This case study explores how a dynamic payment service provider (PSP) based in the Kingdom of Saudi Arabia (KSA), Dinero Pay, implemented Apple Pay, Google Pay, and popular Buy Now, Pay Later payment methods via the Akurateco platform’s on-premises Oracle deployment, resulting in significant cost and time savings.
About Dinero Pay
Dinero Pay is a dynamic payment service provider based in Saudi Arabia licensed to provide financial services. Dedicated to delivering seamless and secure payment experiences, the company serves merchants of all sizes, enabling them to accept online payments. Dinero Pay’s innovative approach has positioned it as a trusted partner for businesses seeking modern payment solutions. With a strong focus on empowering merchants, Dinero Pay facilitates diverse payment methods, including local and global cards and alternative payment methods (APMs).
Where were they coming from?
When Dinero Pay decided to launch on a fast-developing KSA payment market, their goal was to deliver a cutting-edge payment solution with innovative features and multiple payment methods to cover the needs of the region’s tech-savvy customers. Considering KSA’s heavily regulated financial environment, DireroPay required a payment system to be hosted within the country, adhering to local regulatory frameworks.
Here’s where they were coming from:
An emphasis on fast time-to-market
While Dinero Pay had the option to develop their own payment system from scratch, they prioritized fast time-to-market to focus on growth and customer experience rather than reinventing the wheel. To gain an edge in the market, the company needed an innovative white-label payment solution that already has all the latest payment technologies and their target payment methods pre-integrated to minimize the time and costs associated with building these integrations. They also were open to adding new integrations upon request.
Compliance with local regulations
Under Saudi Arabia’s Personal Data Protection Law (PDPL), the personal data of individuals within the Kingdom must be processed domestically to protect citizens’ privacy and ensure that international companies operating in Saudi Arabia adhere to the Kingdom’s data protection standards. Saudi Arabian Monetary Authority (SAMA) mandates that PSPs process and store payment data inside the country. This requirement aligns with Saudi Arabia’s data sovereignty policies, which aim to enhance financial stability, safeguard sensitive payment data, and comply with national data sovereignty laws. Therefore, Dinero Pay had two primary options: leverage dedicated on-premises infrastructure or install the system in a cloud environment with local hosting.
The growing demand for mobile payments and alternative payment methods in Saudi Arabia
According to Mordor Intelligence, the Saudi Arabian mobile payments market was valued at approximately USD 120.96 billion in 2023 and is projected to reach USD 229.75 billion by 2029, indicating a compound annual growth rate (CAGR) of 11.49% over the forecast period. To address the increased demand for mobile payments, Dinero Pay opted to offer popular mobile wallets, such as Apple Pay and Google Pay.
Additionally, they wanted to integrate the preferred global and local methods, including Buy Now, Pay Later Tabby, and Tamara. A report by Business Wire states that the medium to long-term outlook remains strong, with an anticipated compound annual growth rate (CAGR) of 10.8% from 2024 to 2029.
The need for advanced infrastructure
Apple Pay and Google Pay act as Payment Initiation Service Providers (PISP), tokenizing payment cards (Visa, Mastercard, etc.) and handling authentication via Face ID, Touch ID, or PIN. These wallets interact directly with Visa and Mastercard for network tokenization, replacing card details with secure tokens.
This process boosts security and a higher conversion rate. Since acquiring banks trust tokens generated through Visa and Mastercard’s network tokenization, transactions processed via Apple Pay and Google Pay typically achieve better approval rates than standard card-not-present payments, where full card details are manually entered.
To gain these benefits, payment providers require advanced infrastructure that can easily handle tokenized payment flows. Payment software vendors play a key role in enabling this integration, offering the technology for connection with Apple Pay and Google Pay, handling tokenized transactions, and ensuring compliance with security laws.
With these factors in mind, Dinero Pay sought a payment partner that could provide a secure, scalable, and cost-effective solution for mobile wallet integration without disrupting their core infrastructure.
