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Image of couple doing online transaction from Shutterstock.

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Telr, the multi-currency payment gateway for SMEs launched by ex-PayPal MD Elias Ghanem, announced its full merger with Innovate Payments, a leading provider of online payment solutions in the Middle East.

Established less than three years ago, Innovate Payments succeeded in building its very own payment gateway with the highest level of security – PCI DSS Level 1 Certified, the first in the region. “Innovate Payment is the fifth payment platform we have launched since 1997,” comments in the press release Andy O’Sullivan, Head of Operations and Cofounder of Innovate Payments. Some team members of Innovate Payments were also involved in building the technology behind Worldpay, the largest payment gateway in the world today.

“Telr’s vision is to enable ecommerce to the SMEs across all emerging markets,” explains Elias Ghanem, Cofounder and CEO of Telr. “To make that happen we need the technology [the platform], the skills, and the reach. The only payment gateway in the region that owns its technology and is not relying on a third party provider is Innovate Payments.”

Acquiring a solution instead of building one of their own made perfect sense to Telr’s decision makers. Leveraging an existing platform through a third party provider will not give Telr the flexibility and the quick adaptability it seeks. “Building a solution myself takes two years and a lot of mistakes and a lot of investments,” remarks Ghanem. “So for us, it was a no brainer that by merging with Innovate Payments we would get the most updated, most reliable, and most scalable technology in the region. Besides, we are not just acquiring a platform. We are acquiring a team that has been building such platforms for years,” he continues. Through the merger, Telr will be retaining the existing Innovate Payments management team to lead operations, technology, and product development activities, as mentioned in the press release.

The merger also strengthens Telr’s offerings to the online and mobile payments industry through its three pillars: payment gateway, unified logistics and payments APIs, and cash management. “Now we have a solid payment gateway, so we can grow on this space and build on it to make the other pieces of the value proposition a reality,” adds Ghanem.

Telr’s payment solutions

Telr’s one-stop solution has three main differentiators. To start with, Telr’s platform allows buyers to make the transaction in the currency of their choice, and the respective merchant to receive the payment in a different currency. “This is very convenient to retailers such as Namshi, one of our merchants,” says Ghanem. Namshi’s clients can choose to pay in Riyal, for example, and Namshi would receive the payment in Dirhams.

Telr also has a feature called “tokenization,” which is convenient for recurring payments. Basically, it defines a virtual token for repeat buyers that securely holds their financial information and allows for faster transactions in the future. Ghanem explains that being PCI-DSS Level 1 Certified means their platform has the highest level of security in the industry. Careem is one of Telr’s current merchants benefiting from tokenization.

Another solution offered by Telr is the QR Code, which is idea for merchants who don’t have an online presence yet. “Imagine you are flipping a magazine and see an ad about a family vacation and at the bottom of the ad, there is a QR code. All you need to do is scan the code, and you will get all the information you need,” explains Ghanem.

“These are just three examples of what makes us different. But the most significant differentiator is owning the solution and the code. So I can adjust the code based on what my clients’ need: do they  want to offer discounts, loyalty programs, etc.”