The State of Payments 2015 by PayFort - ArabNet Digital Summit 2015

stateofpayments.com
STATE
PAYMENTS
2015
OF

$7
billion
Arab World
$1.5
billion
$1.4
billion
$0.56
billion
$0.28
billion
$0.21
billion
UAE KSA Egypt Kuwait Lebanon Jordan
$2.3
billion
MARKET SIZE - 2014
"Ecommerce is the fastest growing sector covered in this report and by 2020 it will be nipping on the heels of airlines to become the biggest. By then we pre-
dict UAE and KSA will have a combined ecommerce market of over $10 billion."
02stateofpayments.com |

$13.4
billion
Arab World
$2.9
billlion
$2.7
billion
$1.07
billion
$0.53
billion
$0.4
billion
$4.4
billion
MARKET SIZE - 2020
"Ecommerce is the fastest growing sector covered in this report and by 2020 it will be nipping on the heels of airlines to become the biggest. By then we pre-
dict UAE and KSA will have a combined ecommerce market of over $10 billion."
UAE KSA Egypt Kuwait Lebanon Jordan

$30m
$15m
$0
$-15m
$-30m
-$13.9m
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
-$13.3m
-$9.8m -$8.4m
-$4.7m
-$3.3m
-$0.24m
-$4.6m
$1.8m $1.2m
$27.7m $27.7m
SEASONALITY
"Ecommerce is feast or famine with lulls from January through to August when fortunes turn in the run up to November and December. Sales soar before
Christmas and the New Year."
Transaction Size
(See the methodology behind this analysis on pg 115)

100k
50k
$0
-50k
-100k
-74,759
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
-68,719
-34,955 -34,923
-9,983
-699 -231
-17,607
12,249 12,033
108,797 108,797
Transaction Volume
(See the methodology behind this analysis on pg 115)
SEASONALITY
"Ecommerce is feast or famine with lulls from January through to August when fortunes turn in the run up to November and December. Sales soar before
Christmas and the New Year."

74%Acceptance
Ratio
0.05%Chargeback
5%Refund
TRANSACTION RATIOS
"Acceptance ratios are low for ecommerce companies. This owes to the many startups in this space that are still developing effective checkout
pages on their websites."

Acceptance Ratio
25%
Chargeback Ratio
26%
Transaction Volume
34%
Transaction Size
15%
INDUSTRY SURVEY
"We polled 60+ companies in ecommerce to get their view on how customers are behaving online."
WHAT IS MOST IMPORTANT TO YOU WHEN IT COMES TO ONLINE PAYMENTS?
Ecommerce companies are focused on increasing the number of transactions with the aim of capturing market share. In the future they will have to focus on
increasing their average order value."

Acceptance Ratio Cash-on-Delivery
Alternatives
Increase Payment
options for
Customers
Increase Trust
on Checkout
with End Users
Fraud
13% 13%
32%
16%
26%
WHAT IS A MAJOR ONLINE PAYMENT CHALLENGE?
"Cash on delivery can be crippling for small ecommerce companies due to the costs and high return rates. Many ﬁrms are struggling to get to grips with this
local challenge."

Facebook Twitter Linkedin Google + Pinterest
41%
4% 4% 9%
23%
Instagram Others
5%
13%
WHICH SOCIAL MEDIA CHANNEL WILL BE YOUR BIGGEST FOCUS FOR ONLINE
SALES AND CONSUMER ENGAGEMENT?
"Facebook is far and away the most important channel for ecommerce companies while Instagram has outstripped Twitter as the runner up. In 2016, Instagram
may well take pole position."

Alternative Payments
Very important
61%
Important
24%
Somewhat important
10%
Not important at all
5%
HOW IMPORTANT ARE ALTERNATIVE PAYMENTS AND EASY INSTALLMENT PLANS
TO YOUR BUSINESS?
"Alternative payments are incredibly important in ecommerce as consumers refuse to pay online for physical goods. Ecommerce companies are also starting
to tinker with easy installment plans."

Very important
18%
Important
13%
Somewhat important
34%
Not important at all
35%
Easy Installment
HOW IMPORTANT ARE ALTERNATIVE PAYMENTS AND EASY INSTALLMENT PLANS
TO YOUR BUSINESS?
"Alternative payments are incredibly important in ecommerce as consumers refuse to pay online for physical goods. Ecommerce companies are also starting
to tinker with easy installment plans."

