Online payment gateway, PAYFORT, has introduced an installments service for clients in the UAE, Saudi Arabia and Egypt, offering merchants the ability to offer pay-via-installment options to customers.
The product allows customers to use credit cards to purchase products and services via E-commerce websites and make payments in monthly installments to their choice of retail bank.
Souq.com, the largest E-commerce platform in the MENA region, has made the installments payment option available to customers through its operations in the UAE and Saudi Arabia.
“Many consumers show a preference for purchasing-via-installments, but methods of processing monthly installments in common usage in the region have proved cumbersome for consumers,” said Omar Soudodi, MD of PAYFORT. “PAYFORT installments makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. This could be a game-changer for the Middle East and North Africa’s ecommerce market, empowering online consumers with greater purchasing power and so opening up a whole new segment of consumers for the ecommerce industry.”
PAYFORT is the payment platform for the leading e-commerce websites across the Arab world — such as Souq.com, Dubizzle.com, Landmark, Sukar, AirCairo, flynas, Air Arabia, Carrefour, and Tecom, among others.
Installment payments are available via Emirates NBD (ENBD), Mashreq Bank, Abu Dhabi Commercial Bank (ADCB), Saudi British Bank (SABB), National Commercial Bank (NCB) Saudi Hollandi bank and Mashreq Bank.
