In a region where traditional financial systems have long been the norm, Tap Payments is boldly charting a new course in the region’s digital economy. Imagine a landscape where accepting online payments is effortless and efficient, where small and medium-sized enterprises can thrive without the hassle of complexity and inefficiency. This exciting vision isn’t a far-off dream—it’s happening right now, thanks to Tap Payments.
Launched in 2014 by Ali Abulhasan, Tap Payments emerged from the need to simplify the complex and slow process of accepting online payments in the MENA region, making it easier for businesses of all sizes to embrace digital payments.
“From the start, Tap’s objective was to create innovative payment products that enable businesses to quickly and easily accept online payments,” shared Ahmed Alaradi, a key figure at Tap Payments. The company bridges the fragmented payment landscape in the MENA region by offering a single API that caters to local preferences across MENA.
Today, Tap Payments is a leading force in the online payment industry, serving over 100,000 businesses in nine countries and facilitating billions of transactions globally. Yep, you read that right.
Tap Payments has significantly influenced the fintech landscape in Bahrain and the wider region. Their single API integrates all local and international payment methods, providing Bahraini businesses with the tools they need to expand across MENA. “This streamlined approach has made digital payments more convenient and secure for Bahraini businesses, significantly enhancing the overall customer experience,” Alaradi elaborated.
They effectively bridged the gap between traditional banking and modern fintech innovations, playing a pivotal role in the digital transformation of financial services. Their innovative products have helped numerous businesses transition smoothly into the digital economy.
Not to mention, Tap Payments’ success can also be attributed to its strategic collaborations, particularly with local entities and government initiatives. This collaborative approach ensures smooth operations and regulatory support while fostering a dynamic fintech landscape.
“Collaboration with regulators and local entities is essential for any fintech company. Open dialogue ensures smooth operations and regulatory support” noted Alaradi. This proactive collaboration builds a healthy fintech ecosystem.
A prime example of their strategic partnerships is their recent collaboration with Emirates. This partnership will allow SMEs to convert Tap Payments Rewards into Emirates Business Rewards points, enhancing their travel experiences and supporting business operations across diverse destinations. “Our alliance with Emirates is a testament to our commitment to driving innovative products and supporting businesses across the MENA region,” Alaradi remarked.
One of the cornerstones of Tap Payments’ strategy is balancing innovation with regulatory compliance. “We proactively collaborate with regulatory bodies, ensuring our products not only meet current requirements but also align with the industry’s future vision,” Alaradi emphasized. This approach builds trust and credibility, ensuring that Tap Payments’ advancements are both cutting-edge and compliant.
The company is deeply invested in fostering innovation within the local community. By providing startups, SMEs, and individual entrepreneurs with tailored payment tools, Tap Payments enables them to bring their innovative ideas to life. “We’re passionate about empowering businesses of all sizes, and we believe that our payment acceptance products play a key role in unlocking their full potential,” Alaradi highlighted.
Their products support all leading local and global payment methods, creating a unified ecosystem that enables local businesses to expand their reach and connect with customers both locally and globally. This is, of course, essential for driving growth and building a thriving entrepreneurial environment in the region. We tried and attest to it!
So, what future does Tap Payments envision for Bahrain in terms of fintech innovation? “We’re committed to building a robust ecosystem that supports startups, SMEs, and established businesses alike. Our goal is to empower businesses to embrace digital transformation, drive economic growth, and contribute to Bahrain’s position as a regional leader in the digital economy,” Alaradi shared enthusiastically.
And, when asked for advice for up-and-coming founders and entrepreneurs, Alaradi had sage words to share, saying: “For anyone interested in fintech, I’d recommend immersing yourself in the industry. Follow fintech news, attend conferences or webinars, and network with professionals in the field. Develop a strong understanding of both technology and finance – a combination of skills is crucial in this sector.” He’s right, stay tuned to the latest events in the ecosystem through our page here.
Tap Payments continues to invest in cutting-edge technology, expand its suite of payment products, and collaborate with industry partners and government initiatives to create an environment where fintech can flourish. Their dedication to innovation, collaboration, and compliance positions them as a catalyst for change in the MENA region’s digital economy.
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