Amazon launches payment services in Saudi Arabia

JEDDAH: Amazon has launched its payments services platform in Saudi Arabia as part of its introduction across the Middle East and North Africa region.

The service offers businesses in the region the capacity to accept all forms of payments securely.

Amazon Payment Services will enable Saudi businesses to process both global and local payments, enable payments to be made in installments, monitor payment performance and protect businesses from fraud attempts by accurately converting currencies.

Amazon Payment Services began as Payfort in 2013 and joined the Amazon group of companies when the online conglomerate acquired the Souq Group in 2017.

“Payfort is becoming Amazon Payment Services, which launched today,” said Omar Soudodi, managing director of Amazon Payment Services.

“What we’re trying to do is further empower organizations in Saudi Arabia, big or small, to build simple, trusted and affordable payment experiences,” Soudodi told Arab News.

Online adoption has increased significantly in Saudi Arabia over the past five years. Soudodi said it is due to an increase in the number of organizations, companies, startups and government bodies offering their services to customers able to pay online.

There is also a growing diversification of payment methods, which has resulted in countless customers turning to online shopping in the form of services like MADA in the Kingdom, Meeza in the UAE and Value in Kuwait.

“These payment methods are making it simpler to transact online. What we do at Amazon Payment Services is allow organizations to accept these payment methods,” said Soudodi.

Amazon Payment Services simplifies the integration of these payment methods so they can be accepted by businesses and startups, instead of having to sign contracts each time.

By creating safe payment systems and user-friendly payment experiences that are not detrimental to the customer shopping experience, Amazon Payment Services is ensuring stability for organizations and returning customers.

“We’re very excited. Saudi Arabia remains a hypergrowth market when you look at the online trends. We did see 35 percent of customers say that they like to make purchases now with a debit or credit card when making large purchases in Saudi Arabia,” said Soudodi.

The service will also allow users to analyze customer data and discover insights into their online shopping behaviors.

“We work closely with organizations such as Saudi Payments on how we can increase payment adoption in the Kingdom and contribute to Vision 2030,” Soudodi added.

Managing Director of Saudi Payments Fahad Al-Akeel said: “Being in an extensive partnership with Payfort for several years, we are very excited about the next endeavor with Amazon Payment Services, which will facilitate more opportunities for digital payments in Saudi Arabia, in addition to diversifying secure and convenient contactless payment options for our Saudi consumers.”