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Jordan-based MEPS sets regional fintech benchmark

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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.اضافة اعلان

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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