Two of the MENA region’s most prominent fintech companies, Paymob and Tamara, have joined hands to support customers of SMEs with the flexibility to split payments, thus reducing the barrier to entry for merchants and ensuring seamless, secure transaction processing.
The partnership involves Tamara’s Buy Now Pay Later (BNPL) service integrated into Paymob’s secure gateway, allowing customers to pay in four installments without hidden fees or interest.
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.
More specifically, the agreement will fuel the growth of SMEs, recognized as significant contributors to the region’s GDP.
“Our partnership with Tamara delivers on Paymob’s mission to fuel SME growth in the digital economy. There is a massive opportunity to enable merchants in the GCC to capitalize on the power of alternative payment methods. We are thrilled to partner with Tamara to fuel this growth in MENA,” said Islam Shawky, Co-founder and CEO of Paymob.
Turki Bin Zarah, Co-founder and CCO of Tamara, said, “This partnership with Paymob provides seamless access to Tamara’s services to thousands of SMEs to enable their growth across the region.”
For the first phase, the solution will serve Saudi Arabia and the UAE, with more countries planned to go live in later stages.
Paymob and Tamara are experiencing rapid growth due to recent funding rounds – Tamara secured a $150 million debt facility from Goldman Sachs, and Paymob received a Series B funding round led by PayPal Ventures, which facilitated its expansion into the UAE and Saudi Arabia.
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