NEOPAY, a UAE merchant acquirer, has agreed to buy 65% of noon payments, the payments arm of the Middle East e-commerce group noon. The deal would take NEOPAY into Saudi Arabia and Egypt for the first time. noon payments said on 5 October that the two companies had signed a definitive agreement. The deal was also reported by Fintech News Middle East.

The price was not disclosed. Neither company has said who will hold the remaining 35%. Completion depends on regulatory and antitrust approvals.

Card acquiring meets e-commerce checkout

NEOPAY’s business is merchant acquiring, card processing and point-of-sale terminals, mostly in shops. noon payments handles online checkout, payment links and payments for sellers on noon’s marketplace across the UAE, Saudi Arabia and Egypt.

Vibhor Mundhada‏
Vibhor Mundhada

Vibhor Mundhada, NEOPAY’s chief executive, said: “We have built a strong payments business in the UAE, and our ambition is now to take that capability across the region.” He said combining the two gives “the opportunity to create a truly regional payments platform that can serve merchants seamlessly across channels and markets.”

Faraz Khalid
Faraz Khalid

Faraz Khalid, noon’s chief executive, said: “NEOPAY brings deep local expertise and strong infrastructure. Together, we can help merchants grow and make paying easier for millions of customers across the region.”

NEOPAY’s own change of ownership

Mashreq set up NEOPAY in 2022. A consortium of Arcapita, the Bahrain-based investment firm, and DgPays, a Turkish payments technology company, agreed in September 2024 to buy a majority stake in a deal reported at $385 million, which completed in January 2025. Mashreq kept a minority holding. NEOPAY processed more than 400 million transactions in 2023 for over 10,000 UAE merchants, Gulf News reported.

Ahmet Kayhan, who joined VEON as chief payments and digital assets officer in April, previously held roles at DgPays Group and sat on NEOPAY’s board.

noon payments also brings a link to Jaywan, the UAE’s domestic card scheme. It began accepting Jaywan cards across its merchant network in May. In September, Mastercard and noon payments extended Jaywan acceptance to online payments through Mastercard Gateway, available via Mastercard Merchant Cloud. If the deal closes, that Jaywan acceptance would sit inside NEOPAY’s business alongside its in-store card terminals.

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