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Dubai: Amazon has become the latest tech giant to offer its digital payments services in the UAE and wider region, joining Apple, Samsung and Alibaba. With Amazon Payment Services, businesses that use the service will be able to accept online payments using both global and local payment methods, offer installments to customers, and monitor payment performance. The service will be available in the six Gulf markets plus Lebanon, Jordan and Egypt. Part of the deal This is being done through Amazon s 2017 buy of Payfort, which was part of Souq Global and is rebranded as Amazon Payment Services. We listened to businesses across a broad range of industries to continue improving our offering, said Omar Soudodi, Managing Director of APS. (It was that year that the e-tailing giant acquired the local entity souq.ae and then later made the transition to amazon.ae.) ....
“We listened to businesses across a broad range of industries to continue improving our offering. Amazon Payment Services is a natural next step in our journey.” The digital payments business is booming, with the Covid-19 pandemic encouraging more businesses to deploy new technologies. Globally, digital payments are set to grow to $8.26 trillion in 2024 from $4.4tn this year, according to Statista. The UAE is among the countries leading this adoption. Two-thirds of people expect the country to become fully cashless by 2030, according to a recent poll by Standard Chartered. A report by US-based TechSci Research also found the UAE mobile wallet market is expected to grow at a compound annual rate of 24 per cent to $2.3 billion by 2022. ....
Amazon strengthens fintech position, rolls out payment services for MENA businesses zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.