Arab Finance: Saudi Arabia-based PayTabs Group has agreed to acquire Amazon Payment Services’ operations in the Middle East and North Africa in a deal valued at more than $100 million, as per an emailed press release.
Under the agreement, PayTabs will integrate Amazon Payment Services’ MENA operations into its platform, strengthening its offering across payment processing, transaction switching, foreign exchange and payouts through a unified infrastructure.
The transaction will help consolidate the region’s fragmented payments landscape and strengthen integration across the regional payments sector.
The deal is expected to significantly expand PayTabs’ regional footprint, with the combined entity projected to process more than SAR 150 billion in annual transaction value.
