#Pay and Pay­fort to De­velop MENA Fin­tech in Joint Ef­fort

Arabnet - The Quarterly - - Industry Stories -

PAY­FORT, an on­line pay­ment service provider in the Arab world, and fin­tech startup #Pay (pro­nounced ‘hash-pay’) an­nounced that #Pay team will now be part of Pay­fort. The two will be work­ing to­gether to fa­cil­i­tate se­cure e-pay­ments in the Arab re­gion. E-com­merce is cur­rently a boom­ing in­dus­try, espe­cially in the Arab re­gion. Back in 2014, On­line Shop­ping Be­hav­ior Stud­ies con­ducted by Master­card re­vealed the in­creas­ing pop­u­lar­ity of on­line shop­ping in Arab coun­tries. Now, the mar­ket is grow­ing faster than ever. While the num­bers of on­line shop­pers is on the rise, the pri­mary con­cern for con­sumers is safety. The rapid growth of the e-mar­ket in the Arab world cre­ates a high de­mand for se­cure and eas­ily op­er­ated pay­ment models. The #Pay team has de­vel­oped so­lu­tions to help mer­chants sim­plify cus­tomer on­line pay­ments, of­fer­ing op­tions as per cus­tomer pref­er­ence via call cen­ters, SMS or so­cial me­dia, such as Twitter, In­sta­gram, Snapchat, and other on­line chan­nels. #Pay opens up com­mu­ni­ca­tion chan­nels for mer­chants al­low­ing them to send in­voices via so­cial me­dia such as Twitter, In­sta­gram, or even Snapchat. Cus­tomers are given a unique URL and in­voice pay­ment code, and can pay us­ing SADAD, credit card or bank trans­fer. Pay­fort works to­wards mak­ing pay­ments safe and se­cure for buy­ers and sell­ers across the Arab world, of­fer­ing a com­plete suite of pay­ment so­lu­tions that are tai­lored to Arab on­line buy­ing habits and trends and can also be catered to any small to medium en­ter­prise (SME). It is also the pay­ment plat­form for some of the lead­ing e-com­merce web­sites in the re­gion such as Souq.com, Du­biz­zle.com, Land­mark, BEIN Sports, Eti­had Air­ways, Tick­et­mas­ter, Air Ara­bia, and Tal­a­bat.com.

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