SEO Paid Search Content
Marketing
Affiliates Online PR Email
Marketing
User
Reviews
Social Media Refferals Offline
Channels
16% 16%
9%
7% 7% 7%
5%
13% 12%
8%
WHICH MARKETING CHANNELS PROVIDE THE BIGGEST BOOST
TO E-COMMERCE SALES?
"Ecommerce companies are not heavily reliant upon paid media and instead focus on SEO, social and email marketing to increase market share."

Electronics Fashion Books Entertainment Health Sports Groceries
23%
24%
17%
8% 8%
9%
12%
WHICH PRODUCT CATEGORIES DO YOU SELL?
"Entertainment and electronics are the largest ecommerce sectors. Groceries is a small sub-sector, however, it could explode if major players make it a focus."

WHAT PERCENTAGE OF YOUR CUSTOMERS PAY WITH CREDIT CARDS/MOBILES
AND DO YOU ATTRACT RETURN CUSTOMERS?
"Ecommerce companies still haven’t cracked credit card payments and m-commerce – the winners in the run-up to 2020 will be brands that successfully
confront these challenges while building brand loyalty."
Mobile Sales Credit Cards Repeat Buyers
100 - 90%
0%0%0%
27%
5%
8%
34%
32%
11%
18%
15%
27%
39%
49%
11%
24%
0% 0%
89 - 75% 74 - 50% 49 - 25% 24 - 0% No Mobiles Sales

WHAT IS YOUR BIGGEST CHALLENGE?
"Ecommerce is intensely competitive and each niche is ﬁlled by multiple providers. This means that acquiring market share is the most important consideration
for the vast majority of ﬁrms."
47%
7%
9%
28%
9%
0%
Acquiring
Market Share
Shopping Cart
Abandonment
Inventory
Management
Delivery Returns Pricing

WHAT IS THE MOST SIGNIFICANT FACTOR FOR CLOTHING RETURNS?
"Incorrect sizing is the most common reason for clothing returns. This may indicate that customers are unable to correctly size themselves when shopping
online."
Wrong Item Wrong Size Item not as
described
Buyer changed
her mind
Couldn’t reach
the buyer
16% 42% 5% 16% 21%

DO YOU SEE SUBSCRIPTION E-COMMERCE FASHION AS A VIABLE BUSINESS
MODEL? AND ARE RETAIL BRANDS A THREAT TO ECOMMERCE COMPANIES?
"Subscription ecommerce is clearly an intriguing prospect that could help boost brand loyalty in this competitive market. Interestingly, ecommerce companies
are not threatened by retail brands that may move into the online world."
Subscription Ecommerce
63%Yes
37%No
Retail Brands
26%Yes
74%No

WHICH OF THE FOLLOWING POSES THE BIGGEST CHALLENGE FOR YOU AS AN
ECOMMERCE?
"Maintaining the same level of service between offline and online stores has proven to be the most challenging aspect for many Ecommerces. Companies that
can innovate in this area stand to gain a big advantage over competitors."
Building an
e-commerce site
25%
Maintaining the same
level of service between
my offline and online store
50% 25%
Competing with existing
e-commerce players

online shopping overtaking
retail shopping by 2020
50% 50%
Yes No
engage in omni-commerce
for your business
Yes No
online store
a bigger focus in 2015
100%
0%
Yes No
DO YOU CURRENTLY ENGAGE IN OMNI-COMMERCE FOR YOUR BUSINESS AND
DO YOU PLAN ON MAKING YOUR ONLINE STORE A BIGGER FOCUS IN 2015?
WILL ONLINE SHOPPING OVERTAKE RETAIL SHOPPING BY 2020?
"Ecommerce businesses are split equally on the takeover of online shopping with 50% expecting it to take over retail shopping by 2020. Still there is
overwhelming agreement that in 2015 online needs to be a bigger focus."
100%
0%

Product is not ready to ship to
customer by estimated delivery time
20%
Courier company takes
too much time to deliver
49%
Customer is not a serious buyer
31%
WHICH OF THE FOLLOWING WOULD YOU SAY IS A MAJOR FACTOR FOR
RETURNS FROM CASH-ON-DELIVERY?
"Logistics is clearly the largest issue affecting Cash-on-Delivery returns. The time between purchase and payment leads customers to change their mind and
abandon the sale."

