Pay­fort Adds SADAD to Tar­get More Saudi Con­sumers

Arabnet - The Quarterly - - Industry Stories -

The Fort, Pay­fort’s next gen­er­a­tion pay­ment gate­way, has in­te­grated Saudi Ara­bia’s SADAD Pay­ment Sys­tem. SADAD was es­tab­lished in 2004 by the Saudi Ara­bian Mon­e­tary Agency (SAMA) to be the na­tional Elec­tronic Bill Pre­sent­ment and Pay­ment (EBPP) ser­vice provider. The sys­tem fa­cil­i­tates and stream­lines Saudi con­sumers’ bill pay­ment trans­ac­tions via their banks. It also fea­tures an easy-to-use dash­board that al­lows mer­chants to build their own pay­ment stack. Now, mer­chants that use the Fort will be able to of­fer their clients the op­tion to have pur­chases de­ducted di­rectly from their SADAD ac­count. “Us­ing the SADAD ac­count with the Fort, Saudi en­ter­prises will be able to of­fer online pay­ment op­tions to a dra­mat­i­cally ex­panded con­sumer base,” ex­plained Omar Soudodi, Pay­fort Man­ag­ing Di­rec­tor. Ac­cord­ing to him, SADAD could snatch a share of up to 30% from credit cards and cash trans­ac­tions by end-2016, fur­ther help­ing out e-com­merce and online pay­ments. Pay­fort’s State of Pay­ments re­port for 2015 showed that e-com­merce is the fastest grow­ing sec­tor among en­ter­tain­ment and events, mar­ket­place ser­vices, travel and tourism, and air­lines. By 2020, it is ex­pected to grow to $13.4 bil­lion (up from $7 bil­lion in 2014) and will be close to top­pling air­lines for the top spot.

Abu Dhabi’s me­dia arm, twofour54, has re­cently bought a stake in Col­lec­tion­air, a UAEbased online plat­form that en­ables art lovers to buy, rent, and swap works of art from the com­fort of their home. Within the plat­form, users can also tour vir­tual ex­hi­bi­tions, learn about artists’ jour­neys and cul­tural in­sights, and read pro­fes­sional opin­ions on the pieces avail­able. The amount and de­tails of the deal have not been dis­closed. Col­lec­tion­air was among the first batch of star­tups launched in the first cy­cle of Flat6labs’ ac­cel­er­a­tor pro­gram in 2015. DASH Ven­tures, a lead­ing early stage ven­ture cap­i­tal firm in Jor­dan, has also in­vested in Col­lec­tion­air to sup­port the startup in de­vel­op­ing its plat­form for cus­tomers. Col­lec­tion­air is build­ing a strong net­work of part­ners to en­sure the qual­ity of the art they source is al­ways main­tained. This in­cludes es­tab­lished art curators, artist res­i­den­cies, art schools, and gal­leries from around the world, in­clud­ing Lon­don, New York, and Dubai.

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