11/8/2016 12:00 AM
PAYFORT, the leading online payment service provider in the Arab world, announced today the launch of its installments service via Commercial International Bank-Egypt (CIB), the country’s largest private-sector bank. The new service allows ecommerce merchants to offer CIB pay-via-installment options to customers and gives consumers a greater purchasing power. PAYFORT launched its installments service for the United Arab Emirates, Saudi Arabia and Egypt last year and has now integrated installment services for 13 issuer banks in the region into its payment platform.
“Installment plans are a very successful tool for online businesses to increase their conversion rates and almost one third of the merchants surveyed for our annual State of Payments Report, considered pay-by-installment plans as important or very important for their businesses. said Omar Soudodi, Managing Director of PAYFORT. “PayFort installment service makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. By integrating CIB installment services into PayFort, we help provide flexible payment options for an estimated 350,000 CIB customers.”
Purchasing via installments has already proved popular across the globe and for a wide variety of product and service sectors and merchant conversion rates can increase by 10 percent as a result. Souq.com, the largest ecommerce platform in the MENA region, has made the installments payment option available to customers through its operations in Egypt, UAE and KSA.
PAYFORT’s installments product allows customers to use their credit cards to purchase products and services via ecommerce websites and make payments in monthly installments to their choice of retail bank. By providing a simple pay-via-installments option and an optimal user experience, installments help ecommerce merchants leverage the growth in the installment payments segment. PayFort’s installments are now available via 13 banks throughout the region including Egypt, the UAE and Saudi Arabia.
"CIB has proven to be the bank of choice in the Egyptian market, offering a diversified bouquet of premium products and services that satisfy customers' needs and this explains why a great number of Egyptian choose to apply for CIB credit cards.",” said Ahmed Al Salahy, Regional Manager – Egypt, N. Africa & Levant for PAYFORT. “This deal with CIB gives PayFort merchants better access to hundreds of thousands of CIB customers and helps increase the purchasing power of CIB credit cardholders.”
“In the past, pay-via-installment offers in the region have required customers to undergo complicated sign-up procedures and lengthy verification processes,” continued Al Salahy. “As a result of verification and approvals processes, some customers faced delays of up to 3-4 working days. PayFort installment services takes the pain away and allows merchants to offer online pay-via-installment plans from a growing number of issuing banks.”
PAYFORT is the payment platform for the leading e-commerce websites across the Arab world — such as Souq.com, OLX.com, Landmark, Sukar.com, AirCairo, flynas, Air Arabia, Carrefour and Tecom, These sites rely on PAYFORT to manage their payment processes easily and securely so they can focus on providing the customer with better services, improving the customer experience.
“At CIB-Egypt, we strive to introduce and offer innovative banking experience to all our customers and help them better manage their expenses smartly. Our partnership with Souq.com, one of the leading online retailers in the region, will definitely support our strategy of enhancing the overall value proposition offered to our distinguished credit cardholders,” said Omnia Mostafa, Head of Cards Business, CIB. “CIB Installment Plan is a flexible payment solution, through which our clients can manage their repayments over different tenors of up to 36 months. We are very excited about this partnership, which will strengthen the footprints of CIB and Souq.com in the Egyptian Market, while delivering greater value to our customers. ”