SOUQ.COM
RONALDO MOUCHAWAR,
CEO
"The Arab World has one of the highest mobile
penetration rates in the world which has led to mobile
e-commerce sales taking off in the last few years.
Mobile is the biggest platform for most e-commerce
merchant sales in the region. In many online shopping
categories, such as fashion, mobile sales are already
higher than web-based transactions, and by the end of
2015 we expect mobile to completely overtake web."
JADOPADO
OMAR KASSIM,
CEO
"Logistics and getting from point to point is a solved
problem, but the bottle neck is customs clearance. We
like to think the GCC is one large market, but in reality
it’s six countries each with their own customs rules
and regulations. Many a time, we’ve attempted a GCC
Customs union, which hasn’t gone anywhere yet.
Attempting to return a product from KSA to a seller in
the UAE is essentially treated as an export rather than
a returns, pushing fulﬁlment costs to be signiﬁcantly
higher than they should be. The solution to this would
be to build industry bodies that lobby governments to
improve the customs environment and push for a
customs union to take place over the next two to three
years."
INDUSTRY EXPERT INTERVIEWS

KHUDARJI
NASR SHAMMOUT,
CEO
"For e-commerce sites especially those who deal with
perishable items, such as ourselves, you cannot count
on any third party logistics for delivery fulfillment due
to the nature of the products that requires special
attention, quick delivery, and most importantly cheap
in order to make business sense. Some customers
expect immediate delivery like Pizza delivery, but
fulfillment realistically takes between 2-8 hours after
submitting the order which is not something that they
are used to. A few years ago services like this wouldn't
have even existed anywhere in the world, but now
more grocery eCommerce sites are popping up
everyday. For our region, there still needs to be an
adjustment phase for this behavior, whereas expats
are more used to such a service."
DEALGAMED
ELHAKIM,
MARKETING MANAGER
"In a fierce competition such as e-commerce in the
Arab world, an e-commerce business has always to
thrive for excellence, businesses have to create the
best customer online shopping experience. In a way
that users can navigate through a user friendly type
of website, they can easily search for a deal or a
product. In the e-commerce field you have to create
for your users a pleasant experience, one that can
have plenty of products to shop between a vast array
of different unique categories and brands. In today's
e-commerce, you need a sharp edged customer
service team that can serve users around the clock,
from questions, inquiries as well as helping them
through placing the order process over the phone, or
via the website Customer Service chat. To be able to
help the customer through the journey, as a whole."
INDUSTRY EXPERT INTERVIEWS

POPULATION
"The Arab World is dominated by the major population centers of Saudi Arabia and Egypt. These two markets present the greatest opportunities for ecom-
merce, however, both present regional challenges that inhibit growth."
UAE KSA EGYPT KUWAIT LEBANON JORDAN
9.3m
28.8m
82.1m
3.4m
4.5m
6.5m

INTERNET USERS
"Egypt is the largest internet market followed by Saudi Arabia. UAE has a large, mature internet population and a relatively high rate of internet penetration.
These three markets will drive change in the Arab World’s ecommerce industry."
8.2m
17.4m
40.7m
2.6m
3.2m 2.9m

SOCIAL NETWORKS - UNITED ARAB EMIRATES
"The popularity of social networks varies across the region. Facebook is powerful in Egypt and UAE, while Instagram and Twitter do well in Saudi Arabia. Leba-
non surprisingly is heavily reliant upon LinkedIn."
83%
35%
38%
46%
32%
13%
4%
7%
2%
6% 5%
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Facebook Twitter Google+ Linkedin Instagram Pinterest Tumblr Snapchat Vine Others I dont use
Social Media

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Social Media
SOCIAL NETWORKS - KINGDOM OF SAUDI ARABIA
67%
59%
31%
19%
52%
3%
6%
22%
3%
9%
4%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Social Media
SOCIAL NETWORKS - EGYPT
95%
52%
37%
29% 27%
4%
3% 3%
1%
9%
1%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Social Media
SOCIAL NETWORKS - KUWAIT
82%
39%
31%
34%
43%
3% 4%
9%
1%
5%
3%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Social Media
SOCIAL NETWORKS - LEBANON
92%
48%
38%
54%
48%
13%
4%
5%
0%
10%
3%

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
x
Social Media
SOCIAL NETWORKS - JORDAN
89%
43%
36%
38%
31%
4%
3%
4%
1%
11%
3%

ONLINE BUYERS
"Egypt has the most online buyers of any country in the Arab World. However, by proportion of the population, the UAE and Kuwait have more online buyers
and are easier for ecommerce companies to penetrate."
UAE KSA EGYPT
KUWAIT LEBANON JORDAN
6.8m 10.6m 15.2m
1.6m2.4m 2.6m

ONLINE BUYING BY GENDER
"Women continue to buy very little online. The lone exception to this rule is UAE where inclusion in the online economy is approaching parity. In the run-up to
2020, it should be a focus of Arab governments to extend the beneﬁts of the digital world to the entire population."
59%
41%
61% 77%
73% 69% 72%
UAE KSA EGYPT
KUWAIT LEBANON JORDAN
Male
Female
39% 23%
27% 31% 28%

