PayTabs, Middle East, Africa, and South Asia’s (MEASA’s) award-winning payments powerhouse, in a power play announced that it had acquired a 100% stake in Paymes, Turkey’s largest social commerce platform. The news of the acquisition comes just weeks after PayTabs acquired Saudi Arabia’s Digital Pay in November 2022.
Under the terms of the acquisition, Paymes will serve as PayTabs social commerce platform empowering millions of freelancers, artisans, consultants, home based business owners, personal trainers and micro vendors across the Middle East and Africa to receive instant payments.
After collaborating for over a year to launch social commerce tools in KSA, UAE and Egypt, the founders decided that PayTabs acquiring Paymes was the next logical step in line with PayTabs mission to power the global ecommerce economy with the ultimate super payment’s platform.
However, some analysts claim that the acquisition may enable Saudis to engage in subversion through financial resources. They may, for example, manipulate the payment system and impede money transfer of certain companies they target. Thus, Turkish government must be careful about foreign buyouts, they say.