Amazon has announced the launch of Amazon Payment Services in the Middle East and North Africa (MENA) region. Thepayment processing service, through acquisition of PAYFORT aims to empower businesses with simple, affordable, and trusted online payment experiences.
PAYFORT was established in 2013 as one of the first Fintech companies in the region and was acquired by Amazon in 2017 as part of the Souq Group acquisition. The last two years have been spent integrating PAYFORT and Amazon offerings to provide businesses with a convenient and trusted service.
With the launch of Amazon Payment Services, businesses that use the service will continue to have access to a range of payment services that enables them to accept online payments using both global and local payment methods, offer installments to the customers to make purchases affordable for their customers, and monitor payment performance round the clock. As of today, PAYFORT is Amazon Payment Services.
Amazon Payment Services also has a wide range of partners, including leading banks such as RAKBANK, First Abu Dhabi Bank (FAB), Mashreq, The Saudi British Bank (SABB), Al Rajhi Bank, Riyad Bank and National Commercial Bank (NCB). Partners also include local card schemes such as MADA, and Meeza, and international card schemes such as Visa, and MasterCard.
New businesses using Amazon Payment Services, will be able to easily accept online payments by choosing from selection of services that fit their customer needs and access rich content to help them with their digital transformation.
As part of the new set of services, businesses can get better transaction authentication and reduce friction at checkout. Businesses can also build their own dashboard by merging their data from different sources which helps them track and meet their goals.