18 - 25 26 - 35 36 - 40 41 - 50 50+
AGE GROUPS BUYING ONLINE
"26-35 year olds are the largest ecommerce market in the Arab World and brands must appeal to them in order to succeed. Firms in Saudi Arabia must also
target the 18-25 bracket as this accounts for a quarter of the market share."
50%
40%
30%
20%
10%
0%
10%
43%
20%
19%
8%
25%
46%
14%
10%
5%
15%
50%
13% 13%
9% 8%
42%
15%
20%
15% 16%
34%
17%
21%
12%
18%
42%
16%15%
9%

ONLINE BUYING CATEGORIES - UNITED ARAB EMIRATES
"Consumers in different Arab countries have very divergent purchasing behavior online. Airline tickets, hotel reservations and electronics tend to be the most
readily adopted categories, however, the degree to which people buy those products online varies considerably."
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
ProductsSportsProducts
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online
64%
40%
24%
37%
17%
29%
5%
8%
11%
4% 5%
6%
16%
5%
12%

ONLINE BUYING CATEGORIES - KINGDOM OF SAUDI ARABIA
39%
28%
6%
38%
10%
30%
5%
13%
5%
10%
2%
6% 6%
18%
4%
20%
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online

ONLINE BUYING CATEGORIES - EGYPT
22%
20%
7%
39%
12%
23%
4%
10%
7%
3% 3%
4%
14%
7%
29%
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online

ONLINE BUYING CATEGORIES - KUWAIT
62%
24%
11%
38%
11%
27%
5%
8%
10%
1%
4%
9%
11%
2%
14%
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online

ONLINE BUYING CATEGORIES - LEBANON
41%
37%
22%
24%
17%
34%
9%
11%
15%
3%
4%
1%
8%
4%
29%
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online

20%
17%
6%
20%
12%
22%
4% 5%
9%
2% 3% 2%
7%
5%
45%
ONLINE BUYING CATEGORIES - JORDAN
70%
60%
50%
40%
30%
20%
10%
0%
x
AirTickets
Event&
Concert
Tickets
H
otelReservations
Electronics
Books
FashionH
om
e
Toys&
Video
G
am
es
Collectives
Auto
Parts
G
roceriesH
ealth
&
Beauty
O
thers
Idontshop
online

PAYMENT METHODS
"Cash is still the preferred method of payment for ecommerce goods, especially in Egypt where 72% of consumers use cash. It seems cash on delivery is here
to stay."
CREDIT/DEBIT CARD CASH CASHU PAYPAL OTHERS
80%
70%
60%
50%
40%
30%
20%
10%
0%
39%
26%
22%
36%
38%
26%
51%
59%
72%
41%
53%
60%
2%
4%
2% 1% 1%
2%
5%
6%
1% 2% 2%
5%
3% 5% 3%
20%
6%
7%

INCOME LEVELS - UNITED ARAB EMIRATES
"The spread of income distribution is consistent across Kuwait, UAE, Saudi Arabia and to an extent Lebanon. Egypt and Jordan on the other hand have a larger
proportion of consumers towards the lower end of the income spectrum."
30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
3%
13% 13% 13%
18%
7% 7%
4%
22%

30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
11%
22%
14% 14%
12%
3%
2% 1%
21%
INCOME LEVELS - KINGDOM OF SAUDI ARABIA

40%
35%
30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
21%
37%
14%
6%
3%
1% 1%
17%
.40%
INCOME LEVELS - EGYPT

30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
2%
13%
15%
19%
23%
6%
3%
2%
17%
INCOME LEVELS - KUWAIT

30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
2%
16%
20% 20%
24%
5% 5%
1%
7%
INCOME LEVELS - LEBANON

40%
35%
30%
25%
20%
15%
10%
5%
0%
<266 $266 - $799 $800 - $1599 $1600 - $2665 $2666 - $5332 $5333 - $7999 $8000 - $13332 $13333> Prefer not to say
5%
38%
29%
11%
7%
2%
1%
6%
1%
INCOME LEVELS - JORDAN

