Payfort granted license to operate in Saudi Arabia

Monday 26 February 2018 09:44 CET | News

Payfort, a unit of the online retailer Amazon, has been licensed by the Saudi Arabian General Investment Authority (SAGIA) to operate as a payments solutions company.

The company intends to tap the rise of ecommerce and growing demand for online transactions in the Arab world. The license is the first foreign business license of its kind issued to a payment services operator by SAGIA.

According to a Payfort report, Saudi Arabia and the UAE are among the fastest growing markets in the region when it comes to electronic payments. The value of electronic payment transactions in Saudi Arabia grew 27% year-on-year in 2016 to USD 8.3 billion. Moreover, the value of electronic payments in the kingdom is expected to double in the next four years to reach more than USD 22 bln.

The kingdom is as a fast-growing country within the regions airline and travel sectors during 2016, reporting 21% growth in airline payment volume and 36% growth in travel and tourism, according to Payfort.

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Keywords: PayFort, Saudi Arabia, payments, Saudi Arabian General Investment Authority, UAE, Amazon
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce