Dubai-Based PayFort Gets Awarded As The “Most Innovative Online Payment Service Provider”

The International Finance Awards 2018, an awards programme that recognises quality work by the International Finance Magazine, recognised PayFort as the “Most Innovative Online Payment Service Provider” in the technology awards category. PayFort receives the award in a ceremony taking place in Dubai on November 15th.

PayFort, an Amazon company based in Dubai, provides online payment solutions that aim to make the online shoppers’ experience in the Arab world safe and secure using the payment option that they prefer.

In their effort to decrease reliance on cash money and boost electronic payment, earlier this year, PayFort successfully announced the integration of its payment gateway with Saudi Arabia’s national electronic bill presentment and payment service provider in Saudi Arabia (SADAD) and with the Saudi Payment Network, MADA national debit card. It was also granted the first license authorised for payments as an economic activity by the Saudi Arabian General Investment Authority.

Omar Soudodi, Managing Director of PayFort says that they are very delighted to receive this award. “This award comes towards the end of a golden year for PayFort, during which we have successfully integrated our payment gateway with country-wide government electronic payment networks in both Egypt and Saudi Arabia. Meanwhile, we continue to break down the barriers for the region’s entrepreneurs to build successful businesses online,” Soudodi added.

Online purchase has been growing significantly in the Arab world over the past years. 2016 witnessed a 22 percent increase in online purchasing than the preceding years, with more than $30 billion worth of goods and services having been purchased online in Egypt, Kuwait, Jordan, Lebanon, Qatar and Saudi Arabia, according to PayFort.

Winners are selected annually by International Finance’s research team, based on the strength of the applications and their past accomplishments. International Finance has different awards categories that include banking, brokerage, leadership, insurance, technology, utility, telecom and financial awards. C-level executives and senior management representatives from those different fields, coming from anywhere in Africa, the Middle East, Asia or Europe are eligible to participate in these awards.

This year’s awards are sponsored by Oman Oil Company Exploration and Production. Other winners this year include Banque Misr and Arab African International Bank from Egypt as well as Commercial Bank of Dubai and Prestige Constructions from the United Arab Emirates.