Welcome to the State of Payments 2015 by Payfort.This is our annual report on the world of
payments, ecommerce and innovation in the Arab World.
With data from the consumer and merchant side this report provides actionable insight that
will help you create a more successful, profitable and consumer friendly business.
A year ago we released our first iteration of the State of Payments. That effort came out
of a desire to increase our own understanding of the behavior of consumers in the
countries we operate in and to share that information with the growing ecommerce
community in the Arab World.
This year’s report contains the same consumer-centric data that will help you
understand the market’s behavior in regards to payments and ecommerce. But it also
presents a much fuller picture by taking in the opinions of hundreds of merchants
who interact with consumers on a day-to-day basis.
We encourage you to share your thoughts on the report via social media on
#StateofPayments orbysending an emailto Faisal Al Khalidi (fkhalidi@payfort.com).
WHY THE STATE OF PAYMENTS?
The report is divided into five sections: Airlines, Travel and Tourism, Ecommerce,
Marketplace Services and Demographics. Geographicallythe report covers Egypt, Lebanon,
Jordan, Kuwait, Saudi Arabia and UAE. It is divided into responsive, interactive sections so
you can view the data easily and with specific attention to your vertical.
We hope you like it and use it as a starting point for a conversation about the state of
payments in the Arab World.
ABOUT THE REPORT
This report was written and created by the Payfort Team. Words were provided by Faisal
Al-Khalidi, Omar Soudodi and Nardeen Abdalla while art came from the imagination and
cursor of Seham Syed.
ABOUT THE AUTHORS
Faisal Al-Khalidi
Content & Community Manager
Nardeen Abdalla
Marketing Director
Omar Soudodi
Managing Director
Seham Syed
Senior Designer

Great care and detail was put intothe datathat informsthis report.The Payfortteam worked in conjunction with partners, merchants and consumersto gatherprimaryand secondarydata.The heart
of our research was surveys that we conducted with hundreds of merchants and thousands of consumers across Egypt, UAE, Jordan, Lebanon, Kuwait and Saudi Arabia. This data was broken
down by our in-house team of market analysts and country managers. Please find below notes on specific elements of the data. If you have any questions don’t hesitate to email Faisal Al Khalidi
(fkhalidi@payfort.com). We will also try to accommodate any additional data requests if there are any areas where you are looking for a little bit of extra information.
Market Sizes
We used a bottom-up approach to evaluate the market and calculate market sizes. We
researched the number of consumers in each market as well as average user behavior and
combined this data with feedback from companies within each industry.
Growth forecasts are based upon historical rates as per data gathered between 2011 – 2015.
Travel & Tourism
Data is taken from online travel agents in the region across hotel and airline segments.
Ecommerce
This section includes any merchants that sell physical products online such as electronics,
clothes and white goods.
This definition differs from a more expansive definition of ecommerce that includes
non-physical products sold online as we wanted to cover those in greater detail. You can
find this information in Marketplace Services, Travel & Tourism, and Airlines.
Demographics
The data in this section is based upon a survey of four thousand online buyers across UAE,
KSA, Egypt, Jordan, Lebanon and Kuwait conducted through YouGov.
Airlines
Data is based upon transactions via internet booking engines from established and low-cost
airlines in the region.
This does not include bookings made through third party sites such as Expedia.
Other revenue streams for airlines are not included in this data.
METHODOLOGY

Transaction and Volume/Size
The data in these sections are not representative of the entire market but are instead a
cross-section of 10+ merchants in each sector.
The data is intended to demonstrate the seasonality in each sector, however, due to
confidentiality we cannot reveal true transaction figures.
The figures charted on the graphs represent divergence from the 12 month average. So
if transaction volume figure in September is 3,000 that means there were 3,000 more
transactions than the 12 month average.
All data is inclusive of online credit card transactions only. Cash-on-Delivery
transactions are not taken into consideration.
Industry Surveys
Survey results are based upon 100+ responses to a custom survey created by Payfort.
Respondents include SMEs (small and medium enterprises) and enterprise level firms.
Currency
All figures are in USD.
Ratios
Acceptance, Chargeback and Refund ratios are based upon surveys of businesses in the
region. This includes firms that use Payfort and competitor payment solutions.
What is an acceptance ratio?This ratio simplytells us how manycustomers can successfullyuse
their credit card on a website. This is based upon the number of credit card transaction
attempts and the number of those transactions that are approved.
What is a chargeback ratio? A chargeback is when a customer says that they did not authorize
a transaction and request it to be refunded. In short this ratio indicates the percentage of
transactions that are reported as fraudulent.
What is a refund ratio? A refund occurs when the merchant and the customer agree to refund
the purchase for one reason or another. Unlike chargebacks this transaction does not involve
the issuing bank.
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The State of Payments 2015 by PayFort - ArabNet Digital Summit 2015

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The State of Payments 2015 by PayFort - ArabNet Digital Summit 2015