PAYFORT has established itself as the ‘go-to’ e-payment provider in the region, a status that is backed up by a number of impressive milestones and achievements
Dubai – 3 June 2014 – PAYFORT, the Arab world’s leading online payment gateway and payment solutions provider, has released today its Arab World Online Payment Report 2014. The report provides in-depth analysis of the state of e-payments and e-commerce in the region, and marks the successful closure of PAYFORT’s first year of operation.
Since launching in Dubai, UAE in June 2013, PAYFORT has established itself as the ‘go-to’ e-payment provider in the region, a status that is backed up by a number of impressive milestones and achievements.
In its first year of operation, the PAYFORT network processed over 3 billion UAE dirhams (around $817 million) worth of processing transactions. Moreover, PAYFORT has made great strides toward achieving its goal of expanding e-commerce throughout the region as over 110 regional merchants have already adopted PAYFORT as their e-payment provider, including big names such as TECOM Investments (a member of Dubai Holding), Air Arabia, Souq.com, Landmark, and Ferrari World.
PAYFORT has also established partnerships with five of the region’s leading banks – the National Bank of Abu Dhabi, Mashreq, Abu Dhabi Islamic Bank, SAAB, and the National Bank of Egypt.
“We at PAYFORT wanted to conclude our successful first year of operation by releasing this in-depth report, which highlights the rapidly changing dynamics of the region’s e-commerce and e-payment industries,” said Omar Soudodi, Managing Director of PAYFORT. “As we as an industry collectively move forward, we must keep our eye on these dynamics and be visionary in our approach to providing clients and customers with the options and solutions that they require, and hopefully our report will be a useful tool to do just that.”
In addition to its headquarters in the UAE, which is the region’s largest e-commerce market, PAYFORT opened branches in two of the region’s most potent e-commerce markets, Saudi Arabia and Egypt. This rapid expansion points to PAYFORT’s immediate success and its commitment to making e-commerce and e-payment more accessible to Arab businesses and customers.
PAYFORT, which boasts a market-leading 85 percent acceptance rate, has released an array of innovative products and services over the course of its first year of operation, including PAYatHOME and PAYatSTORE, both of which aim to promote e-commerce adoption among businesses and consumers. PAYFORT also launched its in-app payment service, which allows mobile phone and handheld device using “customers” to seamlessly complete their transaction within the app without being redirected to another page, which enhances the experience and overall security.
All of PAYFORT’s products and services are reinforced by its dedicated and knowledgeable support team, which diligently helps merchants grow their businesses and stay up to date on the industry’s latest trends and technologies.
The one-year anniversary of PAYFORT’s 2013 launch happens to coincide with the 2014 ArabNet Digital Summit, which begins today in Dubai. At the three-day event, which is touted as “the hub for Arab digital professionals and entrepreneurs to connect and learn,” PAYFORT, the Summit’s official Online Payment Partner, has released its report on the state of payments in the region, entitled Arab World Online Payment Report 2014.
The report provides in-depth analysis of the state of e-payments in the four markets in which PAYFORT has predominantly operated in over the past year – the UAE, Saudi Arabia, Egypt, and Kuwait. The report opens with a detailed analysis of the growth of e-commerce over the past ten years and profiles the aforementioned markets’ consumers and their e-commerce consumption patterns. Tourism, a rapidly growing industry and contributor to e-commerce expansion, is studied and explored. Internet penetration rates, male-to-female online transaction patterns, age demographics, consumer location patterns, product and industry type statistics, and preferred payment methods are also highlighted and analyzed in detail.
The report also analyzes e-payment and e-commerce penetration throughout the region, and looks at the most visited e-commerce sites in the above markets. It finds that 15 percent of the region’s businesses have an online presence and notes that the e-commerce industry is expected to grow from $9 billion in sales in 2012 to $15 billion in 2015. The report concludes with a section on m-commerce and omni-commerce, the former of which is expected to increase from $0.9 billion in sales in 2012 to $3 billion in 2015, and the huge potential it has in the region.
According to the report, in the UAE, 60 percent of the 3.65 million e-commerce customers are located in Dubai, while another 27 percent are in Sharjah and Abu Dhabi collectively. In Egypt, 27 percent of e-commerce purchases are paid for with a credit card, while cash on delivery makes up the remainder.
“It is our intent to provide businesses with insights into the state of payments in the Arab World via an extensive range of data and a deeper analysis into the drivers of all aspects of commerce. Our mission is to help them connect with customers in the Arab World, and we hope that this report enlightens them on each of the unique payment options their customers use,” said Soudodi, who will be speaking at the Summit. “The report falls in line with our wider goal of helping to develop the industry as a whole, and we hope that it will prove useful for merchants, large and small, who are trying to expand their businesses by capturing the region’s massive e-commerce potential.”