Payfort Adds SADAD to Target More Saudi Consumers
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.