Dubai: PointCheckout announced today it's renaming to Paymennt.com (www.paymennt.com), after showing accelerated growth in the payments industry during the COVID pandemic and throughout the recovery in the UAE. Originally launched as an online payment gateway for loyalty points, the company has grown to become a comprehensive platform for online payments helping over 2,000 small and medium businesses move to digital payment in a faster, cheaper, and more customer-friendly way than current options.
The company launched its PayLink by PointCheckout app during the COVID pandemic in Q2 2020 in UAE, allowing merchants to accept payments over SMS and WhatsApp payment links, and help facilitate digital payment when payment in cash or at the store was not a viable option.
Within three weeks of launch, PayLink by PointCheckout had over 100 businesses using its secure payment link functionality and has since continued exponential growth in monthly processed volumes.“It is time for our brand to catch up to everything we have been doing. I am proud to announce that starting today, our company will be called paymennt.com, offering a full payment platform to our clients and partners. Our mission remains the same, promoting digital payment inclusion among MSMEs across MENA and providing them with easier and faster payments for their businesses.” said Bashar Saleh, co-founder and CEO of paymennt.com.
The company had also won the Disruptor of the Year Award at the 10th Gulf Capital SME Awards in November 2021 for its success in helping SMEs get online fast.
According to a recent Visa survey (Visa Back to Business Global Study – 2022 SMB Outlook), 96% of SMEs surveyed in the UAE (against 74 percent globally) said accepting new forms of payments is “fundamental to their growth”, clearly showing the demand for digital payments is growing. “Most of our merchants are processing online payment for the first time, and we are working hard to make it easy and smooth for them, already moving the process from a few days down to hours, and soon to minutes” according to Paymennt.com co-founder Tarek Ghobar.
“The new name reflects our growth and expansion plans as we commence operating in new markets within the Middle East and North Africa over the coming few months. We are excited about the opportunities that lay ahead as the MENA region rapidly moves towards a digital cashless economy and away from a cash-based one” Ghobar added.
Paymennt.com is a mobile-first payment platform with multiple MSME focused services including the ability to create and send payment links, power eCommerce payments, integrate with online accounting systems, and manage customer subscriptions. Paymennt.com services are offered with no monthly fees or charges and merchants are only billed for successfully processed transactions. Paymennt.com also offers its merchants Shops, an eCommerce module that allows businesses to launch their own website within minutes with the Paymennt gateway already integrated at no additional cost and under their own domain name.
Opening an account is fully digital, new merchants can open an online payment account within a few minutes using the mobile application with a digital KYC process and account approval. Once the account is activated, merchants are able to fully manage their account from within the Paymennt app including tracking payments on their website.
Paymennt.com (PointCheckout Ltd) has raised over $1.2 Million to date from regional investors, is an Abu Dhabi Global Market (ADGM) RegLab company, and a PCI-DSS Level 1 compliant service provider. Existing clients will seamlessly be migrated to paymennt.com, as both the PayLink.com and pointcheckout.com websites and apps will be integrated into the new paymennt.com website.
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Contact
Tarek Ghobar
tarek@paymennt.com
© Press Release 2022
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