PAYFORT launches Saudi Arabia operation during ArabNet Riyadh 2013
December 3, 2013
PAYFORT powers regional expansion as Arab world continues to embrace e-payments; MD shares insights on e-payment challenges facing region
Riyadh –Dubai: 03 December 2013: PAYFORT, the leading online payment service provider in the Arab world, announced the launch of its Saudi Arabia operation as it continues to expand its regional presence in key markets. The announcement was made during the ArabNet Digital Summit 2013 being held on 3 &4 December 2013 at the Four Seasons Hotel in Riyadh, KSA. PAYFORT is the online payment sponsor of event and its Managing Director, Omar Soudodi, is a key speaker on some of the challenges facing this growing region when it comes to e-payments and mitigating risks.
“We are excited to be announcing our Saudi Arabia operation at ArabNet, a market where internet penetration has crossed the 12 million user mark and where over 25% of the user population depends on secure online payment solutions to protect their transactions,” said Soudodi. “As the region continues to adopt online payments for shopping and services, more emphasis needs to be placed on improved payment facilities that help increase overall sales while reducing loss from risk and fraud.”
The region’s appetite for everything online continues to grow at a phenomenal rate with online payment user numbers enjoying double digit growth. Online payment penetration currently stands at 25 percent for KSA (out of 12 million users), 30 percent for Kuwait (out of 2 million users, 67 percent for UAE (out of 5.6 million users) and 7 percent for Egypt (out of 38 Million users). Smart phone penetration has also played a key role in further fueling online payment adoption as more Web-enabled devices become available to users in the region, and in Saudi Arabia, bank card penetration leads the region with over 12.3 million card users in the Kingdom.
PAYFORT is already the e-payment partner for regional leaders like Air Arabia, Carrefour, Dubizzle.com, Landmark, Souq.com, Sukar and Tecom to name a few. To manage the regional needs of organizations across the Arab world, PAYFORT is also expanding rapidly in the region since launching its HQ in Dubai in June 2013. Its launches in Egypt (October 2013) and Saudi Arabia this month bolster PAYFORT’s regional strength with further offices planned in Kuwait and Qatar in 2014.
“PAYFORT has developed solutions that enable any organization accepting payments online to streamline and automate their payment processes, helping them increase sales conversion by offering their customers with many payment options, reduce payment abandonment by offering a highly customizable, simple one page checkout for all purchases, and drive repeat customers thanks to PAYFORT’s rigid payment security standards that meet today’s PCI compliance regulations,” said Muteb Alobeiwi, Business Development Manager for PAYFORT Saudi Arabia. “PAYFORT’s fraud control processes also help businesses protect themselves and their customers from typical fraud losses by minimizing risks, ensuring that business are able to accept more payments with a higher success ratio while eliminating many of the factors that reduce card payment acceptance and fraud.”
PAYFORT (www.payfort.com) makes online payments safe and secure for buyers and sellers in the Arab world by delivering a complete suite of payment solutions that cater to the needs of the region and are tailored to Arab online buying habits and trends. PAYFORT serves the needs of online shoppers in all Arabic speaking and surrounding countries through its trusted, secure payment network that gives everyone the opportunity to shop online safely and easily.
Looking into the future, PAYFORT sees that ‘trust’ in an online payment network will be crucial to regional governments, retailers and brands as they move beyond traditional business models to towards more consumer-centric, collaborative and on-demand service models that work 24/7 and are accessible via tablets, smart phones and other mobile devices. PAYFORT enables any organization to quickly launch online payments to end-users by providing a ready payment gateway that can integrate across different agencies and complex infrastructure framework.