MadfooatCom CEO, Alaa Sallal, has reported a 20 percent growth in electronic payments via the “eFAWATEERcom” system within the first five months of this year. In an interview with the Jordan News Agency (Petra) conducted during the recent Global Summit on Financial Technology, organized by “Moments Innovation,” Sallal confirmed that since the launch of the eFAWATEERcom system at the end of 2015 until the end of last May, payments through the system amounted to approximately JD49.2 billion. Furthermore, Sallal noted that the system has processed nearly 150.5 million transactions since its inception up until the end of May. Discussing the year-to-date performance of eFAWATEERcom, Sallal indicated that the system saw a 15.7 percent rise in the value of payments at the end of May, reaching 5.01 billion dinars. This marked a considerable increase from the same period last year, when the system recorded JD4.3 billion. The number of transactions executed through the system also surged by 20.4 percent from 16.7 million last year to 20.2 million transactions. Sallal stated that MadfooatCom, the company behind eFAWATEERcom, will continue to align with the latest advancements in the digital finance sector. They intend to consistently integrate leading technologies such as artificial intelligence and machine learning to support, enhance, and simplify the lives of Jordanians. Sallal emphasized that the annual World Summit on Financial Technology offers an excellent platform to network with local and international companies and stay informed about global progress in the payments sector. The CEO urged the banking sector to seize the opportunity to cultivate and support budding companies and financial services firms, advocating for collaborative efforts. He called on banks to invest in small enterprises and projects. Sallal explained that eFAWATEERcom is currently the largest electronic payment network in the Kingdom. He mentioned that the company is preparing to launch “eFAWATEERcom GPT,” powered by artificial intelligence technology, with a dedicated team developing the service for its imminent launch. The CEO noted a growing demand for digital transformation, visible in the increased usage of platforms like eFAWATEERcom and the “CliQ” application. He asserted that the community has acknowledged the efficiency and convenience of electronic payment methods, which is also reinforced by the government’s move to reject cash in many official transactions. Sallal believes that the Kingdom has a unique opportunity to become a hub for financial technology. However, this vision calls for the government’s support through investor-friendly policies and the implementation of legislation that fosters the growth of this industry and bolsters its standing within the Kingdom.
Source: Jordan News Agency