US-based ecommerce giant Amazon has announced the launch of its fintech unit Amazon Payment Services to cater to the need of businesses in the Middle East and North Africa (MENA) region, media reports said. The launch of Amazon’s fintech arm comes three years after the ecommerce giant acquired Payfort International as part of the Souq Group acquisition in 2017.
Through the launch of the new payment services, Amazon seeks to facilitate seamless online financial transactions and enable businesses to accept digital payments using both local and international payment methods.
Its partner banks include Rak Bank, First Abu Dhabi Bank, Mashreq, the Saudi British Bank , Al Rajhi Bank, Riyad Bank and National Commercial Bank. Partners also include local card schemes such as MADA, and Meeza, and international card services such as Visa and MasterCard.
Omar Soudodi, managing director of Amazon Payment Services told the media, “Today’s launch marks another key milestone in Amazon’s promise to build the future of digital payments in the region, empowering businesses to provide user-friendly payment experience for their end-users.”
“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, focusing on four fundamental pillars of trust, convenience, selection and pricing, underpinned by a best-in-class experience focused on reliability scale and operational excellence.”
As a result of the countermeasures introduced to fight the spread of the Covid-19 virus, the MENA region saw an increase in online activities which include digital financial transactions. The launch of Amazon’s new fintech unit comes at a time when there is a growing demand for digital payment solutions in the region.