Amazon’s PAYFORT Partners With EFG Hermes Company for Instalment Payment for Shoppers
The new feature helps shoppers buy now and pay later.
PAYFORT, the Amazon company that specialises in solving issues related to payment methods in the Arab world, has just announced its partnership with valU, a fin-tech solution from EFG Hermes.
The partnership will allow customers to pay over a series of installments, increasing their purchase power and allowing them to take advantage of discounts or otherwise the moment they see it. "According to our research, Egyptian consumers prefer to pay in monthly Installments over discount or any other financial incentive,” says Omar Soudodi, Managing Director of PayFort, who therefore expresses his excitement to announce their partnership with valU to allow more merchants to bring buy now, pay monthly services to Egyptian consumers.
“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 for installment sales services.
The installment feature has helped businesses increase payment success rates by 12%, total sales by at least 8%, and decreasing the number of abandoned shopping carts by up to 10%, according to their observations. The feature caters to both banked and unbanked customers, and aims to break down barriers for consumers to fuel their aspired lifestyle.
