TESS Payments was founded in 2016 in Qatar with the clear goal of accelerating the country’s shift to a cashless society. This Qatari-owned fintech company specializes in providing integrated payment processing and merchant acquiring services to banks, payment service providers, and over 300 merchants nationwide. Its mission centers on simplifying how businesses accept payments by offering fast, safe, and reliable digital payment solutions that help increase their revenues.
The Visionary Founder
The company’s success is closely linked to its CEO Saad Ishfaq, a visionary leader passionate about transforming Qatar’s financial landscape. Under his guidance, company has grown from a startup into a leading fintech enabler, making secure digital payments accessible and easy for both businesses and consumers. Saad Ishfaq’s leadership has also attracted a landmark deal with Singapore-based Fingular, marking the first major foreign direct investment in Qatar’s fintech space. This partnership supports TESS Payments’ goal to expand its offerings and strengthen Qatar’s fintech ecosystem.
Saad Ishfaq holds a degree from Bahria University and has extensive experience in fintech and digital payment solutions. Saad has been vocal about the transformative power of financial technology in the region.
He said, “In a move set to redefine the personal finance landscape, we are proud to be the first FinTech in Qatar to secure a major foreign direct investment. This partnership accelerates our growth and strengthens Qatar’s FinTech ecosystem.” Under his leadership, company has attracted significant investments and forged strategic partnerships, aiming to create innovative, customer-centric digital banking solutions for Qatar’s
What TESS Payments offers
TESS Payments offers a comprehensive suite of digital payment services, including payment gateway integration, automated settlements, and a bank-agnostic system that works seamlessly with any local bank. Certified under PCI-DSS and licensed by the Qatar Central Bank, the company ensures that all transactions meet the highest security standards.
Its solutions allow businesses across sectors like e-commerce and hospitality to accept a variety of payment types, from card payments to mobile wallets, without relying on physical cash.
Helping Businesses and the Community
By simplifying payment processes, TESS Payments enables businesses to onboard quickly and start accepting payments smoothly. This customer-first approach improves operational efficiency and enhances customer satisfaction.
With over two million transactions processed in 2023, totaling more than QAR 4 billion (around US$1.1 billion), the company plays a vital role in Qatar’s digital economy growth. It’s not just about technology; it’s about enabling better business outcomes and more convenient consumer experiences.
Achievements and Strategic Partnerships
TESS Payments has earned recognition as Qatar’s most innovative payment gateway and has established strategic partnerships with leading banks such as Qatar National Bank (QNB). One of the company’s notable achievements includes being the first in the Central, Eastern Europe, Middle East, and Africa (CEMEA) region to launch an updated version of Visa’s Click to Pay service in partnership with QNB. These milestones showcase TESS Payments’ commitment to innovation and its growing influence within and beyond Qatar.
Future Goals and Vision
TESS Payments aims to become the leading fintech enabler in Qatar and the MENA region. Its future plans involve launching a fully digital neobank designed to provide residents with accessible, customer-focused banking services including loan products aimed to contribute significantly to Qatar’s financial inclusion.
The company is focused on expanding its digital infrastructure and service offerings to propel the country towards a fully cashless, technology-driven financial ecosystem aligned with Qatar’s National Vision. TESS Payments stands out as a pioneer in Qatar’s fintech sector.
Started by Saad Ishfaq with a deep commitment to innovation and customer-centricity, the company has empowered businesses to embrace digital payments, fostered significant foreign investment, and set sights on a future where digital banking is the norm for all Qataris. Its ongoing achievements and clear vision ensure that TESS Payments will remain at the forefront of Qatar’s digital payment revolution for years to come.
