MineSec, the leading provider of white-label SoftPOS solutions, and TESS Payments, Qatar-based leading Payment Facilitator and an applicant of the Qatar Central Bank PSP License, today signed a Memorandum of Understanding (MoU) to form a strategic partnership to further extend and promote SoftPOS payment services in Qatar.
The MoU was signed during the Qatar Fintech Hub (QFTH) Accelerator Program's Demo Day. MineSec is one of the leading Paytech companies in the QFTH’s Wave 5 cohort.
This MoU formalizes the strategic collaboration between MineSec and TESS Payments, with the aim to offer seamless and secure payment solutions to businesses and consumers across Qatar.
Qatar is rapidly becoming a cashless society, with an increasing number of people using cards and mobile payments. This trend is being driven by a number of factors, including the convenience of digital payments, the growing e-commerce market, and the increased security associated with digital payments over cash.
Commenting on the partnership, Angus Chiu, CEO of MineSec, said: “We are excited to partner with TESS Payments to bring our SoftPOS solutions to the Qatari market. Qatar is a rapidly growing economy with a high smartphone penetration rate, making it the ideal environment for SoftPOS to positively influence payment experiences. We believe that our partnership will play a significant role in promoting financial inclusion and creating a more vibrant payment landscape in Qatar.”
Saad Ishfaq, Deputy CEO of TESS Payments, added, "Our partnership with MineSec is not just about collaborating; it’s about co-creation. At TESS we strongly believe in building the right partnerships to innovate and deliver digital payments solutions, providing our customers with even greater financial empowerment. We are combining our strengths to offer an unprecedented and unparalleled bespoke solution to lead in the evolving FinTech landscape of Qatar. This marks the beginning of an exciting journey and we are thrilled about the immense potential it holds.”
SoftPOS has been gaining popularity worldwide and is particularly well-suited for businesses that need increased mobility while minimizing reliance on expensive and bulky POS hardware. The partnership between MineSec and TESS Payments is expected to make it easier and more convenient for consumers and merchants to make and accept payments.