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Amazon Payment Services replaces Payfort across MENA

Amazon completes Payfort integration three years after Souq acquisition

December 14, 2020

Payfort is now Amazon Payment Services.

In 2017, Amazon acquired Payfort as part of the Souq Group acquisition. Amazon has now completed integrating Payfort into the Amazon UAE ecosystem.

Amazon Payment Services provides access to a range of payment services to its business customers that enables them to accept online payments using both global and local payment methods, offer installments to customers and monitor payment performance round the clock.

Today, Amazon Payment Services says it processes transactions for thousands of businesses across multiple industries, ranging from aviation to travel and tourism, retail, insurance, real estate, government, and more.

Partner banks include Rak Bank, 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 services such as Visa, and MasterCard.

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Amazon Payment Services has also introduced new services that will allow businesses to serve their customers better, including reports with insights and real-time monitoring of their payment activities. As part of the new set of services, businesses can get better transaction authentication and reduce friction at checkout. Businesses can also build their dashboard by merging their data from different sources which helps them track and meet their goals.

“Today’s launch marks another key milestone in Amazon’s promise to build the future of digital payments in the region, empowering businesses to provide user-friendly payment experience for their end-users,” Omar Soudodi, managing director, Amazon Payment Services said.

“Amazon Payment Services is a natural next step in our journey, focusing on four fundamental pillars of trust, convenience, selection and pricing, underpinned by a best-in-class experience focused on reliability, scale and operational excellence,” he added.