The General Authority for investment in the kingdom awarded the “Beaufort” license to provide payment solutions in Saudi Arabia

بيفورت

بيفورت

The company announced the payfort Payfort, a subsidiary of Amazon, the establishment of a new company, the ownership of the whole in the kingdom of Saudi Arabia, through the General Authority for investment “sage” SAGIA. The company has received a license for the “payment solutions” in the field of financial services in the kingdom.

Said the age of the dams, CEO of the Beaver, the establishment of the new company in the kingdom, which is owned by Beaver completely as a foreigner, is further proof of the company’s commitment to contributing to the development of the Saudi market, in the long run. As to the establishment of the new company comes as an outgrowth of the efforts of the company to support the rapid growth in the areas of e-commerce, e-payment in the kingdom.

Added to saying that the initiatives announced by the kingdom recently to achieve further development and growth in the Saudi economy, particularly in the sectors of tourism and leisure, that will help in achieving further growth in the area of services and digital payments, which is already experiencing increased growth.

It should be noted that, according to Beaufort’s annual “indicators of the industry of electronic payments in the Arab world to 2017”, is Saudi Arabia and the UAE the fastest growing markets in the field of electronic payments in the region. The report also indicates that the value of electronic payments in the kingdom of Saudi Arabia amounted to $ 8.3 million in 2016, an annual increase of 27% compared with the past two years. It is expected to multiply the value of electronic payments during the next four years to reach more than $ 22 million.

In his turn, spoke of “srinivas RAO”, responsible for the management of the expansion in payments to Amazon, and said that the demand for corporate financial services in the kingdom more than 40% among Saudis, which reflects how important the leadership of Beaufort investment in and expansion of the kingdom. He added that this is the optimal time for the company to have it fully in the kingdom, the company is looking to stimulate the growth of strong and long-lasting, with all the partners, currently and in the future.

Come to Saudi Arabia as the fastest markets for electronic payments growth in the region, especially in the sectors of aviation, travel and tourism, where experienced electronic payments in the field of airline ticket sales grew by 21%, The percentage growth in the areas of travel, tourism and 36%, in 2016. The entertainment sector and transactions and activities in the kingdom is not only the fastest markets of growth in the field of electronic payments, including the annual growth up to 24%, but this sector offers tremendous potential for growth in the years 2017 – 2020.

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