#Pay and Payfort to Develop MENA Fintech in Joint Effort
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.