WadzPay and Geidea team up to revolutionize payments experience for pilgrims

Saudi fintech company Geidea and WadzPay Middle East Technology, an affiliate of WadzPay Worldwide, have forged a new strategic partnership to power the transformation of pilgrimage payments.

Geidea is utilizing the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in more than 1 million point-of-sale terminals deployed across multiple merchants throughout the Kingdom.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.

According to Mastercard’s latest Global Destination Cities Index, Makkah attracted $20 billion in tourist revenue in 2018, second only to Dubai. The number of pilgrims is expected to increase significantly in the coming years, with the Kingdom having set a goal to host 30 million pilgrims by 2030, in line with Saudi Vision 2030.

This year, the Hajj rituals were performed by at least 1 million pilgrims from across the world after two years of restrictions due to the COVID-19 pandemic.

WadzPay partnered with Algorand, a high-performance, next-generation Shariah-compliant blockchain with a roadmap to 46,000 transactions per second, to deliver industry-leading stability and nearinstant finality to its clients.

WadzPay Founder and Group CEO Anish Jain said: “I am delighted to team up with Geidea to deliver the absolute best in payments experience for pilgrims. Saudi Arabia is home to the annual Hajj and Umrah; about 1 million people from nearly 200 countries perform these pilgrimages. With Geidea merchant

and POS networks, WadzPay is also enabling merchants to benefit from faster, secure and seamless payments.”

Renier Lemmens, CEO at Geidea, said: “The pilgrim market is an incredibly important part of the Saudi economy, which is why we are thrilled to partner with WadzPay in a move that will unlock vast SME business success for merchants across the Kingdom. The integration of an e-wallet into over a million merchant POS systems will also make transactions faster and safer for the millions of pilgrims that come for Hajj and Umrah every year — and we’re delighted to be able to help them on their way.”