Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, has partnered with pharmacy marketplace Chefaa to advance the digital transformation of pharmaceutical payments in the North African country.
The partnership will digitise pharmaceutical payments by powering seamless and secure online card payments as well as point-of-sale payments upon delivery.
Chefaa customers can leverage the buy now, pay later (BNPL) payment methods through Paymob’s gateway, which removes the financial burden of paying for medicine and healthcare products up-front.
By driving the adoption of digital payments in the health sector and fueling online orders, the duo will enable smaller pharmacies to reach a broader customer base and increase sales. Paymob and Chefaa’s partnership streamlines prescriptions for chronic patients who require recurring refills.
The country’s pharmaceutical market demonstrated robust growth in 2022 and was valued at $3 billion. With a projected CAGR of more than 7 per cent between 2022 and 2027, the pharmaceutical market is poised to continue its upward trajectory.
This positive trend reflects Egypt’s increasing demand for pharmaceutical products as the population’s healthcare needs grow.
Founded in 2015, Paymob serves as a growth partner to over 200,000 merchants in its network across MENAP by ensuring they have access to the most cutting-edge financial technology solutions available and tailored to meet their needs at any stage of their growth.
The company’s omnichannel payments infrastructure powers over forty online and in-store payment methods via its gateway, point-of-sale devices, and mobile app soft POS. It launched operations in Pakistan in 2021 and the UAE in 2022.
The digital payments solutions provider secured a Saudi Payments PTSP certification in May 2023 enabling, paving the way for the company to launch its operation in the kingdom.
