Payfort Adds SADAD to Target More Saudi Consumers
Payfort announced the integration of SADAD Payment System on the Fort, Payfort’s next generation payment gateway. SADAD facilitates and streamlines Saudi consumers’ bill payment transactions via their banks.
Now merchants that use the Fort will be able to offer their clients the option to have purchases deducted directly from their SADAD account.
How It Works
Fort is easy to integrate: merchants only have to integrate one API (Application Programming Interface) with their online stores to add the option of payments via bank accounts. Merchants can also make online payment available to shoppers through credit/debit card.
SADAD was established by the Saudi Arabian Monetary Agency (SAMA) to be the national Electronic Bill Presentment and Payment (EBPP) service provider for the Kingdom of Saudi Arabia. The gateway’s easy-to-use dashboard allows merchants to build their own payment stack by choosing options for payment channels, fraud tools, acquiring banks, issuing banks and local payment services. SADAD already facilitates a wide range of high-volume bill payments in the Kingdom, such as utility bills and phone bills.
The Bigger Picture
At ArabNet Riyadh 2015, Payfort Managing Director Omar Soudodi said SADAD could snatch a share of up to 30% from credit cards and cash transactions within a year, further helping out e-commerce and online payments.
“Using the SADAD account with the FORT, Saudi enterprises will be able to offer online payment options to a dramatically expanded consumer base,” explained Soudodi.
“More and more Saudi businesses are beginning to rely on online payment processes,” added Muteb Alobeiwi, Payfort country manager for Saudi Arabia. “The addition of SADAD account to the Fort will provide businesses with the means to accept payments from an even wider range of consumers.”
A Payfort State of Payments report for the year 2015 revealed that e-commerce, is the fastest growing sector among entertainment and events, marketplace services, travel and tourism, and airlines. By 2020, it will be close to topple airlines for the top spot, with the size of the sector expected to grow to $13.4 billion in 2020, from $7 billion in 2014.