Paymob, the leading financial services enabler in the Middle East, North Africa and Pakistan (MENAP) and IKEA Egypt, a member of the Al Futtaim Group of companies, have partnered to offer customers a wider range of payment options.
The partnership is expected to transform the checkout experience for IKEA customers in Egypt by introducing new innovative payment methods including digital wallets, bank-offered easy payment plans (EPP) and consumer finance options, in addition to cards.
The expanded selection of more flexible payment methods, powered by Paymob’s secure and trusted infrastructure, will make IKEA’s products more accessible to a greater number of consumers across Egypt.
“We are proud that IKEA chose Paymob to power their new payment options in Egypt. By addressing the unique needs and preferences of Egyptian consumers, IKEA is positioning itself as a retailer that truly understands and caters to customers’ needs,” Gillan Shaaban, Paymob’s CCO said in a statement.
A study by Egypt’s central bank shows that consumer finance is one of the fastest-growing segments in the country’s banking sector. Bank EPPs give consumers the convenience of paying for purchases over time with monthly instalments and serve to drive financial inclusion and support economic growth.
With access to bank EPPs, IKEA’s customers in Egypt will also gain greater flexibility and control over their spending, enabling them to manage their finances more effectively. This, in turn, will increase their overall satisfaction with the e-commerce experience and enhance their loyalty to IKEA.
“By introducing new payment options, our customers will be able to have the homes they desire with the wide range of IKEA products that offer value for money at all levels,” said Thomas Sirguey, Retail Country Manager – Al Futtaim Egypt.
Paymob was founded in 2015 and the company’s omnichannel payments infrastructure enables over forty online and in-store payment methods via its gateway, point of sale and Paymob app products and enables merchants to make payments, manage their finances and grow their businesses via its real-time dashboard. The Paymob product suite is delivered by an in-house team of developers in partnership with leading banks and financial institutions.
The company’s omnichannel gateway offers more than 40 payment methods and empowers over 170,000 small to medium merchants to manage and scale their businesses.