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PAYFORT offers Egyptian consumers payment by monthly installments through deal with CIB, Egypt's largest private-sector bank
Cairo / Dubai - PAYFORT, the leading online payment service provider in the Arab world, announced today the launch of its installments service via Commercial International Bank (CIB), Egypt's largest private-sector bank. The new service allows ecommerce merchants to offer CIB pay-via-installment options to customers and gives consumers greater purchasing power. PAYFORT launched its installments service for the United Arab Emirates, Saudi Arabia and Egypt last year and has now integrated installment services for 15 issuer banks in the region into its payment platform.
"Installment plans are a very successful tool for online businesses to increase their conversion rates. In fact, almost one third of the merchants surveyed for our annual State of Payments Report, considered pay-by-installment plans as important or very important for their businesses," said Omar Soudodi, Managing Director of PAYFORT. "PayFort installment services makes it easy for ecommerce websites to offer purchasing-via-installment options, simplifying the payment transaction for consumers. By integrating CIB installment services into PayFort, we help provide flexible payment options for an estimated 350,000 CIB customers."
PAYFORT's installments product allows customers to use their credit cards to purchase products and services via ecommerce websites and make payments in monthly installments to their choice of retail bank. By providing a simple pay-via-installments option and an optimal user experience, installments help ecommerce merchants leverage the growth in the installment payments segment.
PayFort's installments are now available via 15 banks throughout the region including Egypt, the UAE and Saudi Arabia.
"CIB has proven to be the bank of choice in the Egyptian market, offering a diversified bouquet of premium products and services that satisfy customers' needs and this explains why a great number of Egyptians choose to apply for CIB credit cards," said Ahmed Al Salahy, Regional Manager - Egypt, N. Africa & Levant for PAYFORT. "This deal with CIB gives PayFort merchants better access to hundreds of thousands of CIB customers and helps increase the purchasing power of CIB account holders."
"At CIB-Egypt, we strive to introduce and offer innovative banking experience to all our customers and help them better manage their expenses smartly. Our partnership with Souq.com, one of the leading online retailers in the region, will definitely support our strategy of enhancing the overall value proposition offered to our distinguished credit cardholders," said Omnia Mostafa, Head of Cards Business, CIB. "CIB Installment Plan is a flexible payment solution, through which our clients can manage their repayments over different tenors of up to 36 months. We are very excited about this partnership, which will strengthen the footprints of CIB and Souq.com in the Egyptian Market, while delivering greater value to our customers."
Purchasing via installments has already proved popular across the globe and for a wide variety of product and service sectors and merchant conversion rates can increase by 7 percent across the ecommerce merchants.
PAYFORT installments provide ecommerce merchants in the Middle East and North Africa with a simple, secure and easy to implement service that allows them to offer their customers purchasing-via-installments. The product replaces complex payment processes and transaction approval procedures with a simple, easy to navigate user experience that integrates ecommerce merchant, credit card and retail bank processes for faster transactions.
PAYFORT is the payment platform for hundreds of the leading ecommerce websites across the region -- such as Souq.com, Dubizzle.com, Landmark, Jumbo Electronics, flynas, Air Arabia, Flyin, Musafir and bayte,DrBridge, goejaza KidZania live, GTA Travel, Ousta, Hedeya Store, Gezira Travel, Triptanza, NOOR ADSL, Buseet, Nature's Gifts Stores, Style Treasure, SmartMart, Ariika and Eventtus to name a few. These sites rely on PAYFORT to manage their payment processes easily and securely so they can focus on improving the customer experience.
PAYFORT offers a complete suite of safe and secure e-payment solutions that can cater to any small to medium enterprise (SME) or startup's e-payment needs. PAYFORT utilizes a secure payment network that is built using the most sophisticated and up-to-date fraud prevention and anti-money laundering technologies, all while providing complete flexibility in offering online payments. In addition to providing unrivaled security, PAYFORT removes much of the hassle of e-payment implementation as all transactional communications are carried out by PAYFORT. Additionally, clients maintain full control on the backend and are able to issue refunds without having to communicate with PAYFORT.
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About PAYFORT
PAYFORT makes online payments safe and secure for buyers and sellers in the Arab world, delivering a complete suite of payment solutions that cater to the needs of the region and are tailored to Arab online buying habits and trends. PAYFORT serves the needs of online shoppers on a global basis through its trusted, secure payment network that gives everyone the opportunity to shop online safely and easily.
PAYFORT builds trust between buyers and online sellers by enabling consumers to transact online using the payment options they prefer with complete security and peace of mind while supporting the most popular payment methods available globally. By eliminating the risks associated with online transactions for consumers, PAYFORT enables more companies to sell online while increasing sales opportunities by establishing consumer confidence for its guaranteed transactional security.
For more information on PAYFORT, please visit: www.payfort.com
About CIB
Commercial International Bank (CIB) - Egypt is the country's leading private sector bank, offering a broad range of retail and corporate products and services to fulfill the needs of its customers of all sizes; institutions, households and high-net worth (HNW) individuals. CIB is the bank of choice for over 500 of Egypt's largest corporations, thanks to its strong brand equity. CIB shows tremendous upside potential within the Retail and SME Banking markets. Through superior management, operating standards, corporate governance best practices and training programs, CIB has succeeded to establish itself as the "Bank To Trust" and Egypt's most profitable bank.
For press inquiries, please contact:
Adel Elbendary
Fourth Dimension Public Relations
14 Syria St., Mohandseen, Cairo, Egypt
Tel: (+202) 3760 9988
Mobile : +20122 212 3462
Email :adel@fdpr.net
May AbdelHamid
Fourth Dimension Public Relations
14 Syria St., Mohandseen, Cairo, Egypt
Tel: (+202) 3760 9988
Mobile : +20122 133 0222
Email : may@fdpr.net
© Press Release 2016
