Cairo: valU, MENA’s leading Buy-Now Pay-Later (BNPL) fintech platform, PayTabs Egypt, the award winning payment gateway solution, and Mazadat, the first X2C online-offline auctioning and e-commerce marketplace in the MEA region announced today a novel collaboration that will allow Mazadat’s users to utilize valU’s BNPL services for C2C and B2C e-commerce, and process online payments via PayTabs Egypt’s payment gateway. The agreement was signed at valU’s premises in the presence of Walid Hassouna, CEO of the Non-Bank Financial Institutions (NBFI) platform at EFG Hermes Holding and CEO of valU; Hany Soliman, General Manager of PayTabs Egypt; and Dr. Karim Badawi, CEO and Founder of Mazadat.
Through the ground-breaking partnership, Mazadat’s customers will benefit from valU’s convenient and affordable financing plans and pay for products seamlessly via PayTabs payment gateway, through auctions or fixed-price listings. This will enable customers to fulfil their lifestyle oriented purchases and enhance their shopping experience.
Hassouna commented: “As we continue to expand our network of valued partners to enable our clients to live their desired lifestyles, we are extremely pleased to be partnering with the newly-launched Mazadat platform, MEA’s first-of-its-kind auctions and e-commerce marketplace, to allow users to purchase and pay for goods in 6-to-60-month installments with no down payment. This agreement marks our first move in the C2C e-commerce industry and comes at a key juncture with the rapid changes in consumers’ shopping habits, the online purchasing boon, and the ever-increasing adoption of technology in all areas of life, especially amid the COVID-19 pandemic.”
Mazadat is the first X2C online-offline auctioning and e-commerce marketplace in the MEA region. The innovative platform allows individuals (C2C) and businesses (B2C) to sell their used or new items and products using a time-boxed auction, a fixed-price Buy-Now listing, or a hybrid format, while providing buyers with a combined variety of offerings in one place. Complementing the online platform, Mazadat has an ever-expanding network of decentralized physical service centers to support individuals and merchants with the convenient and secure drop-off and pick-up of goods, as well as storage and logistics services, enabling them to grow their businesses. The platform launched in Egypt and is currently planning its expansion in other countries in the MEA region.
Badawi said: “At Mazadat, we believe that enabling true sustainability is only attainable through bringing C2C transactions —and used products in general —to an equal footing with their traditional B2C counterparts, thereby making them equally attractive, affordable, accessible and inclusive. As such, being equipped with a variety of payment methods is essential for long-term customer retention. Mazadat is continuously working on providing our users with innovative and integrated solutions to deliver increased value and elevate their shopping experience. To this end, we are delighted to partner with EFG Hermes Holding’s NBFI platform sister companies, valU and PayTabs Egypt, to grant our customers access to valU’s premium financing solutions and a seamless online payment process through PayTabs Egypt’s payment gateway, enabling them to bid for and purchase products with ease through their mobile phones.”
Soliman said: “We are thrilled to be forming this partnership with Mazadat along with our sister company valU, as part of our ongoing efforts to widen the scope of our products and services. We always aim to offer unique and holistic solutions to our partners, while creating value for our clients. Through this collaboration, we will enable buyers to use our comprehensive online payment methods securely and effortlessly, as well as promote digital transactions as the future of cashless payment processes in Egypt.”
This collaboration with Mazadat marks the latest in several agreements by valU and PayTabs Egypt in the local e-commerce space, having signed partnerships with Inertia Real Estate, and Lulu Market, among others to offer convenient financing plans and e-payment processing to their clients in 2021. These agreements form part of EFG Hermes Holding’s strategy to capitalize on synergies between its business lines and promote increased cross-selling opportunities across its NBFI platform to offer its clients and partners alike with bespoke, comprehensive financing solutions.
valU cemented its position as the market leader in BNPL solutions, serving as a gateway through which consumers can access financing solutions. In 2021, valU made great strides to expand its service offering, signing several key partnerships in various industries with players such as the American University in Cairo School of Business, Saudi German Hospital in Egypt, and SODIC’s Club S, among others.
© Press Release 2022
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