UAE-based fintech Tabby has partnered with Egypt’s digital payment solution fintech Paymob to create a seamless buy now pay later (BNPL) solution for both in-store and online retailers.
Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants, where they can grow their average order value, conversion rate and overall performance.
The partnership between two leading regional financial technology companies creates an innovative ecosystem that delivers value to merchants and exceptional customer experiences while bolstering the burgeoning e-commerce landscape in Egypt. Accelerated by the rise in digital adoption during the COVID-19 pandemic, as well as favourable government policies, e-commerce in MENA is predicted to reach $48 billion by the end of 2023.
Earlier in September, Tabby announced its expansion to Egypt after raising $150 million in August this year, raising its total funding to date to $275 million, while Paymob raised $50 million in Series B funding last May.
Ahmed Khalil, Tabby Egypt’s General Manager, 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.”
Tabby has helped thousands of merchants across Egypt, the UAE and KSA increase their average order value (AOV) by 33% on average, their overall conversion rate by more than 18% and a +40% increase in the number of returning customers. With more than 2+ million active users and 6,000+ merchants in its network, Tabby is the largest payments and shopping app in MENA.
Since its founding in Egypt in 2015, Paymob’s gateway has offered the largest and most comprehensive number of payment acceptance methods in North Africa. Today, Paymob’s omnichannel payments infrastructure enables over thirty online and in-store payment methods via its gateway, point of sale (POS), and Paymob app products. Paymob aims to make the process of growing a business in the digital economy simple, seamless and agile while delivering a great customer experience to its merchants and cutting-edge products to its partners.
