PAYFORT Receives Doha Bank Partners Award
PAYFORT, the leading online payment service provider in the Arab world, has received the Doha Bank Partners Award in recognition for its efforts to develop Qatar’s ecommerce sector.
Doha Bank last year signed a partnership agreement with PayFort to develop electronic payment options for the Qatari market and launch initiatives to help companies embrace ecommerce.
“We are honoured to receive this award from Doha Bank,” said Omar Soudodi, Managing Director of PAYFORT. “PayFort’s partnership with Doha Bank is set to break down the barriers to ecommerce for companies in Qatar, simplifying the process of setting up online payment options and allowing their customers to make online payments quickly and easily.”
Established in 1979, Doha Bank is one of the largest commercial banks in the State of Qatar, consistently reporting strong growth during the last decade. The bank provides domestic and international banking services via four business groups – Wholesale Banking, Retail Banking, International Banking and Treasury & Investments.
“Doha Bank is committed to being at the forefront of innovation and partnerships with industry leaders, such as PayFort,” said Dr. R. Seetharaman, Group Chief Executive Officer, Doha Bank. “Our customers already enjoy a wide range of Internet and mobile services and, through our partnership with PayFort, we aim to play a leading role in enabling Qatari businesses to embrace ecommerce.”
According to PayFort State of Payments 2016 research report, some US$ 0.42 billion (QAR 1.5 billion) of online payments are made annually by Qatar buyers. However, research from Qatar’s Ministry of Transport & Communications (MOTC) shows that only about 3 percent of businesses in the country have introduced online e-payment options for their customers. The partnership between Doha Bank and PayFort is expected to enable Qatari businesses to fast-track their online plans, allowing more businesses to offer online payment options to their customers.
“We are proud to accept this award and value our strategic partnership with Doha Bank,” said Mahmoud Raef, Qatar Country Manager – PAYFORT. “Our partnership with Doha Bank supports PayFort’s expansion in Qatar, opening up our services to more Qatari companies and helping to drive the growth of ecommerce in the State of Qatar.”