Amazon launches its digital payment services for businesses in UAE and region
These will be routed through Payfort, which it acquired in 2017
Dubai: Amazon has become the latest tech giant to offer its digital payments services in the UAE and wider region, joining Apple, Samsung and Alibaba.
With Amazon Payment Services, businesses that use the service will be able to accept online payments using both global and local payment methods, offer installments to customers, and monitor payment performance. The service will be available in the six Gulf markets plus Lebanon, Jordan and Egypt.
Part of the deal
This is being done through Amazon's 2017 buy of Payfort, which was part of Souq Global and is rebranded as Amazon Payment Services. "We listened to businesses across a broad range of industries to continue improving our offering," said Omar Soudodi, Managing Director of APS. (It was that year that the e-tailing giant acquired the local entity souq.ae and then later made the transition to amazon.ae.)
“Since the 2017 acquisition, we (Payfort) had been working towards combining our local expertise in the Middle East with Amazon’s tech knowhow. Now, this would further help us empower organisations in the region."
Payfort, launched in 2013, is thus 'Amazon Payment Services' effective from today. Partner banks for now include RAKBANK, First Abu Dhabi Bank (FAB), Mashreq, Saudi British Bank (SABB) and Al Rajhi Bank. There are also alliances with local card schemes such as 'MADA' and 'Meeza', as well as those from Visa and MasterCard.
New businesses using APS will be able to eaccept online payments by choosing from selection of services that fit their customer needs. The service will remain out-and-out B2B focussed.
"Whether with Visa or Mastercard, we act as an enabler to get more companies accept online payments. We are not competing with these payment companies," the official added.