Amazon’s online payment gateway Payfort has obtained a license from the Saudi Arabian General Investment Authority (SAGIA) to set up a new wholly company offering payment solutions in the Kingdom.
The new foreign business license is the first of its kind to be issued to a payment services operator, Payfort said in a statement on Sunday.
Saudi Arabia and the United Arab Emirates are the fastest growing markets in the region for electronic payments, according to Payfort’s State of Payments 2017 report.
Electronic payments in the Kingdom are expected to double over the next four years to reach more than $22 billion.
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