After evaluating several options on the market, they selected Akurateco’s white-label payment infrastructure. Akurateco’s system met the requirements of Dinero Pay, as it is an authorized partner of Visa and Mastercard and is compliant with Saudi Arabian regulations. The company offers on-premises deployment to dedicated servers or the cloud of the client’s choice, cutting-edge technologies, and over 400 global and local integrations under one roof.
Our approach for Dinero Pay: From on-premises deployment to Oracle Cloud to integrating mobile wallets
To meet the KSA regulatory and data sovereignty requirements, Dinero Pay opted for an on-premises deployment hosted on Oracle Cloud Infrastructure. It ensured full compliance with the SAMA, as well as adhering to national data sovereignty laws. The implementation process included:
On-premises deployment
Akurateco tailored its white-label payment software for deployment on Oracle Cloud Infrastructure to meet Dinero Pay’s specific operational and compliance needs. Our team took charge and started communication with Oracle’s technical support, initiating the preparation process. Once everything was in place, Akurateco transitioned the system to Oracle. This phase involved setting up local servers in compliance with Qatar’s regulations, ensuring minimal disruption during the migration.
Compliance configuration and SAMA certification
The system was configured to align with SAMA’s regulatory requirements, incorporating local data storage and encryption standards. Akurateco’s solution enabled Dinero Pay to achieve SAMA certification.
Integration of mobile wallets and BNPLs
As an integrated and approved payment gateway for Apple and Google, we provided Dinero Pay with a comprehensive solution. This encompassed the entire process, from adhering to branding requirements set by Apple and Google to initiating payments from start to finish and generating tokens.
Another crucial step was to set up local BNPL payment methods like Tabby and Tamara, empowering Dinero Pay to cater to the growing demand for flexible payment methods in Saudi Arabia.
Training and support
Akurateco’s team provided hands-on support for the new infrastructure and conducted intensive training sessions, ensuring Dinero Pay’s team was fully equipped to manage the system independently.
What did we achieve together?
The partnership between Dinero Pay and Akurateco has delivered transformative results:
- By leveraging Akurateco’s platform, Dinero Pay significantly reduced development and operational costs.
- Meeting the rising demand for mobile payments in Saudi Arabia, Dinero Pay’s merchants now provide Apple Pay and Google Pay, benefiting from higher conversion rates due to trusted network tokenization.
- The integration process was completed in record time, enabling Dinero Pay to stay ahead of competitors.
- Akurateco platform ensured adherence to SAMA’s standards and international security protocols, future-proofing Dinero Pay’s operations.
- Dinero Pay now leverages Akurateco’s innovative payment features, such as automated merchant onboarding, intelligent payment routing, retries, and others. They optimize payment performance, cut payment processing costs, and improve the transaction approval ratio.
- By introducing these widely used mobile wallets with Akurateco’s expertise, Dinero Pay is now well-positioned for sustainable growth and innovation in the MENA region.
Need a hand?
Are you ready to elevate your payment management capabilities with a solution that meets your business needs in the MENA region or beyond? Akurateco provides innovative payment solutions that thrive in highly regulated markets such as the Kingdom of Saudi Arabia, the United Arab Emirates UAE, Qatar, and many more.
About Akurateco
Akurateco is a global PCI DSS-certified white-label payment software vendor that offers tailored solutions for payment providers, merchants, and financial institutions worldwide. We provide a cutting-edge payment platform to address unique challenges and preferences in the MENA region and beyond.
Trusted by clients in KSA, Qatar, UAE, Egypt, Kuwait, Lebanon, and Jordan, our platform aligns with MENA’s local regulatory standards. We are licensed by QCB, the Saudi Arabian Monetary Authority (SAMA), and the Financial Regulatory Authority (FRA). With successful cloud deployments in KSA, Qatar, UAE, and Egypt, we ensure compliance and exceptional performance for our partners across MENA.
