PAYFORT and valU have teamed up to offer online shoppers in Egypt another checkout method. The partnership – which was announced on Monday, 24 February 2020 – will give consumers the option to ‘buy now, pay later‘.
According to valU, consumers can access 3-60 months instalment options for online purchases.
“We are excited to announce our partnership with valU to allow more merchants to bring buy now, pay monthly services to Egyptian consumers. According to our research, Egyptian consumers prefer to pay in monthly Installments over discount or any other financial incentive,” says Omar Soudodi, MD of PayFort.
“In its first phase, all PayFort merchants in Egypt will be able to offer the new payment option to the registered customers of valU, wherein the line of credit has already been granted. However, there are also plans to expand the service to offer new payment options to more Egyptian consumers in the near future.”
Catering to both banked and unbanked customers, valU’s ‘buy now, pay monthly’ service gives buyers the flexibility to make larger purchases more frequently online, increasing their purchasing power and allowing them to take advantage of favourable pricing when they see it.
Meanwhile, the process lets eCommerce merchants collect 100% of their sale at the time of purchase, ensuring good cash flow for Egyptian businesses. By breaking down barriers to consumer purchases, the ‘buy now, pay monthly’ service also opens up new opportunities for merchants to build a larger customer base and could play a role in helping increase Egyptian consumer spending power overall.
“valU’s mission has been breaking down barriers for Egyptian consumers to empower their aspired lifestyle and our partnership with PayFort marks another step in our mission,” says Mohamed El-Feky, CEO at valU.
“Our strategy has focused on rapid expansion in the eCommerce space, due to the huge potential in that fast-growing sector. Our partnership with PayFort, both falls within our strategic objective of exponentially growing our online points of sale and lays the groundwork for valU’s future growth.”