PayFort launches online payment gateway


June 26, 2013 | By RetailME Bureau

UAE-based payment service provider PayFort has launched a payment gateway in the UAE and Egypt to facilitate online transactions in the Middle East. PayFort is a spin-off of CashU, an online payment provider based in Dubai, with investment backing from global online investment firms such as Naspers and Tiger Capital.

PayFort aims to establish consumer confidence by offering guaranteed transactional security by deploying a secure payment network that is built using the most sophisticated and up to date fraud prevention and anti-money laundering technologies. PayFort’s payment gateway can be integrated into a website or mobile app. The fees are based on the number of transactions made and the amount of intelligence that PayFort is required to provide to the merchant about each transaction.

“Our new online payment platform helps merchants really detect fraud on so many different levels. Most of the payment gateways available in the market have about 70 different business rules that help them in mitigating transaction risks. We have close to 20,000. The merchant can change the business rules for a transaction depending on the item being sold. Because of our risk management and fraud detection we can enable merchants to analyse what is happening at the time of the transaction,” explains Omar Soudodi, managing director of PayFort.

Saudi Arabia will see the next launch of the PayFort service, where SABB will be their partner. Initially, Saudi consumers will be able to pay with credit cards including Visa, MasterCard, American Express and JCB. Additionally, a ‘pay at home’ option will enable consumers to pay cash to the courier company handling the e-commerce shipment.

According to Soudodi, a lack of trust in electronic payment transactions has been discouraging both Saudi consumers and retailers from doing more business online. The retail sector in Saudi Arabia is the largest in the GCC, but e-commerce has been slow to take off in the country. Eventually, Soudodi hopes the Saudi banks will allow their customer’s debit cards to be used on PayFort.

Soudodi adds he would like to see governments across the region turning to PayFort to process online transactions. “Specifically in the government space, PayFort can provide Arab governments with solutions to their service/payment processing needs, helping them improve time to delivery of services while reducing the operational burden of the existing paper-based, physical service delivery model,” he concludes.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /


Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau
Koita

Homegrown, organic and plant milk company, Koita has announced its expansion into 

Continue Reading

December 9, 2020 | By RetailME Bureau
Middle East's vegan revolution

Today’s on-demand streaming services are ripe with docu-series and explainer videos on 

Continue Reading

December 3, 2020 | By Shruthi Nair




Download Images RetailME Magazine