AMAZON PAYMENT SERVICES

 In December 2020, Amazon launched Amazon Payment Services (APS), a payment service provider that covers the Middle East and North Africa (MENA) region. APS is a rebranded version of Payfort, a fintech startup acquired by Amazon in 2017. Amazon teamed up with a number of leading banks in the MENA region, including Al Rajhi Bank, Mashreq, and First Abu Dhabi Bank, to launch this payment service

Companies using APS can offer online customers the option to pay using global payment methods like Visa and Mastercard as well as local card schemes such as Meeza and Mada. Customers can also pay in monthly installments using cards issued by local and international banks.

APS offers other benefits as well. Businesses can reduce checkout friction by allowing repeat buyers to skip specific authentication steps. APS also provides security solutions that reduce fraud and chargebacks. Companies then get to enjoy a higher percentage of accepted payments. And teams can use APS to build dashboards, merge data from various sources, and keep track of business goals.

In 2021, APS expanded into insurance via a partnership with insurance provider Zurich International Life Limited. As a result, Zurich clients are able to digitally purchase insurance premiums. In February 2022, APS announced a partnership with Dubai-based payment solution provider Network International. The collaboration will allow Network International merchants in the United Arab Emirates to use APS’ payment solutions and gateway. The announcement follows APS’ new partnership with American Express in Saudi Arabia, which lets Amex customers pay for goods on merchant websites using APS.