An Amazon Executive, the Managing Director of Amazon Payment Services, Omar Soudodi stated and emphasized that: “Digitalized platforms are now hugely a lot more must-have for the firms.”
The vitality of a digitalized presence for the businesses have become hugely augmented this year, alongside the COVID-19 Pandemic, as well as the online payment providers are hugely responsive.
The Managing Director for Amazon’s Payment Services, Omar Soudodi further added that: “With the new trendsetter thanks to COVID-19 Pandemic, millions globally are now familiar with procuring everything online, and firms having absolute no choice, however to ponder digitally or in a grave threat of losing huge revenues.”
Soudodi, further announced that: “Viewing the previous five years, they have viewed that a majority of the firms within the territory have taken their initial step furthermore towards digitalized transformation. However, this has also been the case wherein there has been swiftness in everything that unfolded this year during 2020, as well as the Pandemic and that a lot of firms have fast-tracked in a successful roadmap specifically for the digitalized transformation.”
He also announced further that: “A few years before, the firm looked out for emerging digitalized channels as a better thing to have in there. However, he still ponders that, within this day as well as era, Digitalized channels are their trump card for majority of the firms.”
He further stated that: “Whether it is regarding acting upon the client demand, curbing their operational rate by further declining the dependency specifically regarding physical location, as well as in the expansion of their borders, there are numerous advantages for the firms within the territory for going online.”
On Monday, the global E-Commerce and logistics giant Amazon, further proclaimed launching up of Amazon Payment Services, that is wholly a digitalized payment processing service within the MENA territory, that offers secure online Payment services that are flexible-for-utilization as well as in leveraging Amazon’s Scalable as well as reliable technology.”
However, the digitalized shift also brings upon prevailing challenges towards the firms that are latest for adopting them.
Amazon had acquired one of the territories initial FinTech firms Payfort in 2017, as alongside an integral part of Souq.com initiative, and has now rebranded it as Amazon Payment Services. This initiative influences the Payfort’s inmost knowledge regarding the territories businesses’ requirements, which has been built over seven years since its launch.”
Soudodi further elaborated that: “Creation and thriving, as well as in climbing upon the diverse digitalized channels is not an ordinary task to be done or achieved, so alongside the Amazon Payment services, they are trying to make it hugely flexible for the firms for going online via imparting education to them, developing perfect contents, making it hugely flexible for integration of their system and as well via availing diverse payment methods in a better as well as within a trusted manner.”
Further he quotes the illustration of Amazon Collect wherein even if an organization doesn’t have a website, application or any forms of technology, they can still receive online payments by collectively utilizing Collect Service as well as in dispatching invoices via SMS or Emails that clients can optimally utilize for payments.
- Amazon Payment Services handles operations for thousands of businesses across numerous industries, ranging from aviation to travel and tourism, retail, insurance, real estate and government.
- It also boasts of having core partnerships with a numerous native lenders that lists First Abu Dhabi Bank, Mashreq and RAKBank in the UAE, as well as Al Rajhi Bank, National Commercial Bank and Riyad Bank in Saudi Arabia.
- There is no doubt that the Digitalized Payment trade is booming, alongside the advent of COVID-19 Pandemic that has no doubt being an encouragement for more businesses to positioning latest technologies. According to a Statista based report forecast, digital payments are expected to expand to $8.26 trillion within four years down the lane in 2024 from $4.4 trillion this year globally.
- As per the latest poll report via Standard Chartered, the UAE is amongst the pioneer nations leading the digitized adoption and that within the next decade in 2030, two-thirds of individuals forecast the nation to go completely digitalized or cashless. A report sourced via US-based TechSci Research also constituted that the UAE mobile wallet market is anticipated to nurture at a compound annual rate of 24 percent to $2.3 billion within 2022.
- With such a distinct client base, it has developed robust expertise that favours businesses at every scale, from SMEs eyeing to establish their online presence to a large-scale enterprise demanding a dependable payment service to cope with soaring volumes of transactions securely.
Amazon Payment Services is accessible in eight nations across the MENA territory, that includes the UAE, Saudi Arabia, Egypt and Jordan.