switch to
online platforms to retain their business, according to the company’s
newsletter.
MEPS has even gone to find solutions for those in Jordan who
do not have access to any digital payment options, through its payment link (online
invoicing) solution, which only requires a smartphone and card.
Run entirely by Jordanians, MEPS offers a variety of
tech-driven financial services to partners and clients locally, as well as in
Palestine and Iraq.
Regionally, MEPS is actively involved in shifting the
financial services sectors and digitization. But on the national level, MEPS
contributes to more than just fintech. According to company CEO Ali Abdul
Jabbar, as the company is shifting the market towards digital payments but also
towards financial inclusion.
The company has been at the forefront of the Central Bank’s
financial inclusion efforts, according to the company’s newsletter, which
highlighted the company’s role digitizing the aid disbursement process for the
Jordan Post and National Aid Fund through MEPS’ digital “National Wallet.”
On the business end, MEPS also finances merchants through
its MEPS Plus solution, which increases the overall market’s access to
financing and coverage.
Commercially, MEPS has seen growth rates in the first
quarter of 2021 as high as 50 percent on one of the company’s products compared
to the year before, which include advanced Point-of-Sale (POS) solutions,
online payment gateways, digital wallets, and more, according to the
newsletter.
Locally, the company was the first to introduce Smart
Android POS devices, holding the largest smart POS market share in Jordan, and
is the number one payment gateway service provider, the CEO explained in an
interview with Jordan News.
On the other end of the financial sector, MEPS also caters
to financial institutions and banks, in addition to merchants, individuals, and
enterprises of all sorts, according to the newsletter.
In fact, the company is one of only a handful in the region
providing infrastructural services to banking and financial institutions, the
newsletter said, which gives MEPS a competitive advantage over its rivals in
the market.
Unlike the company’s competitors, the CEO highlighted,
MEPS’s approach to fin-tech solutions is comprehensive.
“We have multiple
competitors in each of MEPS’ various domains, from digital wallets to POS
systems and online payments. But one of the things that set us apart from all
of them is that our clients can come to MEPS for all and any of these
solutions,” Abdul Jabbar said.
In this day and age, Abdul Jabbar said, those who do not
adapt and evolve will not enjoy the fruits of success, and “we at MEPS, are no
different.”
The company offers a full range of end-to-end payment
solutions for businesses and consumers: its systems cover all of the stages of
financial transactions carried out via digital media, such as online payments,
POS devices, and smartphones, from individual consumer solutions, such as the
digital wallets, all the way to banking, the newsletter said.
In appreciation of the company’s services, MEPS recently
received an award from international card issuing company MasterCard, Abdul
Jabbar told Jordan News.
The Amman-based $12-million fintech company seeks to change
people’s lives, from spurring the trend towards digitization, to making life
easier for so many Jordanians who do not have easy access to banks, and to
facilitating access to aid for many impoverished Jordanian household, according
to the newsletter.
Today, more than 13,000 merchants in Jordan use MEPS’ solutions
through more than 17,000 POS terminals, over 15 percent of whom operate new
generation smart point of sale systems, and more than 140,000 people have
subscribed on the company’s digital wallet platform, the National Wallet, the
newsletter added.
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