Chennai's CredoPay forays into Middle East

CHENNAI: The city-based neo-banking and unified payment acquiring solution provider CredoPay has announced its foray into Middle East.

The leading fintech enabler launched its services under the brand name SalisPay in Muscat, capital of Oman, last week. SalisPay is a joint venture with Oman Computer Services LLC, a 100% subsidiary of Oman’s largest business conglomerate The Zubair Corporation (TZC). TZC has businesses in diverse industries such as technology, infra, real estate, tourism, telecommunications, energy and education.

SalisPay will be a solution for unified acquiring, multi-channel payment processing and connected banking solutions to banks, neo-banks, payment facilitators, merchant acquirers, fintech companies and ISOs in Middle East. The joint entity will provide clients a secure, robust, certified, and scalable solutions through its platform-as-a-service, software-as-a-service and managed services products.

CredoPay’s Cofounder and CEO Dore Swamy said the joint venture with The Zubair Corporation will help extend company’s footprint in the Middle East. “CredoPay is a robust platform which offers our clients faster speed-to-market, lower cost of installation, maintenance and operations,” Dore Swamy added.

TZC’s Group CEO Niels Bormans said SalisPay was part of the endeavour to pave the way for digital payment future of the region.

SalisPay COO Anu Cherian Philip said, “With contactless and mobile payments on the rise, and in-person retail sales picking up momentum again, many businesses in the Middle East are looking to take advantage. ”

CredoPay claims to have a merchant base of 75,000 at present. The platform currently processes a whopping 5 million transactions per month worth Rs 700 crore. The cumulative Gross Purchase Value (GPV) of all the transactions on the platform till now stands at Rs 7,200 cr.