To develop a buy-now-pay-later (BNPL) solution for both in-store and online businesses, Paymob, the omnichannel payments facilitator, and Tabby, the regional payments and shopping app, have partnered.
Over 120,000 merchants in the North African nation use Paymob, which is supported by the Egyptian central bank. According to Tabby, there are more than 2 million users in the UAE, Saudi Arabia, and Egypt.
Customers of Tabby will be able to use the service in certain retailers for both in-person and online transactions under the terms of the agreement.
During CVID-19, e-commerce and retail, in general, have increased throughout the Middle East and North Africa region. In particular, it is expected that by the end of 2023, internet retail would be worth $48 billion. Leading companies like Tabby and Tamara, who have their headquarters in Saudi Arabia, have helped the purchase now, pay later vertical expand in important Arab countries.
Ahmed Khalil, Tabby Egypt’s GM, said: “Today there is a strong demand for greater financial freedom and flexibility to enable consumers to make their purchases. Retailers need the technology infrastructure that allows them to plug and play solutions that offer financial freedom instantly at checkout, without interest or fees. Partnering with Paymob allows our technology to be instantly accessible to their network of over 120,000 retailers in Egypt.”
Paymob’s executive vice president for Global Business Development, Omar El-Gammal, said: “The variety of innovative, customer-centric digital payment methods in the MENA region is skyrocketing. Paymob is leading the way in empowering merchants in the digital economy by giving them access to the most innovative payment methods available. Our partnership with Tabby is key because it encompasses both physical, in-store and online, e-commerce payments solutions, to provide a better checkout experience, increased conversions and an expanded client base for merchants in Egypt.”
