Amazon Payment Services shares information on the future of payments in the Kingdom
Riyadh, Saudi Arabia – Amazon Payment Services, a regional leader in digital payments operating in the Middle East and North Africa (MENA) with a mission to give online businesses a simple, affordable and reliable payment experience, has addressed to an audience of fintech innovators and business leaders at Seamless Saudi Arabia 2022 to share information on the evolution of cashless payments in Saudi Arabia. Amazon Payment Services’ participation as a platinum sponsor in Seamless Saudi Arabia is in line with its commitment to engage with the Kingdom’s fintech and business communities.
A holistic payment solution, Amazon Payment Services supports merchants beyond payments with its extensive service portfolio, advanced technologies, value-added services, and a strong and growing network of partners across the region. By combining deep knowledge of MENA markets with Amazon’s global expertise, Amazon Payment Services has driven payments innovation to facilitate millions of secure transactions in the world today. region.
In a presentation titled “Reimaging Payments for Today’s Saudi Consumer”, Mona Alsemayen, Country Head of Strategy and Growth in Saudi Arabia for Amazon Payment Services, highlighted how Saudi Arabia’s Vision 2030 and a strong infrastructure for digital economy in the Kingdom have been a catalyst for growth in digital payments across multiple verticals, with cashless payments overtaking cash for the first time in 2021 to account for 62% of transactions across all industries.
“Thanks to government initiatives and industry trends, Saudi Arabia has seen a rapid evolution in digital payment and lending methods over the past few years, making the country a hotspot for Fintech players and open banks in the world. development and cooperation. Today’s Saudi consumer wants choice, convenience, speed and security, but most importantly, they want a smooth and seamless payment experience that mirrors their daily online interactions. By keeping the customer first and working backwards to meet their needs, Amazon Payment Services is partnering with government, merchants and the financial industry to advance the payment experience in Saudi Arabia,” said Alsemayen.
Also contributing to the discussion at Seamless Middle East 2022, Mohamed Imtiyaz, Head of Business Development, Amazon Payment Services, participated in a panel discussion on “Pioneering the next generation of online retail with a “one-stop-shop,” in which he highlighted how the digital marketplace of tomorrow is an interconnected landscape where different payment methods merge and overlap, helping to establish a seamless and fully integrated use case for all stakeholders.
“Online marketplaces are increasingly looking for payment service providers who provide seamless payment infrastructure in addition to providing added value by increasing payment conversion with a wider choice of affordable payment options. like BNPL and installments. At the same time, they seek to increase their reach by tapping into the vast opportunities offered by digital native Gen Z and Millennial consumers,” Imtiyaz said.
Among the leading Amazon Payment Services solutions showcased at Seamless Saudi Arabia 2022 was Installments, a highly targeted and personalized solution that breaks down large purchases into easy monthly payments that are proven to increase sales by 10-15% on the average size. shopping carts, and holistically rounded solutions such as PrivateLink, a multi-solution product designed to increase security, improve checkout experience and success rate, and reduce data egress costs for merchants.
About Amazon Payment Services
Amazon Payment Services is a regional leader in digital payments operating in the Middle East and North Africa (MENA) region with a mission to empower online businesses through an easy, affordable, and trusted payment experience. Designed to enable businesses to unlock and optimize their online presence, Amazon Payment Services provides secure and easy-to-use digital payment services and solutions, including tokenization technology, local payment methods, fraud, installment plans such as Buy-Now-Pay-Later, digital wallets and reporting APIs, and industry-leading consumer payment insights.
For more information about Amazon Payment Services, visit paymentservices.amazon.com and follow us on Twitter, Facebook and LinkedIn.
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