Egyptian fintech firm Paymob has partnered with the buy now, pay later (BNPL) platform Tamara.
The partnership integrates Tamara’s BNPL service with Paymob’s secure gateway to power seamless payments by enabling customers to split their payments in four without any hidden fees or interest.
Paymob’s omnichannel payments infrastructure serves 250,000 merchants in the region, while Tamara has over nine million registered users and more than 30,000 partner merchants.
“There is a massive opportunity to enable merchants in the GCC to capitalize on the power of alternative payment methods and we are thrilled to partner with Tamara to fuel this growth in MENA,” said Islam Shawky, co-founder and CEO of Paymob.
The deal between two of the MENA region’s fastest-growing fintech companies creates a payments ecosystem that enables merchants to offer more comprehensive solutions and seamless customer experiences.
Both companies count some of the region’s biggest brands as partners, but this agreement is designed to fuel the growth of small and medium-sized enterprises (SMEs), the greatest contributors to GDP in MENA.
For businesses of any size, comprehensive payment offerings ensure increased sales and conversions. With Tamara’s BNPL solution, merchants gain a 40% increase in average order value, a 15% increase in online conversion rates, and a 50% increase in repeat purchases.
“This partnership with Paymob provides seamless access to Tamara’s services to thousands of SMEs to enable their growth across the region,” said Turki Bin Zarah, Co-founder and CCO of Tamara.
“As a leading commerce enabler, we are revolutionizing how people shop, pay, and bank and are thrilled to partner with Paymob as we deliver on this goal.”
The addition of Tamara’s BNPL solution to Paymob’s gateway is via a simple integration that reduces merchants’ barriers to entry and ensures transactions are processed seamlessly and securely. The partnership will initially serve merchants in Saudi Arabia and the UAE in the first phase, with more countries planned to go live in later stages.
Tamara and Paymob are currently experiencing rapid growth fueled by recent funding. Riyadh-based Tamara secured a $150 million debt facility earlier this year from Goldman Sachs while Paymob’s growth across the region is driven by its 2022 Series B funding which was led by PayPal Ventures.
