Dubai, UAE, 07 November 2022:
ToYou, Kingdom of Saudi Arabia’s largest mobility-as-a-service provider on a single-click platform has entered into a partnership with M2P Fintech, Asia’s largest API infrastructure company. The partnership, which was established through the signing of a memorandum of understanding during the Seamless KSA event, aims to provide end-to-end payment solutions to customers and businesses in the Kingdom of Saudi Arabia. ToYou’s platform will be powered by the infrastructure and technology layer of M2P Fintech, enabling smooth payments for its users and providing a seamless checkout experience for the App’s products and services.
ToYou is a SuperApp that aggregates multiple services and adds a new dimension to logistics in Saudi Arabia. Through a single app, ToYou enables consumers to find, purchase, and have anything delivered, from groceries and restaurant deliveries to passenger transportation and courier services. ToYou’s rapid expansion mirrors Saudi Arabia’s growing appetite for digital services, including new payment methods.
In a country where 98% of the population has internet access, digital payments in the Kingdom of Saudi Arabia are on the rise, with digital transactions expected to reach $42.3 billion this year and $78.4 billion by 2027. Regarding e-commerce, the numbers are similarly convincing. The Saudi domestic online market is anticipated to double to $2 billion by 2025.
Speaking on the partnership Ms. Vaanathi Mohanakrishnan, Business Head of M2P Fintech, MENA said, “We are seeing a renewed focus on how businesses are leveraging technology to enable differentiated customer experiences that make the process of transacting on such platforms a lot more convenient. In line with the Kingdom’s Vision 2030 of increased inclusion and digital payment infrastructure leading to a cashless society, M2P is very pleased to be partnering with ToYou for extending digital payment options for ToYou’s customers. “
In this regard, Eng. Ziyad bin Ali Al-Ajlan, CCO, ToYou, said: “Driven by our determination to provide the best logistics services in the Kingdom for delivering orders, the “ToYou” App was able to expand and reach more than 56 cities in record time.” The next step is to expand regionally across several countries. Whereas logistics services are a critical factor for economic growth and competitiveness, we, in turn, are committed to the quality and global standards of the services, which are worthy of the Saudi Vision 2030 and its trend to advance in this field and become a global logistics platform. The “ToYou” App is considered one of the leading applications in delivering orders for restaurants, pharmacies, gift stores, clothing stores, and various other services because it is an integrated logistics platform that created a link between the user, the stores, and the representative. We are happy to partner with M2P Fintech that bring their knowledge, tech prowess and experience of seamless digital payments from around the world to the Kingdom of Saudi Arabia to benefit its people.”
M2P enables every company to become a fintech by integrating fintech into core business offerings and serves as a trustworthy technology layer between banks, fintechs, and financial institutions. M2P is present in over 20 markets throughout MENA, APAC, and Oceania. Through their core lending suite, M2P offer a $9 billion active loan portfolio and work with over 100 banks, 100 financial institutions and over 600 fintechs to serve over 35 million end customers. Companies can also quickly deploy future-ready, customer-relevant banking services using M2P’s comprehensive core banking system to ensure quick go-to-market speed while maintaining the brand’s core values.