Faisal Alharoun Talks About Tap Payments' Role in Advancing Digital Payments in Kuwait
Faisal Alharoun discusses Tap Payments' role in shaping Kuwait's digital landscape in his interview with The Business Year.
Our Managing Director in Kuwait, Faisal Alharoun, recently discussed with The Business Year magazine (TBY) the role Tap Payments is playing in advancing digital payments in Kuwait for enterprises, SMEs, tech startups, and eCommerce ventures in Kuwait and across the MENA region.
The Business Year Interview
TBY: What is the origin story of Tap Payments, and what defines your target market?
Alharoun: We founded Tap Payments to address a clear market need: entrepreneurs struggling with the complexities of payment acceptance in MENA. Since our start in 2014, we've been dedicated to simplifying this process for small to medium-sized businesses, especially those using platforms like Instagram, Facebook, and WhatsApp for social commerce. Our pioneering billing service has set a precedent in the financial sector. We're proud to have empowered over 100,000 businesses across nine MENA countries, transforming their innovative ideas into successful operations.
TBY: Which markets have proven most successful for Tap Payments?
Alharoun: We've seen success across all markets we operate in, but Kuwait stands out due to its early adoption of online payments, which began with KNET in 2004. This has provided us with a strong foundation in the country. Other notable growth areas include the UAE, Oman, Qatar, Bahrain, and particularly Saudi Arabia and Egypt. These markets are expanding quickly thanks to government initiatives that promote technological advancement and financial inclusivity, aligning perfectly with our goals at Tap Payments.
TBY: What challenges and opportunities do you see in Kuwait's fintech landscape?
Alharoun: The fintech sector is dynamic, offering both challenges and opportunities. One significant challenge has been the speed at which regulation can keep up with innovation. However, recent fintech-friendly regulations by the Central Bank of Kuwait, such as open banking and digital wallets, have significantly improved our operating environment. These developments align with the New Kuwait Vision 2035, which aims for a diversified and prosperous economy. With these advancements, we are optimistic about continuing our leadership in the regional fintech space.
TBY: How is Tap adapting to the fast changes in the fintech scene?
Alharoun: As pioneers in the fintech industry, we focus on developing and enhancing the infrastructure needed to support a digital economy. We've built strong partnerships with governmental authorities across the region to support this goal. With the MENA region's young, tech-savvy population, we are uniquely positioned to drive and adapt to the digital transition. As the fintech landscape evolves, Tap Payments is committed to leading the charge toward a cashless society in the MENA region.
The Future of Digital Payments in Kuwait:
Tap Payments goes beyond simply facilitating digital transactions; we are at the forefront of defining the future of digital payments in Kuwait and the broader MENA region. Our commitment to innovation and strategic partnerships plays a pivotal role in shaping a seamless, secure, and dynamic economic environment. Watch as we continue our mission to revolutionize digital payments, making every transaction smoother and more accessible.
Interested in enhancing your business with cutting-edge payment products? Visit our website to learn more about Tap Payments and explore possibilities in digital payments and fintech.
Read the full Faisal Alharoun TBY interview here.
