PayTabs Group, a leading payment orchestration powerhouse in the MENA region, has unveiled its latest venture, PayTabs Issuance, a secure prepaid card issuing solution designed to elevate business operations regionally. The strategic move aims to tap into the growing global cards market, valued at $524.9 billion in 2022 and projected to reach $1.2 trillion by 2032, with a CAGR of 8.8% from 2023 to 2032 (source: Allied Market Research).

PayTabs Issuance enables banks, enterprises, and corporates to issue co-branded Visa, MasterCard, debit cards like RuPay, and other local cards. Abdulaziz Al Jouf, CEO and founder of PayTabs Group, highlighted the exponential growth in the issuing market, particularly in the Middle East and Africa, where digitization of cash and card-dominated economies is accelerating.

The proprietary PayTabs Issuance platform is set to revolutionize the fintech industry, offering a comprehensive solution for acquiring, issuing, managing, and controlling payments. The platform empowers entities to issue co-branded cards in multiple currencies, providing a dynamic orchestration platform for banks, retailers, and corporations.

With an eye on simplifying the complexities and cost barriers associated with prepaid card issuance, PayTabs Issuance is poised to streamline processes, drive innovation, and redefine payment processing dynamics. Leveraging Banking as a Service (BaaS), the platform combines global expertise, proprietary technology, and a deep understanding of the entire card issuance lifecycle.

The ultimate goal of PayTabs Issuance is to empower businesses across markets to achieve standalone and self-reliant payment processing technology. The orchestration platform aims to offer a hassle-free solution, allowing enterprises to implement fintech strategies, create new revenue streams, and eliminate the need for multiple technology platforms.

PayTabs Issuance caters to various markets, providing flexibility and scalability for partners to achieve industry domination. The platform offers virtual card generation, personalization, co-branding, and value-added services such as rewards and loyalty programs. The launch marks a significant milestone for PayTabs, positioning the company uniquely with a bundled solution covering both acquiring and issuance.

Abdulaziz Al Jouf expressed the significance of PayTabs' dual capabilities in acquiring and issuing, stating, "Being able to offer a cards program gives PayTabs a unique positioning by offering the best of both acquiring and issuance as a bundled solution." Vikas Om Choudhary, Head of Issuance at PayTabs, emphasized the move as a new chapter, unlocking diverse growth opportunities and creating a future of unparalleled fintech offerings. PayTabs Issuance is tailored to serve various offerings, card types, end-users, and markets, reflecting its versatility and potential impact on the evolving fintech landscape.

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