NearPay
Key Data
- Trading Name: NearPay
- Legal Entity: Nearpay Inc.
- Activities: Saudi FinTech company
- Location: Delaware
- Regulations: unregulated
- Key People: Mohammed Alaiban and Hamzah Alghamdi
Nearpay is a FinTech company providing payment acceptance solutions targeting micro-merchant transactions and providing flexibility to mobile merchants.
NearPay, founded in 2020 by Mohammad Alaiban and Hamzah Alghamdi, is dedicated to pioneering payment solutions that enhance convenience for all. This innovative company collaborates with Merchant Service Providers (MSPs), Payment Service Providers (PSPs), and startups to facilitate seamless mobile-based Soft Point of Sale (SoftPOS) services.
NearPay’s in-house fintech solutions have garnered Kernel certificates, ensuring compatibility with globally recognized and locally accepted payment networks, including Visa, MasterCard, Amex, and Mada. Furthermore, they have achieved all requisite security certificates for various payment networks, in addition to prestigious certifications like “MasterCard Level 3 MTip Certification” and “VISA Level 3 Certification.”
Offering
NearPay provides a solution that allows merchants to accept payments through their mobile phones without the need for specialised hardware such as payment terminals.
Their complex solution includes a variety of features that include the creation of innovative transaction experiences, an improved transaction acceptance process through SDK integration into the user’s application and a customized point-of-sale application tailored to the customer’s brand. It also optimizes payment capture for merchants. The application is compatible with multiple platforms and programming languages, including Android, iOS, Web, Windows, Java, Kotlin, Swift, JavaScript, Flutter and React Native.
Their main service includes:
- Hub Dashboard
- Merchant Dashboard
- SDK
- API Access
- Platform Managements
- Integrations Managements
- Full whitelable dashboards
- Full whitelable SoftPOS App
- Tickets Managements
- Claims Managements
- Settlements Managements
- User Access Managements
- Compliance Managements
- Certification Managements
- Audits Managements
- Security Managements
Fees
0.5% per transaction
Industries
Low to High Risk
Regulation
It is worth noting that NearPay operates without specific regulatory oversight, which raises concerns about the level of compliance and consumer protection measures in place.
People
- Mohammed Alaiban : CEO & Co-founder
- Hamzah Al Ghamdi: CTO and Co-founder
Customer review
Google: 4.5 Stars with 6 Reviews
News
in October 2022 NearPay has closed $ 3.6 million in pre-Series A funding round led by Vision Ventures, with participation by Hala Ventures, Arzan VC, Palm Ventures along with prominent angel investors.
Conclusion
We could not find anything negative or worrying about NearPay, and all the necessary information is given, so we rate it green.
