Geidea, a Saudi fintech company, has announced the launch of its flagship integrated point-of-sales solution with the aim to revolutionize payment and business processes for food and beverage operations across the Kingdom.
Geidea will cater to Saudi Arabia’s thriving F&B sector with more than 52,000 restaurants and cafes. The sector has also been disrupted by the increasing number of food aggregators that F&B providers more business but at a greater cost.
Additionally, Geidea will also tap into a fast-growing number of large events, concerts, trade fairs and entertainment experiences that complement the nation’s F&B sector. The entertainment sector is one of several forces driving the social and economic changes opening Saudi Arabia up to the world. A 2021 study from the US-based Research and Markets said Saudi Arabia’s entertainment market was expected to grow from its 2020 size of $23.77 million to $1.17 billion by the end of 2030 — an annual growth rate of 47.65 percent.
The new generation, fully integrated, cloud-based POS systems deliver a solution to these growing sectors and the challenges they face. Available for full dining, cafes, quick service, food trucks and cloud kitchens, the affordable, integrated POS solution helps run all aspects of the business, including restaurant operations, payment integrations, customer understanding and staff management. The fully integrated system is compatible with all of Geidea’s payment solutions.
Abdullah Al-Showaier, chief business officer at Geidea, said: “Saudi Arabia is home to more than 35 million consumers and 52,000 restaurants and cafes. It has the largest share of the food delivery market and the fastest growth rate for food delivery revenue among all countries in the Middle East. As part of Geidea’s continued investment in the country, our best-in-class payment technologies will provide F and Bs across the Kingdom with a comprehensive all-in-one solution that addresses payment, commerce and business requirements — all the way from loyalty programs to online ordering.
“The new solution replaces legacy point of sale and antiquated cash register platforms, which have become obsolete, from their lack of payment methods to their inability to analyze customer behavior and trends. With our new product, we are not only revolutionizing payments in this space but also supporting the growth of the F and B sector, which is a key pillar of Saudi Arabia’s economic growth strategy.”
Laurent Dhaeyer, group chief strategy and growth officer at Geidea, said: “Within the context of today’s rapidly evolving digital economy, traditional legacy systems haven’t managed to keep up. We are delighted, therefore, to introduce a full suite of business applications that have been designed to improve the way our merchants — even the smaller ones among them — run and grow their businesses in a way that allows them to take advantage of the opportunities available to them in the digital economy. As such, we anticipate that our comprehensive suite of point-of-sale solutions has the potential to unlock vast SME business success in Saudi Arabia and the wider MENA region.”