PAYFORT Receives Prestigious Doha Bank Partners Award
November 29, 2016
PAYFORT, the leading online payment service provider in the Arab world, has received the Doha Bank Partners Award in recognition for its efforts to develop Qatar’s ecommerce sector. Doha Bank last year signed a partnership agreement with PayFort to develop electronic payment options for the Qatari market and launch initiatives to help companies embrace ecommerce.
“We are honoured to receive this award from Doha Bank,” said Omar Soudodi, Managing Director of PAYFORT. “PayFort’s partnership with Doha Bank is set to break down the barriers to ecommerce for companies in Qatar, simplifying the process of setting up online payment options and allowing their customers to make online payments quickly and easily.”
Established in 1979, Doha Bank is one of the largest commercial banks in the State of Qatar, consistently reporting strong growth during the last decade. The bank provides domestic and international banking services via four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments.
“Doha Bank is committed to being at the forefront of innovation and partnerships with industry leaders, such as PayFort,” said Dr. R. Seetharaman, Group Chief Executive Officer, Doha Bank. “Our customers already enjoy a wide range of Internet and mobile services and, through our partnership with PayFort, we aim to play a leading role in enabling Qatari businesses to embrace ecommerce.”
According to PayFort State of Payments 2016 research report, some US$ 0.42 billion (QAR 1.5 billion) of online payments are made annually by Qatar buyers. However, research from Qatar’s Ministry of Transport & Communications (MOTC) shows that only about 3 percent of businesses in the country have introduced online e-payment options for their customers. The partnership between Doha Bank and PayFort is expected to enable Qatari businesses to fast-track their online plans, allowing more businesses to offer online payment options to their customers.
“We are proud to accept this award and value our strategic partnership with Doha Bank,” said Mahmoud Raef, Qatar Country Manager – PAYFORT. “Our partnership with Doha Bank supports PayFort’s expansion in Qatar, opening up our services to more Qatari companies and helping to drive the growth of ecommerce in the State of Qatar.”
PayFort is committed to contribute to the development of the payments scene in the Qatari market and is currently working on introducing a number of new services and offers for the Qatar market. These include the development of a pay-in-installment option for Qatari shoppers and the launch of PayFort START, the fastest way for small to medium-sized enterprises (SMEs) to begin accepting online payments.
PayFort’s State of Payments 2016 research shows that airlines are currently the largest beneficiary of online payments in the State of Qatar, with about US$ 300 million (QAR 1 billion) being spent on airline tickets and services during 2014, which is expected to grow 60 percent to total US$ 480 million (QAR 1.7 billion) by the year 2020. Meanwhile, other travel industries accepted US$ 49 million (QAR 178 million) of online payments in 2014 and these are expected to reach US$ 83 million (QAR 302 million) per annum by 2020.
Ecommerce and Entertainment categories accounted for about 10 percent and 1 percent of the Qatari online payments market respectively. Ecommerce online payments are expected to grow from US$ 30 million (QAR 146 million) in 2014 to an estimated US$ 90 million (QAR 328 million) by 2020, while Entertainment online payments are expected to grow from US$ 0.58 million (QAR 2 million) to US$ 1.26 million (QAR 4.6 million) by the year 2020.
PayFort is the payment platform for hundreds of the leading ecommerce websites across the region — such as Abu Issa Holding, Air Arabia, Ariika, Baladna, bayte, beIN SPORTS, Buseet, DrBridge, Dubizzle.com, Eventtus, Flyin, Flynas, Gezira Travel, Goejaza, GTA Travel, Hedeya Store, Jumbo Electronics, KidZania Live, Landmark, Musafir, Nature’s Gifts Stores, NOOR ADSL, Ousta, SmartMart, Souq.com, Style Treasure, TicketMaster and Triptanza, to name a few. These sites rely on PayFort to manage their payment processes easily and securely so they can focus on improving the customer experience.
PayFort offers a complete suite of safe and secure e-payment solutions that can cater to any small to medium enterprise (SME) or startup’s e-payment needs. PayFort utilizes a secure payment network that is built using the most sophisticated and up-to-date fraud prevention and anti-money laundering technologies, all while providing complete flexibility in offering online payments. In addition to providing unrivaled security, PayFort removes much of the hassle of e-payment implementation as all transactional communications are carried out by PayFort. Additionally, clients maintain full control on the backend and are able to issue refunds without having to communicate with PayFort.